Europe

The International Bank of Azerbaijan (IBA) is in the market for its annual loan refinancing, the deal is smaller than the loan it refinances at $150m, according to one banker invited to join.

A surprise upgrade from S&P saw Hungary’s external debt rally 30bp over the weekend and, with the country set to enter crossover indices as an investment grade credit, further flows from passive investors are expected.

Nomura has added a Turkey specialist to its EM coverage team as it continues to build its EMEA emerging markets platform.

French retail group Fnac has begun a roadshow for €650m of seven year notes, starting on Monday and following a bumper week for issuance in the high yield market.

Russian commercial real estate investment company O1 Properties is targeting a five year bond following the completion of an investor roadshow on Friday, a banker at one of its leads said on Monday.

Berlin Hyp opened books for a €500m seven year green transaction on Monday, as it looked to become the first bank to offer green bonds in two asset classes.

Turkey’s Isbank has signed its second annual syndicated loan for $1.04bn-equivalent. Like recent deals for the sector, Isbank’s loan includes a margin ratchet if the bank is downgraded.

Veolia Environnement priced its debut Panda bond on September 1, becoming the first French issuer to tap the onshore Chinese market. The firm was also one of the first corporates to be allowed to repatriate funds out of China despite ongoing capital controls, its treasurer told GlobalRMB.

Nederlandse Waterschapsbank presented a Kangaroo tap to an expectant Japanese investor on Friday.

Intralot, the Greek gambling operator and technology supplier, has priced its €250m senior five year non-call three bond with a coupon of 6.75% at par which, even at the wide end of guidance, was not sufficient to attract some investors.

Electra Partners has completed the £181m IPO of Hollywood Bowl, the UK’s largest ten-pin bowling lane operator, after the deal was postponed in July due to the Brexit vote.

Deutsche Bank is at real risk of failing to pay coupons on its additional tier one instruments, as a potential $14bn US RMBS settlement threatens to erase the bank's available distributable items (ADIs). Outstanding DB AT1 securities reacted accordingly last Friday, shooting nearly 200bp wider.