Europe

Orders of over $2.2bn had enabled Turkey’s Garanti bank to crush the yield on its debut tier two as it looks on course to print with the lowest ever coupon for a new style Turkish tier two bond.

Sparkasse Hamburg extended its curve and priced a Pfandbrief inside fair value with good demand this week. At the same time Hypo Tirol paid a relatively small concession for its sub-benchmark Pfandbrief, suggesting any lingering concern over Austrian covered bonds following the Heta saga has been put to rest.

Litigation finance house Burford Capital is set to become this year’s second issuer on the London Stock Exchange’s Order book for Retail Bonds (Orb).

Carl Hagerman is due to leave his role as bond syndicate manager at SEB’s Stockholm office and take up the position of senior originator and team leader on its corporate debt capital markets desk in Germany.

Corporate bond issuers in Europe made a busy start with multi-tranche deals from energy company E.On and brewer AB InBev, as primary markets shrugged off the biggest ever cyber-attack on businesses around the world at the weekend.

Turkey’s largest private sector bank, Turkiye Is Bankasi (Isbank), signed a $1.3bn syndicated loan on Monday, bringing the first round of Turkish bank loan refinancings this year to an end.

The public sector debt market is in for another hectic week of borrowing as issuers flock to take advantage of the superb conditions left in the wake of Emmanuel Macron’s victory in the French election.

The Depository Trust & Clearing Corporation (DTCC) on Monday committed to expanding its use of cloud technology “across a much greater range of its services and applications” over the next three to five years.

Italy’s BPER Banca has picked five banks to arrange the sale of a new tier two capital issue, as the financial institution bond market looks to open its doors to lower rated banks.

The Province of Quebec will print in sterling for the first time in over 20 years after hiring banks on Monday for a five year deal, joining other Canadian provinces in returning or debuting in the currency in 2017. The trade will come in the same week as the UK sovereign sells the first syndication of its 2017-18 financial year.

Abengoa’s yieldco spinoff, Atlantica Yield, took a step further from its troubled Spanish major shareholder on Monday, having received its first double-B rating from Standard & Poor’s.

KfW has raised the threshold of sustainability it requires as an investor, the latest in a growing trend for bond buyers to focus on the impact of their investments.