Europe

Goodman European partnership, the Luxembourg property vehicle managed by Australian Goodman Group, was alone in the euro market on Thursday with a dual tranche sub benchmark trade.

Despite a tough IPO market in which deals are falling by the wayside, ConvaTec, the UK medical supplies manufacturer, opened the books for its London IPO on Thursday morning with a price range that values it at £4.4bn to £5bn.

German agrichemicals company Bayer has concluded its $56.9bn loan syndication, getting a roaring response from more than 20 relationship banks in the largest syndicated deal of the year.

KBC Group was set to raise €750m of seven year senior debt from its holding company on Monday, adding a second point to its curve and putting an end to the lull in euro issuance.

Irish aircraft lessor Goshawk launched a $75m Schuldschein after landing a $345m syndicated loan in June and its first unsecured bond issue to US investors in August.

Norway’s top spot in Nordic high yield annual primary issuance has historically been invulnerable. But with most borrowers linked to the energy sector and oil prices struggling to recover, its reign may be about to change this year.

US music publisher Warner Music Group on Monday was alone in the European high yield market at the same time that Verallia, the French glass packaging maker, told investors it had cancelled its pay-if-you-can bond offering.

French telecoms firm SFR launched a $2.4bn-equivalent refinancing with a lender call on Tuesday afternoon, aiming to lower margins by as much as 100bp despite a poor performance this year, while Eircom closed its repricing on Wednesday evening.

With one quarter of 2016 left to go and global issuance 22% down, the equity capital markets bookrunner race is going into its final straight. Familiar faces are leading the pack, but incumbents in general are having a tough year.

Including redemptions and central bank buying the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise then that seven year deals issued on Thursday by Banco Sabadell and Bank of Montreal were swamped and priced with virtually no concession.

Deutsche Bank enjoys a dominant position in its home market, but rivals are snapping at its heels, and the German competitive landscape is in a state of flux, writes David Rothnie.

Eastern European telecoms operator RCS&RDS on Thursday printed a refinancing euro bond that was first planned in euros and Romanian leu, while it mulls a potential IPO.