Europe

The financial institutions bond market in euros was on hold on Tuesday, as European issuers saw no reason to rush into doing deals while global equities were selling off and interest rates were being buffeted by expectations of inflation.

LimakPort, the Turkish international port, entered the debt market on Tuesday, while Turk Eximbank has successfully secured a dollar syndicated loan facility. Turkish issuers are demonstrating resilience, market participants say, amid the heightened levels of domestic and political volatility in the last three months.

Dennis Watson, a managing director and Barclays' head of real estate, has left the bank after some 35 years with the firm.

Credit Suisse Group targeted the dollar market this week for its first public bond offering since the collapse of US hedge fund Archegos. It ended up paying a relatively small new issue premium for its large $3.25bn transaction.

The UK Treasury sold 580m ordinary shares in NatWest on Monday night at £1.90, a 3.6% discount to the closing price. The sale of the roughly 5% stake for £1.1bn lowered the government's holding in NatWest to 54.8%.

Austrin electricity and gas company Energie Burgenland has launched a Schuldschein deal weeks after another Austrian utility wrapped up a transaction in the same market.

US hedge fund Schonfeld Strategic Advisors has hired a former Credit Suisse and Bank of America equity syndicate banker to run its European equity capital markets desk.

The debate over SSA underwriting fees, ignited by the EU’s decision to publish a lower fee schedule, is raging on with bankers and issuers saying it is pushing other topics aside.

Sparkasse Holstein has obtained a provisional rating from DBRS for its mortgage Pfandbriefe, though whether this leads to distributed issuance remains to be seen.

Germany has picked banks for its eagerly awaited 30 year green bond. Bankers expect the deal to go well since it will be one of the rare German syndications to offer a positive yield.

KommuneKredit made a strong return to the sterling market on Friday with its biggest ever single offering in currency.

The IPO of hGears, the German maker of high-precision gears for e-mobility, was covered on Monday, less than a day into book building, according to a source close to the deal.