Europe

Nykredit issued the first contractually bail-inable senior debt on Monday, in a well-received deal that could set the tone for the growth of the asset class in Europe.

Basic-Fit, the low cost gym group, is expected to issue revised price guidance for its IPO in the next 24 hours.

Price guidance is expected imminently on the IPO of insurance company ASR Nederland, which is closing on Thursday and looks set be the biggest in the current spate of Dutch equity capital markets deals, beating last month’s listing of Philips Lighting.

Titan Cement is set to become the first high yield issuer of the year from Greece, after more than six months without issuance from the country.

Île-de-France was able to tighten pricing by 5bp from initial price thoughts for its fourth foray into the green bond market and still managed to increase the deal from its initial target size.

The 10 year Bund yield hit a record intraday low on Tuesday, as a German region increased a deal size and a French agency lined up an unconventional eight year deal.

Of the five IPOs due to reach completion this week, Norway’s B2 Holding finished its bookbuild today and Dong Energy has put out final guidance. Van Lanschot has also just revised its guidance. The other two — ASR Nederland and Basic-Fit — have still to refine their original price ranges.

A trio of issuers have lined up short end dollar deals for pricing on Wednesday. Some bankers said the focus on threes and fives was in response to poor US jobs data last week, although that view was not universal.

The Irish telecommunications firm Eircom Holdings on Tuesday issued a benchmark size secured bond at 25bp inside guidance levels — giving encouragement to the group of other issuers waiting in the pipeline.

The University of Glasgow last week priced a US private placement, following the University of Surrey which issued a £120m ($173.6m) deal last month.

Investis Group, the Swiss residential property company, is preparing to raise at least Sfr150m ($156m) through an IPO on the SIX Swiss Exchange.

Westpac New Zealand issued a comfortably oversubscribed €750m five year covered bond on Tuesday and priced at the tightest spread ever for a New Zealand covered bond. At the same time, NordLB’s Luxembourg subsidiary issued a less well subscribed €500m seven year.