Europe

Crédit Agricole attracted close to €4bn of orders for a new 10 year preferred senior bond on Tuesday, riding a tremendous rally in credit spreads following the weekend's well-received election result.

On Monday evening, Stichting Fonds NutsOhra, a Dutch charitable fund, hired JP Morgan to sell a newly created 2.5% stake in NN Group, the Dutch insurer and asset manager, through an accelerated bookbuild that was covered after 25 minutes.

Vakifbank has received a $967m loan from 37 banks, marking yet another oversubscribed Turkish syndication following a period of heightened political uncertainty after a constitutional referendum.

Tullow Oil, the Anglo-Irish oil and gas drilling company, finished its £625m rights issue with a small rump placement on Tuesday morning.

Phoenix Group Holdings sought to tap its outstanding tier three notes and tender one of its senior bonds on Tuesday, as it looked to improve its Solvency II capital position by increasing its subordinated debt levels.

EM bankers' predictions that April would be a mega month for Russian corporate borrowers look to be coming true with Metalloinvest raising $800m on Monday and Rusal and PhosAgro opening books on Tuesday.

Turkey’s Ziraat Bank was quick to take advantage of the recent rally in Turkish credit, opening books on a five year bond at 5.5% on Tuesday morning.

Politicians and regulators might say they want a safer financial system, but they want their banks globally competitive. There’s no better way to ease regulations than to play on these fears — but they’re not always grounded in fact.

French building services outsourcer Atalian started a roadshow for a €600m seven year bond offering on Tuesday, bringing total expected issuance for the week so far to over €2.3bn.

The UK Debt Management Office has tweaked its funding target for the 2017-18 financial year, cutting its planned Gilt sales by £900m to £114.2bn. The sovereign has also picked a bond for its next syndication.

The chief operating officer of M&A and telecoms, media and technology at Credit Suisse’s investment bank has left for a fundraising advisory firm.

Emerging market loans bankers felt positive about the first round of French presidential election results on Monday but cautioned that they expect little immediate reaction in their sector.