Europe

The Autonomous Community of Castille and León sold on Wednesday its first bond in several years, eschewing the cheap funding available from its central government in favour of greater independence.

Rentenbank joined the rush for dollars on Wednesday as Inter-American Development Bank and British Columbia set pricing on deals announced the previous day.

China attempted to position its upcoming offshore renminbi sovereign bond as a sign that markets have full confidence in the country’s economy at a launch for the deal at a ceremony in London today.

Fnac held the bank meeting for its €1.35bn acquisition loan last week and aims to wrap up the deal by early June, according to a banker on the deal.

Anglo-Swiss commodity trading and mining company Glencore received a strong oversubscription level for its latest $7.7bn one year loan, but as a strong credit with plenty of ancillary business, the success is no surprise, according to one banker on the deal.

Croatia has picked four banks for a euro-denominated bond and is embarking on investor meetings for the deal next week.

Germany’s HeidelbergCement on Wednesday issued a benchmark high yield bond that was rapidly increased to €750m while its final terms tightened 20bp from initial price talk.

Russia has sold its first Eurobond since 2013, drawing a book of over $7bn, according to analysts, but with doubt still high as to what proportion of that figure was from true overseas buyers.

HSBC drummed up nearly $10bn in orders for a dollar denominated additional tier one (AT1) deal on Tuesday, as the asset class continued its steady recovery after a difficult first quarter.

UK homebuilder McCarthy & Stone has extended the maturity and reduced the interest cost of its £200m revolving credit facility.

High profile sovereign bonds have dominated CEEMEA markets so far this week. Russia returned on Tuesday with its first deal since 2013, but not with the international slam-dunk the sovereign was hoping for. Elsewhere Qatar started book building for its long-awaited bond.

Monsanto has rejected Bayer’s all-cash bid of a $62bn enterprise value as “incomplete and financially inadequate”, but left the door open to an improved offer.