Europe

KfW is coming to the market with a three year dollar benchmark offering, breaking the recent lull in dollar-denominated SSAs, which have endured a few weeks of slack supply with only a handful of deals hitting the market in June.

France impressed SSA bankers as it paid a tiny new issue premium for a new 30 year OAT via syndication on Tuesday.

UK private equity group Bridgepoint has confirmed its intention to float on the London Stock Exchange.

Turkey was, yet again, at the fore of market participants’ minds on Tuesday. As inflation spikes, the country has indicated its intention to encourage more borrowing following a debt issuance spree in June.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of busiess on Monday, July 5. The source for secondary trading levels is ICE Data Services.

Santander has appointed a new head of sustainable capital markets in London: Victoria Land, until recently head of APAC sustainable banking at Crédit Agricole in Hong Kong.

Indian company Tata Steel has returned to the loan market. It is in talks with banks for a £200m ($276m) financing to support its UK business.

Sentiment in the sovereign, supranational and agency sector was broadly supportive on Monday ahead of a smaller than expected 30 year OAT sale on Tuesday and, more importantly, the European Union’s next slug of issuance under its Next Generation programme that is due next week, said traders.

Citi has hired a senior investment banker from UBS to take over as investment banking head for Italy from Leopoldo Attolico, who is moving into a vice-chairman role.

Finland’s Municipality Finance has sold its first bond linked to one of the new risk-free rates, opting for the Secured Overnight Financing Rate for its $200m floater.

France is preparing a 30 year OAT syndication, capitalising on a market that seems eager for paper that has snapped up an EFSF tap with an order book more than eight times subscribed.

Compagnie de Financement Foncier responded to investor demand for defensive maturities on Monday by issuing the first five year covered bond from a core European bank this year. Although the super-sized deal attracted substantial interest, the leads said it would be incorrect to conclude that market sentiment had turned positive.