Europe

The bank for Germany’s medical profession may be small, but it is very well capitalised, its rarely issued covered bonds are highly overcollateralised, and the top rating is exceptionally well protected. The bank is due to start roadshowing from Friday.

Ukraine this week received the necessary votes to restructure 13 of the 14 Eurobonds it targeted, with the leaving just the problem of a Russian-held $3bn bond to be solved. But even with an end to the restructuring odyssey in sight, CEEMEA watchers are worried about the economic outlook and the nature of the restructuring agreement.

Investec is looking for two syndicated loans totalling $530m, one for its South African business and the other for its London arm, according to bankers on the deal.

Garfunkelux, the German debt collection company, on Thursday issued £795m of notes, in the first sizable European high yield issue for three weeks. Market participants are now eager to see how the deal will trade in the secondary market.

Rabobank’s €204bn mortgage portfolio is likely to be a prime target for tens of billions of euros in sales, as the Netherland’s largest bank prepares to shed €100bn or more in assets to comply with forthcoming rules.

Plans to ring-fence major UK banks’ retail activities away from their investment banking activities could increase funding costs for the banks that fall under the Prudential Regulatory Authority’s proposed regime.

DVB Bank SE reappeared in the primary market on Thursday, adding a €500m no-grow 4.5 year note to its senior curve.

Lithuania has loosed 10 and 20 year euro tranches on the market, demonstrating confidence in duration as the prospects of an imminent US rate hike fade away yet again.

SNS Bank named leads for a euro denominated tier two transaction on Thursday. The trade may be a tough sell, bankers thought, but brought some hope for future capital supply.

A trio of public sector borrowers ventured beyond the 10 year part of the euro curve on Wednesday — but only two were able to return with cash after one Dutch agency appeared to steal another's thunder.

Oesterreichische Kontrollbank navigated a tricky dollar market to raise $1bn on Wednesday, as dwindling swap spreads returned to haunt public sector borrowers.

After printing an eight year FRN last week, Deutsche Bahn came again this Wednesday with a €600m fixed rate offering that drew a sizeable chunk of Asian investors.