Europe

KfW named on Tuesday the banks it has hired to lead a three year dollar trade, its first in the currency since August.

The European Stability Mechanism (ESM) and the Société de Financement Local (SFIL) sold benchmark debt to an increasingly welcoming market for euro-denominated paper on Tuesday.

Dutch asset manager NN Investment Partners has hired a head for its alternative credit boutique to oversee €14bn of assets, as the firm also plans to increase its focus on private debt.

OfficeFirst Immobilien, the German property company spun out of IVG Immobilien, has postponed its €740m Frankfurt IPO two days before it was due to be priced, in a volatile time for real estate stocks

Covered bond supply on Tuesday hit a pause. A number of issuers are monitoring the market and a second euro benchmark could well be announced later this week. In the meantime, secondary market flows have improved with buyers of New Zealand and French bonds noted.

Rising oil prices are said to be behind the strong reception Norway’s DNB got on Tuesday when it reopened the dollar Reg S market for additional tier one (AT1) paper.

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.

Polyus Gold, the largest gold producer in Russia, has picked three local banks and one international firm to arrange investor meetings for a dollar bond.

Credito Emiliano will look to sell a tier two bond in the euro market, joining fellow Italian lender Credito Valtellinese in the FIG subordinated debt pipeline this week.

Finland’s largest private lessor, VVO Group, sold its second euro bond on Monday, with orders coming from Nordic and, for the first time, other European investors.

Telefónica returned to the euro bond market after only a month with a more vanilla offering than its last issue, a hybrid bond, as investors favoured the shorter piece of its dual tranche offering.

Snam, the Italian gas utility, issued a €1.25bn 10 year bond on Monday, winning praise from bankers away from the deal as it printed with no new issue premium.