Europe

Bravissima Holding, an investment vehicle controlled by Bain Capital, has hired Deutsche Bank and Nordea to sell a 12.1% stake in Bravida, the Swedish heating, plumbing and electrical installation company, through an accelerated bookbuild launched after the market close on Wednesday.

This evening, Kinnevik, the Swedish investment company, is selling a 6.6% stake in Rocket Internet, the German e-commerce startup investor, through an accelerated bookbuild.

Caisse des Dépôts et Consignations (CDC) picked a tricky week for its first euro syndication in many years but, thanks to the deal’s green aspect, the trade went off without a hitch.

Spain rode out another volatile day in eurozone government bonds to finish up with a healthy €5bn of 15 year paper from an order book nearly treble that size.

Nederlandse Waterschapsbank is set to bring the five year part of the dollar curve back to life for the first time in three weeks, after mandating banks for a March 2022 Reg S/144A deal on Wednesday.

Commerzbank has chosen a new head of its UK corporate banking operation and a new head of international loan origination as part of a reshuffle of senior bankers.

Mid Europa Partner’s syndicated loan, which will finance its purchase of Romanian supermarket chain Profi Rom Food, is set to be finalised by the end of the week according to a banker on the deal.

Yapi Kredi reopened the Turkish financial bond market on Tuesday, garnering a $1.2bn book that was sticky enough to allow the issuer to tighten pricing 37.5bp — good news for the $3.7bn worth of Turkish financial senior bonds that will need refinancing this year.

United Overseas Bank issued a euro covered bond flat to its curve and WL Bank priced at the tightest spread of the year, suggesting slowing supply is exacerbating a squeeze on investors. UOB was also set to issue its first dollar-denominated covered bond.

ANZ New Zealand has become the first antipodean bank to raise a preferred senior bond in euros this year, as credit spreads linger at record tights in the financial sector.

Belgium’s KBC raised its third and largest ever senior bond from its holding company on Wednesday, as market participants showed a thirst for new bonds despite looming political risks.

This week has seen the reopening of sovereign bonds from the Gulf region and Turkish bank debt, with Bahrain and Yapi Kredi both printing successful trades on Tuesday.