Europe

Istituto Centrale delle Banche Popolari Italiane (ICBPI) sold its €1.1bn PIK note on November 6 in what looked like a comeback week for the high yield bond market — but it turned out to be a short-lived pick-up.

Engie, the energy firm formerly known as GDF Suez, printed a 10 year Australian dollar note on Tuesday, its first bond in that currency.

FIG bankers are expecting some issuers to bring forward plans to print tier two early next year as investors show they are ready to take on higher beta paper.

Russian gold and silver miner Polymetal has signed what is likely to be one of the final Russian loans of the year, in a $350m four year deal with five banks.

Iberdrola, the Spanish electricity company, raised €500m of cheap funding on November 6 with an equity-neutral convertible bond, partly as a response to the recent disruption in the straight bond market.

A supranational is set to add a new point on its curve this week, as a German region prepared to bring its third benchmark of the quarter.

A pair of public sector borrowers are lining up green bonds this week — but one of the deals could have implications beyond that of the burgeoning SRI bond market.

Bank of Georgia completed the initial public offering of its healthcare subsidiary on Monday, as it successfully priced the deal, although at a price much below what it had hoped for.

Political risk appeared to be influencing investors’ decision making on Monday, as a trio of eurozone periphery sovereigns underperformed their peers in secondaries. But there was better news for Cyprus, which more than halved its one month borrowing costs at an auction.

Sky, the UK satellite and cable broadcasting group, brought a 10 year euro benchmark bond on Monday, pushing out for a longer maturity after a week when many issuers stayed with intermediate tenors.

FCA Bank, the financing joint venture of Fiat Chrysler and Crédit Agricole, issued a €500m no-grow bond today.

Veolia, the French water, waste and energy management company, received strong demand for a €3bn loan refinancing but fewer banks got a share of the spoils.