Europe

Sumitomo Mitsui Financial Group (SMFG) came to the euro market on Tuesday with two tranches of senior unsecured bonds from its holding company, as the Japanese megabank races towards meeting its final requirements for the total loss absorbing capacity (TLAC) framework.

French nursing home operator Colisée launched a €330m seven year term loan ‘B’ this week, backing IK Investment Partners’ buyout of the firm. Faerch Plast, the Danish food packager, meanwhile, has added further to the buyout pipeline.

Insurance broker Towergate priced its £800m high yield bond to finance its merger with four UK peers, resulting in a new company called Kirs. The deal follows a string of successful high yield sterling issues but faced pre-election jitters.

European banks have already made stellar progress in working through their issuance programmes in 2017, shifting emphasis on to those with shortfalls or ‘strategic trades’ left to complete.

Republic of Turkey has turned to euros for its second trade since its constitutional referendum on April 16, as Yapi Kredi markets a lira denominated Eurobond.

Nordic Capital and Avista this week completed the second block trade in ConvaTec, the UK wound care and catheters company, since its £1.6bn IPO in October 2016.

Delivery Hero, the German online food delivery marketplace, announced its intention to float on Tuesday morning, ending months of speculation about its intention to go public.

Corporate bond bankers in Europe appreciated the break in primary market activity on Monday after the busiest May on record. Bankers said giving investors time to digest the latest trades would help demand remain strong in the coming weeks.

Blackstone has agreed to buy Finnish property group Sponda for nearly €1.8bn in an all-cash deal

Packaging maker Ardagh Group will repay its 2021 dollar floater with a £400m sterling bond printed on Friday, following heavy oversubscriptions of recent sterling deals.

Société Générale has opened the books for the Paris flotation of ALD, its car leasing business, which if completed, will be the largest French IPO since asset manager Amundi went public in November 2015 for €1.6bn.

Garanti Bank is expected to issue the first green mortgage-backed Turkish covered bond, which will be privately placed with the International Financial Corporation (IFC) and certified by a third party.