Europe

A European agency is set to bring what will be the first dollar benchmark of the week from a public sector borrower, after mandating banks for a deal on Tuesday.

Portugal is underperforming its nearest peers in the eurozone periphery ahead of a debt auction later this week, amid tense talks to form a government for the country.

Kuka, the robotics and automation company headquartered in Augsburg, Germany, has issued a €250m Schuldschein note.

The German covered bond market is set for expansion, with the little known Deutsche Apotheker- und Ärztebank appointing leads for a roadshow. At the same time, another small German covered bond issuer, Pforzheim Calw, opened books for a sub-benchmark sized deal to be priced Wednesday.

Raiffeisenlandesbank Niederösterreich-Wien AG issued a €500m long five year covered bond on Tuesday and despite its attractive new issue premium, which led to a repricing of the issuer's curve, the deal was only moderately oversubscribed.

Reports that Barclays is preparing to appoint former senior JP Morgan investment banker James "Jes" Staley to the post of CEO should be welcomed by the bank's creditors.

Polish insurer Powszechny Zakład Ubezpieczeń (PZU) priced a tap of its euro 2019s on Tuesday following investor calls the day before. The strategy puzzled rival bankers, but was staunchly defended by the leads.

BNP Paribas has hired a senior member of staff for its emerging markets business.

China Construction Bank sealed a successful offshore renminbi bond on October 12, marking the first time it has listed dim sum notes in London. The trade is set to breathe new life into the CNH market, which had been shut for more than two months following a devaluation of the currency.

China is boosting its capital markets collaboration with the UK with Agricultural Bank of China launching a dual-currency, triple-tranche bond on October 13. It would be the second Chinese lender to sell notes in London in as many days, and its offering will also mark the country’s first financial green bond.

Euros proved the currency of choice for SSA borrowers on Monday with two new issues, two taps and a mandate in the market across a range of maturities.

A second European issuer in as many working days has pulled back from the corporate bond market, blaming challenging market conditions.