Europe

The Covered Bond Label Foundation (CBLF) granted its 100th label to the covered bond programme of Oversea-Chinese Banking Corporation (OCBC) on Tuesday signalling that the issuer could soon be ready to launch is debut deal.

Stada, the German generic pharmaceuticals firm, could offer leveraged finance investors the respite from repricing deals that they have craved for several months as it fields numerous buyout offers worth around €3.5bn.

Italy’s Iccrea Banca made its senior return in a very constructive FIG primary market on Tuesday, increasing the size of its short dated bond to satisfy a large and internationally diverse array of orders.

Spanish travel distributor Hotelbeds is planning an add-on of its original LBO loans to fund the acquisition of Tourico Holidays, a US peer.

Fewer investors than is normal bought Stadshypotek’s seven year covered bond on Tuesday. However, although the deal had virtually no new issue concession, it was nevertheless well subscribed.

Deutsche Bank told investors this week that Germany’s new insolvency regime may have to be updated for the European Commission’s harmonisation proposals. The bank also said it was not planning on raising additional tier one capital this year.

Credit Suisse finished 2016 with a Sfr2.4bn ($2.39bn) annual net loss but investors found reasons for optimism in the bank’s strong capital position and revenue growth in investment bank and capital markets, causing the stock price to rise 3.05% by 11.30am London time.

Nomura has appointed two to its emerging markets sales team as it attempts to grow its business.

Avantium, the Dutch 'renewable' chemicals producer, intends to raise up to €100m by selling new shares on the Euronext Amsterdam and Euronext Brussels by the end of the first quarter.

Bankers and investors believe Europe’s election schedule will drive up rates on new high yield bonds and increase the attraction of leveraged loans to issuers — even as Together Financial’s new sterling offering kept the market alive.

KfW announced on Monday that it would sell a 10 year euro benchmark on Tuesday. But the breakneck pace of public sector issuance since the start of the year is expected to slacken this week.

The Japan Bank for International Cooperation (JBIC) announced on Monday that it will sell a possible dual tranche dollar bond on Tuesday. The deal will share the market with a two year from Erste Abwicklungsanstalt (EAA).