Europe

It has been a subdued start to the week in corporates, and a sense of trepidation is building up as investors try to decipher what last week’s 2% inflation figures mean for the European Central Bank meeting on Thursday.

Turkish lender Vakifbank has signed a three year bilateral loan agreement with ICBC’s Dubai branch for $250m.

Verisure joined the runaway repricing train in European leveraged loans this week, launching a €350m term loan ‘B’ as it looks to refinance an existing Swedish kroner facility paying more than 500bp.

Iceland’s Landsbankinn pushed its senior curve out by another year on Monday, walking away with €300m of funding ahead of a very busy couple of weeks for market participants.

Toronto Dominion became the third Canadian bank to issue a sterling covered bond benchmark this year with a deal launched on Monday. Despite an attractive spread, the book was slow to build and the deal size looked set to be smaller than average.

Morgan Stanley returned to the sterling market for £1bn of tightly priced 10 year funding on Monday, as the market showed the promise of supporting larger deals from both domestic and international borrowers in FIG.

The European corporate high yield market sized up a €1.25bn two tranche deal from Nokia on Monday that became the third biggest high yield bond since August last year.

Akbank is planning to return to the Eurobond market after a two year absence with its first ever subordinated dollar deal.

If you were an enthusiastic participant in any of the last three post-crisis Deutsche Bank rights issues, you might be starting to feel a little jaded. That would be a very reasonable position.

Russian steelmaker Evraz began meeting investors on Monday ahead of a planned dollar bond placement to finance a buy-back of notes maturing in 2018 and 2020.

Prices of Deutsche Bank’s euro additional tier one (AT1) bonds leapt higher on Monday, after management approved payment of its additional tier one coupons in 2017 and announced plans to raise €8bn of new capital via a rights issue.

Deutsche Bank confirmed over the weekend that it was preparing an €8bn rights issue, alongside a fresh strategic overhaul that includes a partial IPO of its asset management division and the reintegration of Postbank.