Europe

Two Latin American multilaterals this week defied investor jitters around looming US non-farm payroll numbers to tap the Swiss franc market.

The UK higher education sector maintained its love affair with capital markets this week, as the University of Leeds announced a roadshow for its debut bond.

Spain cut yields but printed at the lower end of its size target at a long end bond auction on Thursday, although bankers are confident that there would be demand if the sovereign chose to bring a long dated syndicated deal.

Caisse d'Amortissement de la Dette Sociale (Cades) priced a £500m three year bond on the same day that KommuneKredit mandated for a tap in the currency.

Caught between two regulatory initiatives, many small banks are unsure about whether to embark on the long and costly journey of developing their own regulatory capital models.

The prospect of a huge financing package to back ChemChina’s $43bn acquisition of Syngenta has left bankers guessing how the two banks arranging the funding are going to structure and distribute the debt, especially as the lenders are working under separate mandates. Despite their size, the loans are expected to be well supported thanks to abundant liquidity in Europe and the target’s strong credentials, writes Shruti Chaturvedi.

Hypo Tirol was never expected to be an easy trade given lingering concerns about Austria’s smaller banks and the aftermath of the Heta Asset Resolution debacle. So it was a relief when, on Thursday, the issuer managed to attract an oversubscribed and relatively well distributed order book for its €500m five year mortgage-backed covered bond.

Swedbank and SEB this week launched deals that attracted the largest order books and the widest distribution of any covered bonds issued this year, along with the smallest concessions.

Labeyrie Fine Foods, the French producer of smoked salmon and foie gras, on Wednesday sold a €80m tap of its 2021 secured notes to finance the acquisition of food producers Pére Olive and King Cuisine from Aqualande.

Barclays will offload a legacy derivatives portfolio to JP Morgan as part of the British bank's plans to run down its non-core assets.

ANZ New Zealand this week became the latest in a slew of Antipodean financial institutions to print Swiss franc denominated debt.

Clydesdale and Yorkshire Bank Group rose when it began trading after its IPO on Wednesday, having completed its separation from National Australia Bank with a £396m flotation.