Europe

Banca Carige has appointed leads for a roadshow to market a prospective covered bond deal that does not currently have an investment grade rating from Moody’s.

SCBC returned to the covered bond market on Monday, following Swedbank, which priced a larger deal at a tighter spread in the same tenor last week. The difference in fortunes is simply a function of the market conditions, which were not good last week, but have deteriorated further. Separately, DVB bank is set to price a €250m shipping loan Pfandbrief.

Homerton College, Cambridge, added its name to the list of UK educational institutions to have taken advantage of cheap borrowing conditions in 2015, and the list is set to lengthen, according to a private placement banker.

On Thursday, September 24, GlobalCapital held its 2015 Global Derivatives Dinner at Banking Hall in London and revealed the winners of its Global Derivatives Awards 2015.

Steilmann, the German clothing retailer that aims “to make people feel fabulous about themselves”, announced today that it was preparing to float in Frankfurt by the end of the year.

National Grid pulled off the rare trick on Thursday of issuing a convertible bond without any risk of diluting its shareholders, writes Jon Hay. The feat relies on an arbitrage that is only occasionally available, and has been accomplished just twice before in Europe in the last decade, bankers said.

A violent reaction to German car company Volkswagen’s admission that it had used defeat device software in some of its diesel vehicles over a six year period tracing back to 2009 gripped capital markets this week.

Municipality Finance brought a taste of bank finance to the public sector this week setting a few records along the way.

Polish banks showed their deep pockets by signing a record Z12.5bn (€3bn) loan for television company Cyfrowy Polsat this week. But banks could face a tax which might reduce their capital by a third.

The European Union has just €1.2bn left of a €5.2bn funding plan for September and October, having raised €2bn with an eight year this week that many bankers praised as evidence of normalisation of the pricing process in euros.

UBS pulled in $13bn of demand for a holdco senior debut in dollars this week, which for some bankers showed the gulf between attitudes towards loss-absorbing debt on either side of the Atlantic.

ING Belgium and Bawag received good receptions for their covered bonds issued this week, in contrast to less spectacular outcomes for deals from Westpac New Zealand and UniCredit.