Europe

Poland’s mBank saw strong demand for a new euro-denominated four year senior unsecured benchmark after initial price thoughts were released early Wednesday.

Russian issuers dominated the first half of the week in emerging market bonds but the attention is now on Polish financial mBank which has braved coming on the same day as the US Federal Reserve announces its interest rate decision.

Several European IPOs are progressing through bookbuilding this week, as issuers take advantage of a window of calm before the uncertainty of the US election in just over seven weeks time.

On Tuesday, September 20, GlobalCapital held its annual Global Derivatives Dinner at Banking Hall in London and revealed the winners of its Global Derivatives Awards for 2016.

Books opened on Tuesday afternoon for the IPO of Telxius, the telecoms infrastructure division of Telefonica — an unusual company that combines telecoms towers with submarine fibre optic cables.

Nordic Investment Bank brought the tightest dollar benchmark from a public sector borrower in over a year on Tuesday, while the State of North Rhine-Westphalia was also able to grind in pricing with a dollar deal of its own.

KfW brought a seven year euro benchmark on Tuesday that equalled for size a similar trade from fellow jumbo issuer European Investment Bank two weeks ago — but topped it for orders and spread.

Toyota Motor Credit, the financing arm of Toyota, revved into the sterling bond market for the first time in five years on Tuesday as it printed a £500m ($649m) deal that attracted international demand.

SIG Combibloc allocated its $2.37bn equivalent deal on Thursday in a repricing deal that surprised some investors.

The US Commodity Futures Trading Commission (CFTC) has penalised Russia’s VTB Bank and its London-based VTB Capital investment banking subsidiary over what the Commission called "fictitious" and "non-competitive" block trades of Russian ruble/US dollar futures contracts.

The Austrian bank issued its first benchmark covered bond on Tuesday. The deal was highly oversubscribed even though the final spread offered little concession.

The Autonomous Community of Madrid has announced that it will sell its third benchmark of 2016.