Europe

The loan backing 3i’s €247m investment in Formel D, the German car and car parts services firm, is due to be launched into syndication in early June.

Møre Boligkreditt found strong demand for its first euro covered bond which, because of its sub-benchmark size, offered substantially more spread than similar bonds. At the same time BayernLB said it would start a roadshow for a sterling senior unsecured and covered bond.

BPCE outplayed OP Mortgage Bank in the covered bond market on Tuesday with a €1bn 12 year that benefited from the steepness of the French curve and an eye-catching double-digit spread.

The European high yield market roadshowed more than £2bn of new sterling bonds from two issuers this week, both with single-B ratings and from industries investors watch with caution.

Landesbank Baden-Württemberg (LBBW) made a rare entry into the senior unsecured market on Tuesday, picking up €1bn of new five year funding on the back of strong levels of domestic support.

France’s Crédit Agricole was looking to sell non-preferred senior notes in yen this week, following closely behind a similar deal from its compatriot Société Générale.

Romania-focused Globalworth Real Estate Investment is due to meet investors for a potential euro denominated trade, in a period of narrow issuance windows due to a spate of public holidays.

Alfa Financial Software has completed one of this year’s hit IPOs, which was priced at the top of its range. “Pretty well every respectable investor who thinks about technology, either as a generalist or a specialist, wanted to own it,” said a banker on the deal.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

Turkish legislation has been in place for years and six borrowers have set up covered bond programmes, but so far supply has proved fleeting. Nevertheless, delegates at the CEE Covered Bond Forum in London heard this week that the challenges that held the market back are likely to disappear soon.

Spain’s CaixaBank picked banks to arrange the sale of its first additional tier one (AT1) on Friday, the latest in a string of capital issues from the country’s financial institutions.

Malaysia Airports Holdings is looking to revise covenants on a €500m loan from 2015 taken for the acquisition of Istanbul Sabiha Gökçen (ISG) International Airport.