Europe

Macedonia returned to the bond market on Tuesday to finally print a €450m seven year bond after a challenge to the legality of the issue forced a postponement of the deal when leads opened books on July 14.

Commodities trader Trafigura is expected to launch its annual Asia-focused syndicated loan shortly, with the firm having sent invitations for roadshows in the region.

NRW.Bank will bring a no-grow $1bn three year dollar benchmark on Wednesday, after African Development Bank and Rentenbank on Tuesday comfortably raised dollars in longer tenors.

Spain drew nearly €30bn of orders for a new €6bn 10 year benchmark on Tuesday, as Cyprus tightened pricing by 20bp on a seven year deal.

Softbank, the Japanese technology and telecoms group, has taken a ¥1tr ($9.5bn) loan for its £24bn acquisition of Arm Holdings, the UK firm which designs mobile phone chips. The loan could be syndicated to non-Japanese banks if the refinancing strategy requires it, said one senior banker.

The sterling denominated FIG market awakened on Tuesday with news of the first deals since the UK’s vote to leave the EU on June 23.

The parent company of Caffil, the French public sector covered bond issuer, has finalised the first loan under its newly established export credit finance business. The Cover spoke to Caffil’s head of treasury and financial markets, Sami Gotrane, about the issuer’s prospective plans in the export finance business.

The IPO of Enav, the Italian state air traffic control network, is “progressing well”, with yield-focused investors from Europe and the US piling into the deal, a banker on it said.

WL Bank enjoyed strong demand for its €250m 10 year covered bond tap on Tuesday, an increase that managed to provide investors with a positive yield. But with spreads in the secondary market tightening again on no flow, the positive yielding universe was quickly disappearing.

Shares in BW Offshore, one of the world’s largest operators of floating oil production and storage vessels, traded up in Oslo on Monday after the company completed its Nkr847m ($101m) rights issue.

A pair of public sector borrowers on Monday hit screens with mandates earlier in the day than usual, which bankers suggested was due to a desire to get ahead of other possible issuers.

Spain is lining up its second 10 year euro benchmark of the year, as bankers responded to a question about market conditions with: “It’s game on.”