Europe

Mortgage lender Together on Friday accelerated the pricing of its PIK bond in a sterling market still cautious after last week’s cancellation but geared with a new offering from betting house Ladbrokes.

National Express, the UK coach operator, tapped the sterling bond market on Friday with a £400m seven year trade that swerved volatility in the Gilt market.

US glass container manufacturer OI on Thursday added its deal, a loan-to-bond refinancing, to a high yield market scoreboard already loaded with another seven offerings.

Interoute, the UK data networks and centres company, has scheduled bank meetings for Monday in London for a €250m seven year term loan ‘B’, to refinance floating rate notes issued last year. Exterion Media has also closed a £150m div recap loan.

Shares in Ahlsell, the Swedish wholesaler of plumbing and electrical installation products, have traded strongly since its Skr6bn ($671m) Stockholm IPO, ending Thursday 13% above their IPO price.

Greek telecommunications firm Wind Hellas joined the spate of European high yield issuance on Tuesday with a roadshow for €250m of notes, the third Greek high yield offering since mid-September.

Moody’s has assigned a provisional Aaa rating to Stadshypotek’s Danish covered bond programme. The issuer has three other programmes backed by Finnish, Swedish and Norwegian collateral. All four programmes are established under Swedish law.

Although many banks are emerging from blackout period, which is usually a positive for supply, several key central bank meetings could deter some issuers. Nevertheless, the recent rise in yields should lead to a re-opening of shorter maturity segments.

Fitch updated its covered bond rating criteria following a market consultation. Though the majority of ratings are left unchanged, there will be nearly four times as many upgrades as downgrades.

UBS announced that it has received the consent of investors to change the maturity terms of its covered bonds from hard to soft bullet.

Singapore-listed property developer Oxley Holdings has hit the market for a $200m senior secured financing.

In the wake of Brexit, the French financial sector is taking steps to make good on the threat of chipping away RMB business away from the City of London, Arnaud de Bresson, managing director at industry organisation Paris Europlace told GlobalRMB.