Europe

Italian gaming company Snai on Tuesday issued a €110m bond to support its acquisition of a domestic competitor, Cogemat.

The UK government has said it wants further changes to the country's regulation, with the Prudential Regulatory Authority coming within the Bank of England, and more oversight over the Bank from the Treasury.

The Russian government has joined a growing group of sovereign CPI-linked bond issuers, and analysts expect the government to return for at least one more sale this year.

Rustavi Azot has released price guidance for its $180m five year non-call three notes at 11%-13% yield. The note is expected to be priced later this week.

Slovenia priced a €1.25bn 10 year transaction on Tuesday with only a single digit new issue premium, according to bookrunners. The thirst for duration should help encourage other European sovereigns.

CEEMEA is refusing to put its feet up for the summer. Slovenia has reopened European sovereign supply, Zambia is prepping a dollar benchmark and rarer names are offering old school emerging market yields in the double digits.

Landesbank Hessen-Thüringen issued a four year mortgage backed Pfandbrief on Wednesday, meeting its targets for size and spread. Bankers were hopeful that more covered bonds would emerge on Thursday, as conditions were good for both core and peripheral names.

Credit Foncier de France is out with its second RMBS of the year. CFHL-2 2015 may not come with the special regulatory treatment of the issuer’s covered bonds, but the deal offers a spread that looks particularly alluring for the risk. A major investor of covered bonds and securitizations said RMBS offer far better risk return than covered bonds, and chastised fellow investors for their lazy approach to assessing credit risk.

Following successful deals from Berlin Hyp on Tuesday and Helaba on Wednesday, two more German issuers have mandated leads. WL Bank and Deutsche Pfandbriefbank (Pbb) are expected to open books on Thursday, respectively for five and seven year benchmarks.

A rare Greek IPO was announced on Tuesday, as Poseidon Containers, based in Athens, set out to raise about $230m by floating in New York, to finance purchases of container ships.

German Startups Group Berlin withdrew its IPO this week, having failed to achieve coverage on the deal, according to a person close to the situation.

A quiet patch for block trades was broken on Tuesday evening when UBS launched an €865m accelerated bookbuild in Kone Corp, the Finnish maker of lifts — an exceptionally rare deal in the stock, which has a €20bn market capitalisation.