Europe

Impact Healthcare Reit, a newly created real estate investment trust focused on care homes, has announced its intention to raise £160m through an IPO on the London Stock Exchange.

Holders of newly nationalised PrivatBank’s Eurobonds are pushing back on the National Bank of Ukraine’s plans to bail-in the debt, but the government should not have to take on the liabilities of sophisticated lenders in event of a default. But it does need to be much clearer about its plans.

Public sector borrowers are staying focused on the belly of the dollar curve, with a pair of issuers lined up for Wednesday. Demand at that part of the curve shows no sign of letting up, with two issuers out in fives on Tuesday — one of which was able to increase the size of its issue from its initial target.

Dealers are already running low on covered bond inventory and with this year’s first rush of new issues now done, a squeeze is already starting to get underway.

BNP Paribas’s global head of ECM is moving to a new job and the bank has hired a bulge bracket banker, aiming to expand its franchise in the business.

Energias de Portugal drove into the euro bond market on Tuesday with a €600m long six year transaction that tapped into investors’ taste for crossover credit.

The UK Debt Management Office broke its record book size on Tuesday for the second time in three months, as it also enjoyed a healthy showing from investors outside the country.

VodafoneZiggo obtained the go-ahead from leveraged loan investors on Tuesday to increase the size of its refinancing deal by more than €2bn while cutting margins.

UK tobacco company Imperial Brands hit the euro bond market on Tuesday for a dual tranche offering of 4.5 and eight year notes that won over three times oversubscription.

General syndication has begun on loan facilities backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food.

Crédit Agricole has mandated leads for a possible eight and 15 year covered bond which is likely to be launched on Wednesday.

While many of the main euro issuers have already scored their big January benchmarks, the pipeline of euro issuance is growing increasingly congested, although the range of maturities on offer should allow borrowers to avoid treading on each other's toes.