Europe

DekaBank made a rare appearance in the public bond market on Monday, but found itself the only FIG borrower active in euros as sentiment took a turn for the worse.

After almost five years, Hong Kong has recognised Russia as an accepted jurisdiction for issuers looking to list in the city. But whether the ties would be a game-changer for Asian equity capital markets is a big question, writes Philippe Espinasse.

Shares in Saipem, the Italian oil and gas engineering company, fell to a new 14 year low today, after it released the pricing details of its €3.5bn rights issue at midnight on Thursday.

BNP Paribas and Compagnie de Financement Foncier seized the chance to issue euro benchmark covered bonds on Friday after sentiment improved overnight. But with spread widening likely to resume before long, one major investor felt the long 10 year from CFF would fare better than the tightly priced five year from BNPP, even though the CFF deal was only just subscribed.

UniCredit has offered to buy back up to €1.8bn of subordinated bonds mainly held by retail investors for the third time this year, as it looks to clean up its capital structure.

LBBW decided to launch €1.25bn of three year fixed rate senior notes on Friday, after hints of more stimulus from the European Central Bank gave a boost to market sentiment.

Igor Knyazev will be taking over the role of group treasury chief at Alfa Bank in Russia when Michael Lawrence retires in June.

A large group of investors is determined to reject a buyback offer on billions of euros in soured bonds guaranteed by the Austrian State of Carinthia — an offer that may represent the province's only chance of avoiding an unprecedented bankruptcy. Covered bonds are unaffected.

The European ABS market is rolling on despite wider market volatility, with Obvion releasing what market participants have described as “attractive” price thoughts for its Storm 2016-1 Dutch RMBS deal.

Technip, the French oilfield engineering company, raised €375m on Wednesday with a daring equity-neutral convertible bond — the first such deal since Total’s transaction in November.

Europe’s corporate bond market may be in a shabby state, but bankers are expecting a crop of public and private deals from a prestigious group of borrowers: UK universities and charities, write Rob Cooke and Toby Fildes.

Chemring, the UK defence contractor, said on Thursday that it would issue £80.8m of new shares to reduce its debt, after profit shortfalls last year.