Europe

Cerba Healthcare has released price guidance of just 325bp-350bp on its €544m buyout term loan, squeezing the tightening of recent repricings even further.

Lansforsakringar Hypotek (LF Hyp) has issued its longest dated covered bond which, with a positive spread to mid-swaps, gives a slight premium to other Swedish banks but no concession to its own curve.

Austria’s Hypo Noe and Poland’s PKO Hipoteczny have mandated leads for roadshows that begin in mid-March and which are likely to be followed by deals.

Necta & Wittenborg Global Vending (N&W), the Italo-German maker of vending machines owned by private equity firm Lone Star, privately tapped its 2023 secured notes this week to fund the acquisition of peer Saeco.

Coating resins business Allnex launched a €425m-equivalent incremental term loan dividend recapitalisation this week, the fourth such deal this year, on top of its repricing request on existing facilities.

Spain’s Liberbank and Italy’s Unione di Banche Italiane very both looking to sell callable tier two this week, following a very well received trade from Bankia.

Axa Bank has priced its largest covered bond in almost five years at the tightest spread it has ever achieved and inside fair value. The choice of tenor, timing and final spread were instrumental in the successful outcome.

Deutsche Bank’s restructuring and capital raising will reallocate capital into its corporate finance business — and that will go, in part, to fuelling its FIG capital and SSA franchises, as well as into ABS, commercial real estate, and transport, infrastructure and energy.

Five new IPOs were announced in EMEA this week as the market enters a crucial window in the run-up to Easter.

The BBC has entered into a swap contract, organised by Morgan Stanley, that it predicts will achieve up to £34m of annual savings on the running costs of its London headquarters.

Italy has mandated banks for its second syndication of the year, after a month in which its spread to closest peer Spain has tightened.

The European Stability Mechanism has nipped in ahead of a European Central Bank Governing Council meeting later this week to mandate banks for a 10 year euro benchmark. Other euro supply this week could come from Région Île-de-France, which held a global investor call on Monday for a green and sustainability bond.