Europe

The European Union kept the strong momentum going for its second Next Generation EU (NGEU) transaction on Tuesday, although it did surprise some market participants by limiting the size of the dual tranche sale from the outset.

Acciona Energia, the Spanish renewable energy company, is due to price its IPO at €26.73 a share, the bottom of the initial range, having closed order books on Tuesday afternoon, according to sources close to the transaction.

Crédit Agricole announced plans on Tuesday to market its first covered bond from its social framework in what will be a rare maturity. At the same time leads on Credito Emiliano's proposed covered bond opted to wait until the European Union prices its deal is priced before launching.

UK listed construction materials manufacturer Breedon has closed £250m-equivalent worth of US private placements in euros and sterling, according to market sources.

Bridgepoint, the UK-based private equity group, is vying to join the small but elite group of listed private equity companies, having revealed plans for an IPO on Tuesday morning.

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, June 28. The source for secondary trading levels is ICE Data Services

RAG Stiftung, the foundation set up by the German government to finance the discontinuation of coal mining in the Ruhr region, has sold its remaining shares in Stadler Rail, the Swiss maker of rolling stock, via an accelerated bookbuild on Monday evening.

Aldesa Group, a Spanish construction and engineering firm acquired by state-owned China Railway Construction Corp last year, is tapping the Asian loan market for a €150m deal.

United Medical Group, the Russian healthcare company, has launched an IPO on the Moscow Exchange, which is expected to raise more than $500m, according to a source close to the transaction.

The EU on Monday announced the mandate for its second jumbo Next Generation EU deal, which includes four banks who were suspended for the first transaction for violating antitrust rules.

National Australia Bank priced an €850m seven year Australian covered bond on Monday, comfortably inside recent deals from New Zealand and opted against issuing a larger deal size at a wider spread. At the same time, Credit Emiliano mandated leads for another euro benchmark.

Alpha Bank, the Greek banking group, has begun bookbuilding for its €800m share sale intended to strengthen its balance sheet as it enters a new stage of growth following the clean-up of Greece’s banking sector since the eurozone crisis.