Europe

Sparebank 1 Boligkreditt found solid demand for its €1bn seven year on Monday, even though the transaction vied for investors’ attention with another deal in the same maturity.

Permira Debt Managers, the direct lending arm of Permira, has closed its third fund at €2.1bn, having already invested over 30% of the fund, including £375m for UK private members club Soho House.

Intesa Sanpaolo has joined other national champions in entering the FIG green bond market for the first time, selling €500m of five year notes with a negative new issue premium.

Crédit Agricole SFH seized an opportunity to issue its fifth covered bond benchmark of the year on Monday and, by pricing flat to its curve, it showed there was little reason to wait for better execution conditions this year.

Russia has returned with another sole VTB led deal, its first foray into the international markets this year. Some market participants had expected US or European banks to be on the mandate, following a stronger year for Russian borrowers in the international bond markets despite sanctions still firmly in place.

BNP Paribas will look to place a new non-preferred senior bond among regional investors in Germany this week, as it diversifies its investor base for total loss-absorbing capacity (TLAC) eligible debt.

A week long roadshow and investor meetings in six countries paid off for Swedish debt collector Intrum Justitia, which sold the bond to fund its merger with Lindorff with an average coupon of below 3% on Friday.

The European Council has agreed to fast-track work on creating a non-preferred senior asset class, offering hope for those banks that are still looking for a cheaper way of raising their regulatory capital ratios.

China Securities Regulatory Commission welcomes the prospect of A-share inclusion by MSCI, China’s State Council publishes a new negative list to make foreign investment easier in free trade zones, and the Asian Infrastructure Investment Bank (AIIB) makes its first equity investment.

European corporate bond markets have quickly shrugged off the uncertainty surrounding the UK election result and central bank meetings, and look set for a busy end to June.

Bankers expect two or three deals to emerge next week to take advantage of a strong market with no major events due that could cause disruption. It is the perfect window for those with a need to push on with their funding requirements before the onset of summer when execution can become trickier.

Find out how far European sovereigns have progressed with their funding plans as we approach the end of the first half of 2017.