Europe

Deutsche Bank is not simply too big to fail, it is too big to function. It's time to shrink.

Société Générale returned to the green bond market this week, in the first sign that primary markets could quickly bounce back despite the noise around Deutsche Bank.

Hellenic Petroleum, the Greek energy company, is seeking to issue a five year bond as it looks to refinance €500m of 8% senior unsecured notes due in May 2017.

Ufinet has tightened price guidance on a €124m dividend recapitalisation term loan, while increasing the offering to €135m, as Ammeraal Beltech’s €85m dividend recap also tightened from initial guidance this week.

European policymakers are working on a plan to create synthetic pan-European bonds backed by a pool of member state sovereign debt, giving the continent and its banks a more stable supply of safe assets.

HSBC launched $3.75bn of senior bonds from its holding company this week, taking advantage of more stable market conditions to top TLAC issuance up to $30bn this year alone.

Romania achieved a wafer-thin new issue premium for a €1bn reopening of its May 2028s on Wednesday.

Shares in Internationella Engelska Skolan, a leading Swedish international school operator, traded as much as 44% above their initial price on Thursday morning after the company completed its $70m IPO on the Nasdaq Stockholm.

Froneri, the joint venture vehicle between R&R Ice Cream and Nestlé, has added an Australian dollar tranche to its €800m equivalent term loan ‘B’ as banks have reportedly took much of the deal, while Israeli plastics manufacturer Keter removed the US dollar tranche to its own €690m buyout loan.

Pfandbriefbank Schweizerischer Hypothekarinstitute placed on Tuesday a dual tranche deal in Swiss francs. The shorter tranche was fashioned into a 12 year clip to entice investors looking for positive yield.

Panama’s Global Bank has announced a tender offer for its structured covered bond.

The Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg has approved the covered bond prospectus of PKO Bank Hipoteczny and the issuer has mandated leads for a roadshow.