Europe

GE Money Bank, the Czech retail and SME bank, announced its intention to float on Monday, as its parent General Electric executes its plan to sell most of its financial services operations.

Vallourec, the French tube maker that has been hit by falling capex in the oil and gas industries, began separate trading of its shares and rights on Monday, after the launch of its €480m eight-for-five rights issue last Friday.

Bank Nederlandse Gemeenten, FMO, Japan Bank for International Cooperation and the Province of Quebec all hit screens on Monday for forthcoming dollar deals, with bankers remarking that the SSA market could be set for another hectic week.

Bank Nederlandse Gemeenten stormed into a quiet European market for private placements on Monday with one of its largest euro MTNs in years.

France is preparing its first dual tranche trade, targeting the 20 and 50 year parts of the curve, while bankers expect the European Stability Mechanism to aim for a shorter tenor this week.

German automation equipment maker Schenck Process is returning to the loan market to refinance senior and mezzanine credit facilities with a €455m loan. It had to pull a €605m deal last June because investors thought the terms were too aggressive.

Covered bonds issued by DNB Boligreditt and Muenchener Hypothekenbank (MuHyp) on Monday priced with minimal new issue concessions and showed that market conditions were strong. At the same time Canadian Imperial Bank of Commerce (CIBC) opened books for the first Australian dollar covered bond this year.

Over the past 15 years UK banks have set aside over £53bn to pay for their misconduct, according to a report published on Monday, with the end nowhere in sight.

Vitol-KazMunaiGas has received more than $3.5bn in commitments from lenders for its prepayment facility loan.

InterXion Holding, the Dutch data centre operator, sold on Monday a €150m tap of its €475m 2020 bond to fund new facilities in France and Germany.

Renaissance Financial Holdings (RenCap) is circulating guidance for a new five year note which is part of the borrower’s ongoing exchange offer.

BBVA’s third additional tier one transaction is likely to demonstrate the increasing importance of "future supply overhang" for the product’s performance, said TwentyFour Asset Management on Monday.