Europe

Ceské dráhy, the 100% state-owned Czech national railway operator, launched its €400m seven year bond on Wednesday after tightening price guidance twice.

Public sector borrowers are taking advantage of some of the best conditions in the dollar market all year to print jumbo sized deals at the tightest spreads to US Treasuries in months.

Banks and insurers have been peppering the market with a variety of trades this week, as borrowers start to make use of benign issuance conditions before an expected shutdown in the run-up to the UK’s ‘Brexit’ referendum.

Today was a weakish day for stocks, with the Euro Stoxx 50 down 0.5%, but that has not stopped Bain Capital executing its first block trade of shares in Bravida, the Swedish heating, plumbing and electrical contracting company that floated in October. The trade is covered.

The vogue for gym IPOs looks set to continue, with Basic-Fit of the Netherlands announcing an intention to float on Tuesday.

Swiss chocolate manufacturer Barry Callebaut was on Tuesday five times subscribed on a bond offering after testing European investors’ palates during a five day roadshow.

Italy has confirmed it is considering a 50 year benchmark, a deal that would put it in an exclusive club of half century sovereign issuers. But while some bankers may suggest it wait to lock in even lower yields than its peer Spain achieved last week, the issuer would be wise to move before June.

World Bank roared into the dollar market on Tuesday with the largest five year benchmark in the currency in over a year, as KfW and Bank Nederlandse Gemeenten hit screens with short dated mandates.

Export Development Canada is to print a long four year sterling bond as demand for paper in the currency defied fears of a possible UK's exit from the European Union.

The bank that issued the first jumbo Pfandbrief, a transaction that sparked a transformation of the covered bond market from its parochial German roots into a globally renowned asset class, has finally been wound down.

Aegon Bank has mandated joint leads for a seven year, the fourth Dutch covered bond of the year and the second with a conditional pass-through mechanism.

The UK Debt Management Office could launch a new five year conventional Gilt in the second quarter of its 2016-17 financial year and is seeking comment from investors and banks on the proposal.