Europe

A city in the north-east of Scotland that has been generating headlines of late for its links to the troubled oil market — as well to Donald Trump — is set to hit the road for a sterling bond issue.

NordLB issued a €750m public sector covered bond on Monday which, like the previous German 10 year from Commerzbank, was only just subscribed. The tight initial spread discouraged order inflation and stimulated high quality orders, allowing the borrower to issue more than was initially planned.

Moody’s has assigned a provisional Baa1 rating to the mortgage backed covered bonds of Yapi ve Kredi Bankasi and the issuer has published its base prospectus, suggesting it could soon be ready to issue.

Enterprise Inn, the UK pub group, on Monday began marketing a new sterling refinancing offering amid growing instability in the market after Daisy, the UK telecom services supplier, pulled its deal last Friday.

Electronic trading firm Ion Trading has tapped its term loan signed in August by subsidiary Wall Street Systems for €130m, as the latter acquires fellow fintech firm Reval.

Morgan Stanley followed Goldman Sachs’s lead by putting a one year call option on a senior bond on Monday, as it became the third US bank to visit euros after publishing third quarter results.

Skandinaviska Enskilda Banken made a rare appearance in the euro tier two market on Monday, pulling pricing very tight and reopening the primary market for European issuers following third quarter results.

BNP Paribas is hoping to win more business from private equity firms across its product lines, following the appointment of James Seagrave as global head of financial sponsors.

Schroder European Real Estate Investment Trust, the Reit managed by the property arm of UK asset manager Schroders, has priced its second capital increase on the London and Johannesburg exchanges.

Barcelona-based real estate company Inmobiliaria Colonial on Friday sold its new eight year bond to repay the four year tranche of its debut bond maturing in 2019.

Raiffeisenlandesbank Niederoesterreich-Wien AG’s public sector backed covered bond programme has been rated Aaa with Moody’s.

Crédit Agricole's rare €500m 10 year public sector Obligations Foncieres was priced at the tightest spread for a French covered bond in more than a year and it was the most highly subscribed in more than 18 months.