Europe

The International Swaps and Derivatives Association (ISDA) has advised European Commission officials against legislating to relocate the clearing of euro denominated products to the Eurozone.

A pair of SSAs are set to nip in with dollar deals ahead of a US Federal Open Market Committee meeting on Wednesday at which investors overwhelmingly expect a target rate rise — although the strength of that expectation has dipped slightly.

Bank Nederlandse Gemeenten slam-dunked a single day euro execution on Monday into a market buzzing from a pair of eurozone election results over the weekend. Another two issuers have lined up euro deals — including one debut.

Compass Group, the UK food service company, has hired banks for a potential euro or sterling bond issue, though some investors have doubts as to whether the sterling credit market can shrug off the uncertainties of UK politics.

Tennet, the Dutch electricity grid company, brought a €1bn dual tranche green bond issue today that was oversubscribed, but by less than has been common, suggesting that demand for corporate bonds may be cooling.

Nuovo Transporto Viaggiatori ran a four day roadshow for its first bond this week, as the market welcomed a €4bn deal pipeline.

A slew of event-driven deals were launched into the leveraged loan market this week, joining Lindorff’s €3bn high yield offering in electrifying leveraged finance new paper issuance and catching some investors by surprise.

Covered bond supply is expected to remain active as borrowers are planning strategic deals ahead of the half year end. Leeds Building Society is the latest issuer to add its name to the pipeline.

Covering four tranches, two currencies and fixed and floating rate payouts, what could be the largest high yield bond since April 2016 hit screens on Monday as Intrum Justitia embarked upon a week-long roadshow for a €3bn bond.

London based clearing house LCH on Monday announced it had appointed Michael Davie to the position of global head of rates.

UniCredit was looking to extend its global reach with a new dollar tier two on Monday, following last week’s ‘big shock’ for the market when all of Banco Popular’s tier two debt was effectively written down.

Citi has hired a senior high yield bond salesman to its team in London, after his recent departure from BNP Paribas.