Europe

Park Resorts, the UK’s largest holiday park operator, will syndicate a £550m term loan B after bank meetings in London on Wednesday this week.

Societe Generale has released details of the two appointments created by the internal move of its head of Europe, Middle East and Africa structured finance and loans syndication to another position.

Norwegian lender, SR-Boligkreditt issued its first euro covered bond on Monday, a €500m five year. The transaction offered a tempting spread pick-up to where Sparebank Vest issued an identical transaction last week thereby ensuring a strong reception, despite challenging market conditions.

Iron ore pellet producer Ferrexpo’s talks to reprofile pre-export finance (PXF) debt have taken on an added urgency, after a Ukrainian lender in which the firm held some $174m was declared insolvent.

Danica Pension on Monday was first to test the FIG market since the US Federal Reserve's rates announcement last week when it opened books on its subordinated tier two notes.

Avangard, the Ukrainian agribusiness, announced last week that it intends to implement a restructuring proposal with three aims.

Read on to find out how selected European sovereigns are faring in their funding programmes this year.

Daimler, the German auto company, has come to market with the first sterling offering by any borrower since August, albeit in the modest form of a £125m tap.

British member club operator Soho House on Friday began roadshowing its £200m bond, offering the market its first Caa1 credit since July.

Worldpay, the UK payment processing group, expressed its intention to float last Friday, bolstering hopes among equity capital market specialists that it would bring one of the largest IPOs in London this year, despite recent reports of takeover bids.

Immofinanz, the Austrian property company, conducted a €150m accelerated bookbuild on Tuesday evening in shares of its affiliate Buwog, a residential property developer. It was the culmination of a complex and carefully designed process to redeem a €375m exchangeable bond. The sale was priced at the market closing price, without a discount.

London will continue to be the largest western RMB hub thank to the city’s sophisticated financial services and the close relationships between the UK and China, argued Alderman Alan Yarrow, the Lord of Mayor of the City on London on September 18 in Hong Kong.