Europe
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Republic of Cyprus completed a rare combined syndication and switch offer on Tuesday with 40% of the new issue going to existing bond holders. -
The initial public offering of Deezer, the French music streaming business, appeared to be in jeopardy on Tuesday afternoon, after the deal’s book closed without a covered message.
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Banco Sabadell attracted exceptionally strong demand for its second covered bond of the year. Higher-rated Cédulas have rarely offered a spread over Spain since 2011, but this deal did, which made all the difference.
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The European Investment Bank has agreed to provide a loan of up to €200m to Avinor, the Norwegian airport operator.
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The National Bank of Belgium has announced that it will be introducing additional capital requirements for its systemically important banks.
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German airline Lufthansa is considering issuing its first Schuldschein for three years because the German private placement market could offer it better pricing than the conventional bond market.
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Trad-X, the trading platform for global interest rate derivatives, reported on Monday that is has traded more than $2.5tr of swaps since launch, with 2015 having accounted for over half this volume.
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BNP Paribas has hired an experienced financials credit trader to its London operations.
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Iren, the newly rated Northern Italian utilities company, sailed through another day of low issuance on Monday, drawing in a €3.4bn order book for its €500m bond.
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The initial public offering of Deezer, the French music streaming business, had on Monday afternoon not yet received sufficient demand from investors to get done, according to a banker close to the deal.
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Republic of Cyprus is on track to price a rare combined syndication and switch offer. The deal will allow Cyprus to tidy up the short end of its curve while issuing a fresh 10 year note.
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Socially responsible investors received a fresh menu of bonds on Monday, with a borrower announcing an inaugural climate bond, a regular SRI issuer entering a new currency and an agency returning to its sustainability format.
