Europe

The European Union looks to have hit a big setback with its drive to overhaul financial market rules, after accepting that it will have to delay rolling out its MiFID II legislation framework – and possibly by as much a year.

Amadeus, the Spanish company that provides IT systems to the air travel industry, reaped the rewards of patience on Tuesday after sitting in the pipeline for five weeks as its €500m six year no-grow bond brought in an order book of over€4.75bn.

Amundi, the French asset manager, has narrowed its price range to €43-€45 a share, as it continues to build the book for its Paris listing.

European Stability Mechanism printed a solid €1.5bn bond on Tuesday, falling just short of completing its funding target for the year.

KfW and the City of Paris built healthy books for no-grow green bonds on Tuesday, as some bankers suggested the KfW deal showcased the lesser execution risk amid tricky conditions that green bonds offer over conventional deals.

Two issuers made an opportunistic move in sterling on Tuesday, taking a combined £400m with a tap and a new issue.

BMW returned to the bond market on Tuesday with a €1.25bn deal, its first issue since the Volkswagen emissions scandal made investors reassess their attitude to the car industry.

Koninklijke KPN, the Dutch telecoms company, sold a quarter of its stake in Telefónica Deutschland for €805m on Monday night, but the deal failed to get covered, leaving Citigroup and UBS long.

WPP, the UK advertising firm, attracted more than €3bn of orders for its four year benchmark bond on Tuesday as investors showed they were willing to turn on the taps for the right deal.

The Kingdom of Belgium has added to its longest dated bond, a 100 year private medium term note, and is open to printing more at the long end of its maturity curve.

Austria Technologie & Systemtechnik (AT&S), an Austrian printed circuit board manufacturer, has tapped the Schuldschein market. The firm is getting more than an attractive interest rate, as it exploits the product’s Asian investors.

BBVA returned to the covered bond market for the second time this year on Tuesday, opening books for a long five year. Despite pricing well inside Spanish government Bonos, and even though political instability was causing ructions in neighbouring Portugal, the national champion quickly built an order book unequaled in size in the Cédulas market for nearly four months.