Europe

Volkswagen is looking to follow up Thursday’s jumbo euro bond sale with outings in the dollar and hybrid bond markets as soon as the second quarter, the company’s head of group treasury told GlobalCapital.

New deals marketed this week by US borrowers Owens-Illinois and Federal-Mogul pushed reverse Yankee issuance to 25% of the €22bn of euro high yield issuance so far in 2017.

Albéa, the French packaging firm owned by Sun Capital Partners, has scheduled a bank meeting for Monday in London about a $921m-equivalent bond to loan refinancing and dividend recapitalisation.

Investors showed strong appetite for subordinated deals in spite of a softer session in the middle of the week, allowing three financial institutions to use the week’s window to top up their capital.

The heightened prices Turkey's banks are having to pay to refinance loans has attracted more banks to the latest syndication, a €100m deal for Isbank AG.

Caixa Geral de Depósitos attracted a solid €2bn of demand on Thursday for Portugal’s first additional tier one, as the bank made important headway on its recapitalisation plan. But market participants were divided over calculating fair value for the risky debt instrument.

Ukrainian steel and mining company Metinvest’s struggle to restructure its $2.3bn debt dating back to 2012 finally came to an end on Thursday.

Buying Panmure Gordon may not be the Bob Diamond comeback that everyone was clamouring for, but it could mark the first step in the formation of a non-bank financial player in the mould of Cantor Fitzgerald, writes David Rothnie.

Holders of Croatian retailer Agrokor's Eurobonds will be required to take a haircut on their positions, unless there is a buyout of the struggling firm, said Exotix Partners this week.

Turkey will meet investors in the UAE next week ahead of a potential return to the dollar sukuk market, leads announced on Thursday.

Alfa-Bank emerged with pricing for a three year euro-denominated bond on Thursday morning, in the first deal in the currency from the Russian lender since June 2014.

The People’s Bank of China and the European Investment Bank (EIB) have launched an initiative to develop a framework to support green finance and will publish their findings in a white paper later this year.