Europe

It's time for a Russia comeback. The sanctions remain as firmly in place as ever, and banks and investors have been clamouring for deals. But now, at last, compliance has caught up - and that means a bonanza for borrowers awaits.

Saga, the UK insurance company, priced its £250m bond almost almost 40bp inside initial price thoughts on Tuesday, in the European high yield market's first new issue since the French election, despite fears that a Macron win could be read as negative for the Brexiting UK.

After a five year absence, Royal Bank of Scotland returned to the covered bond market on Tuesday selling larger than expected and well oversubscribed sterling and euro benchmarks that were priced tight to fair value.

Intesa Sanpaolo cranked pricing in on a new additional tier one (AT1) on Tuesday, striking quickly to take advantage of stellar conditions in the market for bank subordinated debt.

Compagnie de Financement Foncier attracted the largest order book in over two years for a deal of its size when it issued a €1.5bn 5.5 year Obligations Foncières on Tuesday. The deal was priced through fair value causing CFF's older bonds to reprice.

Another director in JP Morgan’s leveraged finance team for EMEA has left the bank, a source confirmed on Tuesday, joining a credit fund in London.

Deutsche Bank attracted strong demand for a five year floating rate note on Monday, allowing it raise €1.25bn without a new issue premium.

Munters, the Swedish maker of air conditioning systems, has set the terms for its IPO on the Nasdaq Stockholm, which, if completed, will value it at Skr10.1bn (€1.05bn).

Standard Chartered is giving a shot in the arm to its credit business, with new hires in Singapore, Hong Kong, London and New York, according to a Tuesday press release.

Creditors of Agrokor have until June 9 to submit claims for repayment to the government-appointed bankruptcy commissioner Ante Ramljak, the company said on Monday.

Turkey’s Garanti Bank this week signed a $1.35bn loan from 38 banks, in what could be one of the last financial institution deals to come from the region in the spring funding round.

The French election came and went on Sunday offering up no surprises, leaving the corporate bond market wide open for new issuance this week.