Europe

ALD, the car leasing division of Société Générale, priced its €1.15bn Paris IPO near the bottom of its initial range on Thursday.

Julie Wakkie has joined ABN Amro as head of equity syndicate in Amsterdam.

It is often suggested that issuers have to pay up for issuing sub-benchmark sized deals. However, this week two corporate issuers printed successful €300m transactions with little discernible premium compared to benchmark transactions.

Foncière des Régions printed the only new corporate bond issue on Tuesday. The €500m 10 year deal got a similar reception to TenneT’s dual tranche deal the day before. The level of oversubscription was lower than other deals in recent weeks, but the order book was good quality.

TenneT, the Dutch electricity grid company, brought a €1bn dual tranche green bond issue on Monday that was oversubscribed, but by less than other recent deals. However, the quality of the book helped both tranches perform in the secondary market.

Second tier banks could find it harder to access the market for debt capital following Banco Popular’s resolution, as investors think twice about whether the risks of holding subordinated bank bonds are really worth the rewards.

Belarus will hit the road next week for a dual tranche dollar offering, in what could be its first successful attempt to access the market since 2011. Its economy is expected to contract 0.5% in 2017.

Shares in Mavi Jeans, the Turkish maker of designer denim wear, closed 3.5% higher following its stock market debut on Thursday, after the company priced its TL744.4m ($211m) IPO at the bottom of its price range on Monday.

Roughly 40 transactions — if expectations are correct — will close this Schuldschein quarter, exceeding the record 35-37 deals priced in last year’s final quarter. But three Schuldschein bankers believe that if the market becomes even busier investors will be forced to decide between issuers, when, given more time, they would lend to more.

US telecoms company AT&T returned to European markets on Wednesday with a £1bn September 2037 bond, as it followed up a €7bn multi-tranche deal it sold just a week earlier.

Hopes that the recommendations of the Task Force on Climate-Related Financial Disclosures will be adopted by the G20 have been cast into doubt by the US’s swing away from international action on climate change under President Trump, green finance experts said this week.

The IPO market in EMEA has shrugged off the political turmoil that has engulfed the UK since the general election on June 8 resulted in a hung Parliament.