Europe

A pair of German issuers tested the euro market this week, marking the first return of German senior debt since the country revised its law to subordinate the asset class within the insolvency hierarchy.

Royal Bank of Canada is set to become the first covered bond issuer in Canada to join the Covered Bond Label initiative.

DBS Bank issued its long-awaited debut euro benchmark this week with a choice of tenor and pricing that worked well for for the Singaporean lender. It may return later this year.

Bank of America Merrill Lynch will soon syndicate a €4bn bridge loan it has underwritten to back French aerospace group Safran’s acquisition of Zodiac Aerospace, the French maker of aircraft seats and interiors. The two companies want to leapfrog up the pecking order of aircraft parts suppliers.

LionTree, the US advisory boutique and merchant bank focused on the technology, media and telecoms sector, has opened an office in Paris as it continues its European expansion.

Hapag-Lloyd, Germany’s largest container liner shipping company, sold a rare triple-C rated bond to high yield investors on Thursday.

The European Bank for Reconstruction and Development has invested in its first Slovak covered bond and is working with local regulators to update the local covered bond law.

Yeoh Hong Nam, head of wholesale funding at DBS Bank, talks to GlobalCapital about his bank’s first euro covered bond benchmark. The choice of tenor and pricing worked well for DBS, which values the European investor base, and may return later this year.

Typically an early mover in the race to fund, Turkey raised $2bn on Wednesday with an SEC-registered note maturing March 2027, a third of the total $6bn it plans to raise this year. But the sovereign has plenty of hurdles ahead, writes Virginia Furness.

Bank of Cyprus listed its shares on the London Stock Exchange on Thursday, in the latest of a series of moves aimed at increasing the bank’s access to the financial markets.

Russian corporate bond issuance for 2017 looks set to begin with Rusal, the world’s second largest commodity producer, which has gone through multiple debt restructurings.

The tally of sterling high yield bond sales in January is on course to reach £2bn after Jaguar Land Rover on Thursday launched a new £300m offering, adding to a recent surge of deals in the currency.