Europe

Society of Lloyd’s demonstrated the strength of the sterling bond market on Tuesday, attracting an unusually large order book on its tier two return and revising pricing by 30bp.

Tekni-Plex, the US packaging maker, launched a repricing request on a €148m term loan due in 2022 this week, holding a lender call on Tuesday.

A loan backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food is attracting strong interest, according to bankers involved, with a meeting in Bucharest on Tuesday to discuss the deal heavily attended.

French supermarket chain Auchan Holding on Tuesday came to the bond market for the first time since Standard & Poor’s downgraded its ratings from A- to BBB+ in April, but demand for the credit was said to be “bullish”.

Polyus Gold, Russia's largest gold producer, showed little regard for leaving something on the table for investors on Wednesday as it screwed pricing in for its new six year note. But investors will support the trade regardless, said emerging markets bankers.

Shares in TLG Immobilien, the German real estate company, fell 1.6% on Tuesday morning after it completed a 10% capital increase on Monday night to finance the acquisition of more retail and office properties in Germany.

Shares in Amundi, the French asset manager, fell 1% on Monday after its shareholders gave near-unanimous approval at an extraordinary general meeting to its €1.4bn capital increase to partly finance its €3.545bn acquisition of Pioneer Investments from UniCredit.

RenoNorden, the struggling Norwegian waste management company, on Monday launched a highly dilutive rights issue to avoid breaking its debt covenants after losses in 2016, but investors appeared to welcome the news, sending the shares up 6.4%.

On Monday Anglo-Dutch consumer goods group Unilever issued its first sterling bond in three years, aiming for opportunistic pricing and receiving an oversubscription.

UniCredit underscored weaknesses in its balance sheet and capital position on Monday, issuing investors with another series of warnings ahead of its planned €13bn rights issue.

Porr, the unrated Austrian construction company, on Monday priced the first European corporate hybrid bond this year at the tight end of guidance.

The State of North Rhine-Westphalia announced on Monday that it will hold a roadshow for its third sustainability bond.