Europe

Swiss telecoms UPC Holding, a Liberty Global subsidiary, brought its second 12 year bond offering on Wednesday, the longest maturity sold in the European high yield market so far this year.

Lloyds was selling a seven year floater from its holding company on Wednesday, in a deal that bankers described as a post-election ‘vote of confidence for the UK’ following the general election.

Germany’s Deutsche Pfandbriefbank (Deutsche Pbb) will meet investors next week ahead of its inaugural tier two deal, as market participants appeared to shrug off the consequences of Banco Popular’s resolution last week.

EM investors have had plenty to play for this week with a boost to Turkish GDP buoying support for Yapi Kredi, and more Russian supply. Qatar remains one to watch however, though the country’s fundamentals have not changed.

Yapi Kredi hit screens on Wednesday with a new seven year note and will be hoping to capitalise on more positive economic indicators from Turkey, while offering some juice to overcome any investor fatigue around buying Turkish bank debt, according to a buy-side analyst.

On paper, the message from investors in the European leveraged finance market appears to be: ‘What are you waiting for?” Finally, this week, issuers appeared to have obliged them.

All the action in the SSA bond markets switched to euros on Wednesday morning with the US Federal Reserve's imminent decision on interest rates quieting the dollar market.

The IPO market in EMEA has been unaffected by the political turmoil that has engulfed the UK, after the general election last Thursday resulted in a hung parliament. One of the largest and most important IPOs of the year achieved coverage on the first day of bookbuilding this week, and several more deals have been announced.

HSBC has hired Rob Ritchie as co-head of global banking, UK.

Primary high yield bond issuance from the gambling industry will be rare this year, Moody’s said in a report on Tuesday. But the story may be different in the leveraged loan market.

A trio of euro borrowers launched trades and a fourth picked banks on Tuesday in a market buoyed by a perceived renewal of European political unity following welcome results in elections in France and Italy at the weekend.

The €3bn IPO of Allied Irish Banks, the Irish banking group, was covered at its maximum size including the greenshoe by the end of the first day of the bookbuild on Tuesday. The deal could value the rescued financial institution at up to €13.3bn if it is priced at the top of its range.