Europe

Landesbank Baden-Württemberg (LBBW) has become the latest bank from Europe to sell a Singapore dollar-denominated bank capital deal. Its Basel III tier two was 5.5x covered, and like its peers, the issuer managed to save on funding costs compared to its home currency, reckon bankers.

Agrokor’s largest creditors, VTB Bank and Sberbank, have made provisions for losses on the loans they have provided to the struggling Croatian food company.

Turkey’s bank loan refinancings are still in full swing, with Yapı Kredi having signed a deal for $1.36bn and Garanti Bankası mandating 19 banks.

Inmobiliaria Colonial, the Spanish property company, successfully raised €253m on Thursday night in a 10% capital increase to finance new investments, capping a busy week for block trades.

Barclays has mandated itself for a roadshow and plans to issue its first sterling covered bond in more than two years.

Danske Bank is restructuring its Finnish subsidiary in a move similar to Nordea’s last year and has requested investors’ consent to change terms, which will not have a rating impact, in return for a 10bp fee. The change could prevent the issuer from returning to the market soon.

Cobham, the UK aerospace and marine technology company, has finished its second rights issue in 12 months, after the leads completed a small rump placement.

KA Finanz’s plans to convert into a wind down institution will strengthen its link to the Austrian state, but uncertainty over the regulatory and credit rating status of its covered bonds could cause its spreads to widen, said analysts this week.

Norican, the Danish metal parts enhancement firm, priced a €340m six year senior secured bond to finance an acquisition on Friday.

The UK Debt Management Office has picked the lead managers for the first syndication of its 2017-18 financial year, which it has scheduled for the week beginning May 15.

Metalloinvest, the Russian steel manufacturer, and Acron, the fertiliser producer, have both signed syndicated loans. They are soon to be followed by another Russian deal, for aluminium company Rusal, according to a banker looking at the deals.

Banco de Sabadell’s was more than six times oversubscribed for its first additional tier one (AT1) deal on Friday, allowing the Spanish bank to price the deal 50bp tighter than initial price talk.