Europe

Gazprom has announced plans for a UK roadshow next week ahead of a potential return to the sterling bond market.

While global equities appear to be tanking, emerging market bonds are once again on fire with inflows supporting propping up what seems a never ending bid, but as ever, idiosyncratic risks are playing a bum note on some deals.

The FIG primary market made a roaring start this week and looked set to remain busy despite some softness on Wednesday morning.

With just over three weeks to go until Easter, the latest wave of IPOs in EMEA is progressing well. One deal was priced on Tuesday and bookbuilds have begun for two more.

Volkswagen has returned to the public straight bond markets in its own name for the first time since September 2015, when it was swept from the market by its emissions test cheating scandal. Bond markets being what they are, a multi-billion euro blowout is likely.

Investors put a whopping $16.3bn of orders into a $4bn three tranche deal from ING this week, only its second holding company level senior issue since it changed its resolution entity earlier this year.

There were four equity block trades in EMEA on Tuesday evening, the largest of which was a capital increase by Carl Zeiss Meditec, the German medical technology company.

The European Commission on Tuesday launched a public consultation on the operation and governance structure of European Supervisory Authorities (ESAs).

The socially responsible bond pipeline ballooned on Tuesday, with a European supranational announcing a roadshow for a debut issue, a French agency mandating for a deal and a Washington supranational pricing a social bond in benchmark size for the first time.

Unédic launched a 10 year benchmark on Tuesday. The deal came in the wake of a televised debate between the French presidential candidates that appeared to restore investors’ confidence in French names, according to an SSA syndicate banker at one of the leads.

UK corporate issuers that rely on discretionary spending for revenue saw their bond spreads widen on Tuesday, after inflation in the UK soared past Bank of England targets.

The European Investment Bank on Tuesday became the sixth European public sector borrower to hit screens in sterling since March 13, tapping a January 2020 line for £250m. But UK inflation figures could put an end to the currency's run in the sun. Meanwhile, investors and banks discussed what form the next UK Gilt syndication should take.