Europe

The Inter-American Development Bank highlighted the depth of demand in a resurgent dollar market by printing the largest benchmark in the currency in over a month — with KfW next up to test the dollar’s depth.

Instituto de Crédito Oficial printed a no-grow €500m September 2018 social bond on Tuesday, with bankers noting that the bond’s high yields might have been just as appealing as its high morals.

trueEX, the interest rate swap trading platform, has started supported market activity during London business hours as it looks to build its client base in Europe.

The European Investment Bank built a book of €8bn for a 10 year Earn on Tuesday as the 10 year Bund yield fell to a 12 month low, leading bankers on the deal to suggest tougher times may lie ahead for euro issuers.

Much of the UK media just cannot leave the prospect of an uncovered — or, to use the common but incorrect parlance, “failed” — sovereign debt auction alone. Even when the UK Debt Management Office introduces a new mechanism to improve price discovery, stories are littered with references to boosting demand.

Portugal is lining up for its first test of the syndication market since the European Central Bank announced its latest round of monetary easing measures a month ago — measures that have had less effect on Portugal than its periphery peers.

Swiss property investor Allreal Holding printed an eight year Swiss franc bond on Tuesday, in a transaction which bankers hope will revive corporate issuance in the currency.

NYX Gaming Group, the Las Vegas digital game supplier, has announced the signing of £120m of leveraged loans backing its acquisition of UK peer, OpenBet. UK competitors William Hill and Sky Betting & Gaming are partially funding the £270m purchase.

BNP Paribas targeted German institutions for a long six year senior unsecured trade on Tuesday, reviving the concept of a “regionally targeted" bond to attract smaller accounts.

Caisse Française de Financement Local (Caffil) and Länsförsäkringar Hypotek (LF Hyp) got strong receptions for their covered bonds on Tuesday as investors had plenty of fresh money to put to work at the start of what is likely to be a relatively dry quarter.

Macquarie Capital has hired Warrick Booth as a managing director in European DCM.

The Financial Policy Committee noted that while UK bank capital has grown, the resilience of the system is threatened by banks’ impaired ability to generate internal capital in a low profit environment, minutes from the committee’s latest meeting show.