Europe

This week's funding scorecard looks at the progress French agencies have made in their funding programmes this year.

Sparebanken Sør Boligkreditt finishes its roadshow on Friday and is expected to issue a €500m deal early next week said leads. Banco Comercial Portugues and Rabobank also finish their roadshows on Friday and could well be expected to emerge next week.

Shares in Munters, the Swedish climate control systems group backed by Nordic Capital, traded as much as 26% above their offer price on Friday after they began trading on Nasdaq Stockholm after its Skr4bn (€422m) IPO.

Avaloq, a Swiss fintech firm, has launched Sfr410m-equivalent of loan facilities, backing Warburg Pincus’s 35% investment in it, which values it at over Sfr1bn.

The benefits of covered bond harmonisation far outweigh the costs, according to an independent report undertaken on behalf of the European Commission and published on Friday.

Permira has offloaded the rest of its shares in Telepizza, the Spanish pizza delivery company, just over a year after the company’s troubled €550m IPO in April 2016.

Burford Capital, the company that finances litigation, raised £175m with a bond issue on the London Stock Exchange’s Orderbook for Retail Bonds on Friday – one of the biggest deals since 2012.

Lithuania has hit the screens with its dual tranche euro note as markets stabilise after Brazil’s corruption scandal added to a US led sell-off.

After three years away, UK producer of grocery and sweets Premier Foods returned to the bond market with a £210m fiver year non-call one floater to join 2017’s sterling issuance comeback.

International Bank of Azerbaijan’s Eurobonds took a hammering this week as investors’ hopes of escaping a debt restructuring without a haircut dimmed.

The week commencing May 8 brought a wave of public sector borrowing. The victory of Emmanuel Macron in the French presidential election caused a wave of relief and signalled a blazing green light for issuance. See how the deals fared on GC BondMarker.

A swirl of allegations surrounding US president Donald Trump this week added a rally in US Treasuries to already tightening dollar swap spread, creating an uncertain environment for public sector issuers considering dollar deals next week.