Europe

NordLB Luxembourg Covered Bond Bank issued a €500m three year Lettres de Gage Publiques on Thursday. The deal offered a 24bp premium to where NordLB Germany trades, and therefore attracted a comfortable level of oversubscription despite its lack of compliance with the capital requirements directive (CRD) covered bond definition and its split rating.

ING is awaiting commitments from Gategroup’s relationship banks for a €250m facility it underwrote last week, according to a banker on the deal.

Liechtenstein based LGT Bank tapped the Swiss franc market on Thursday, enjoying strong demand from local pension funds, insurance companies and bank treasury desks.

Barclays delayed announcement of its expected restructuring plan, as it is still in discussion with the regulator, but said that new chief executive Jes Staley would join the bank early, as it announced third quarter results on Thursday.

Polska Grupa Energetyczna, the Polish state-owned power company, has signed Z2bn (€467m) of loans with the European Investment Bank, following a Z5.5bn(€1.3bn) syndicated loan.

Profits at Santander’s global corporate banking arm fell as the bank faced higher costs developing new franchises.

Russian steel company TMK has launched a tender offer for its 2018s through Citi and JP Morgan.

Bi. Fin, the majority shareholder of Biesse, launched on Wednesday a block sale of shares in the Italian machinery manufacturer.

Deezer, the French music streaming website, has abandoned its IPO, after the bookbuild closed yesterday without a covered message.

Western Power Distribution, the UK electricity distribution network operator, kept the sterling corporate bond market’s run of form going on Wednesday with a £500m eight year issue.

Two SSAs tapped the middle of the euro curve on Wednesday, a move about to be copied by another agency which is set to bring a five year deal on Thursday.

Italy sold debt with a negative yield for the second day in a row on Wednesday, as it prepares for a sale of longer term bonds amid strong speculation that the European Central Bank will expand quantitative easing in December.