Europe

The Polish national champion successfully issued its first euro denominated covered bond benchmark on Monday, and the first publicly syndicated deal ever issued by a Polish bank in the euro market.

German leisure travel group TUI AG launched a roadshow for a new issue to refinance its old 2019 bond on Monday at a time when coupons in the upper end of the high yield rating spectrum seem to be trending wider.

Fresenius has completed a €1.2bn incremental loan to help fund the acquisition of Spanish hospital group Quirónsalud. The company has also added a fourth bank to a separate €3.75bn club loan to help fund the purchase, according to a banker close to the deal.

The head of group funding at UniCredit, Waleed El Amir, talked exclusively to GlobalCapital about meeting looming regulatory deadlines and the advantages of the covered bond market.

The debut covered bond of BNP Paribas Fortis and the first in four years from SNS Bank were priced on Monday with virtually no new issue concession to healthy levels of subscription.

UniCredit looked to push its senior curve out to 10 years this week, finding a supportive backdrop amid confirmation of Banca Popolare di Milano’s merger with Banco Popolare.

Turkey shrugged of its second downgrade to junk on Friday to print a $1.5bn reopening of its 2026s. And if a sovereign bond was not proof enough that it is capital markets business as usual for the country, state-owned Turkiye Is Bankasi AS (Isbank) was out with a long five year on Monday morning.

Lenders are preparing the financing package for the $3.2bn leveraged buyout of Polish online retailer Allegro. A loan for the deal is likely to be mostly dollar denominated, bankers said.

Biffa, the UK waste management company, relaunched its IPO on Friday morning after the deal failed to attract enough demand at the original price range. The deal is covered at the new terms.

Nets, the Nordic payment processing group whose shares have fallen 13% since their IPO three weeks ago, has reassured shareholders that it will not suffer materially from Nordea’s decision to change its mobile payments joint venture in Denmark and Norway.

Icap has bought Abide Financial, a global regulatory reporting specialist.

Barclays, Lloyds Bank, Nomura and Royal Bank of Scotland will run the sale, scheduled for the week beginning October 24.