Europe

Deutsche Bank was looking for its first senior bond in the sterling market on Thursday, having recently tapped two euro deals as it looks to lock in low funding costs.

US pharma research firm Quintiles IMS Holdings printed on Thursday a new €1.4bn high yield bond, proving that European high yield investors are embracing the train of US issuers printing in euros.

GlobalCapital interviews covered bond traders, Jonas Klink and Jordi Cabero, to try and find out how after only three years, Santander has become a dominant force on the Street.

Allen & Overy has hired three partners from Paul Hastings to its leveraged finance practice.

The Swedish National Debt Office (SNDO) promoted non-preferred debt as a way for Swedish banks to meet the minimum requirement for own funds and eligible liabilities (MREL) on Thursday, establishing a favourable method for calculating the requirement and a manageable timeline for its implementation.

Natixis Pfandbriefbank raised five year funding through its German subsidiary on Thursday and paid a more attractive concession than usual because of the deal’s sub-benchmark size. Despite perceived illiquidity, bid-offer spreads for sub-benchmark bonds are not much different to benchmark deals several weeks after launch, according to Citi research analysts.

Pan-European car park operator Apcoa has released price guidance at 450bp with a 0% floor on its €325m seven year term loan ‘B’, a deal that follows a restructuring in 2015 that led to distressed debt investor Centerbridge taking over the firm.

The Singapore dollar bank capital market welcomed Commerzbank’s inaugural Basel III tier two bond this week, allowing it to price through fair value.

ONGC Videsh (OVL), the overseas investment arm of Indian state-owned oil company ONGC, is tapping the loan market for longer dated debt to replace a bridge raised by one of its subsidiaries.

Russian Railways lived up to a reputation for aggressive pricing on Wednesday, printing a new seven year dollar benchmark comfortably inside its existing curve.

CIF Euromortgage has completed the restructuring of its covered bond programme, to comply with recent amendments to the French covered bond law, remove RMBS from the cover pool and make its bonds comply with Capital Requirement Regulation (CRR).

Deutsche Wohnen, the German housing company, has raised €1.34bn of equity and convertible debt at attractive terms, in what bankers have claimed is the first three-legged trade of its kind in Europe.