Europe

NIBC Bank issued the longest ever maturing conditional pass-through (CPT) covered bond from a bank in Europe’s core on Tuesday. The granular order book and modest new issue concession suggested that market conditions have stayed strong.

Shares in ForFarmers, a Dutch animal feed cooperative, began trading on Euronext Amsterdam on Tuesday May 24, after a quasi-IPO in which the privately traded shares were relisted on the public market.

Sydbank had a difficult return to the senior market on Monday, with the leads unable to revise pricing and the order book falling short of the €500m deal size.

Danish agency KommuneKredit has selected four banks to sell a five year no-grow $1bn bond in a dollar market that shows no signs of slowing down.

A director of corporate real estate at Lloyds Bank resigned last week and the bank has not made plans to fill his role, according to two sources.

Bank of America Merrill Lynch and Credit Suisse are supporting Bayer’s $62bn bid for American agribusiness giant Monsanto and more banks are working on a loan for the deal, according to two bankers.

An auction to settle Norske Skog credit default swaps will take place in June, after ISDA’s determinations ommittee agreed to an initial list of deliverables for the restructuring credit event — despite not having been able to gain access to a crucial document governing the terms of the firm’s guaranteed bonds.

Bayer could be preparing to issue one of the five biggest rights issues ever, and the largest by a non-bank company, as part of the financing for its $62bn bid for Monsanto, the US agricultural chemicals and bio-engineering business.

Arla Foods, the unrated Danish dairy cooperative, on Monday printed Skr1bn of notes, with issuance in the Nordic currency still lagging 28% behind last year’s figures.

ABN Amro printed the first FIG green bond of the year at a level flat to its senior curve on Monday, as investors showed keen interest in the new issue.

NIBC has mandated leads for a 10 year conditional pass through covered bond (CPT), the longest ever seen from a Dutch bank. The issuer follows Aegon Bank which last week saw exceptionally strong demand for its €500m seven year.

Russia released on Monday price guidance on its first sovereign Eurobond since 2013, and its first since the US and the EU imposed sanctions on several state-owned companies in 2014.