Europe

Nerio Alessandri, the Italian billionaire founder and CEO of Technogym, has reduced his stake in the high-end gym equipment manufacturer via an accelerated bookbuild.

Severn Trent, the UK water company, is raising £250m of equity capital to fund green projects. Banks working on the deal quickly attracted enough demand to cover the transaction.

Momentum is picking up among Russian borrowers seeking to raise green or ESG-linked loans. Sibur, the petrochemical company, is the latest borrower to enter the market, which bankers say is attracting companies from all over the spectrum.

CDP Financial, one of Canada's largest public pension asset managers, joined three other public sector borrowers in the dollar market on Tuesday to sell its debut green bond.

United Overseas Bank managed to extend its curve with €750m of eight year funding in the covered bond market on Tuesday at levels were well inside its previous blowout deal issued in November. However, bankers off the mandate gave the deal mixed reviews.

Fisch Asset Management has established a corporate bond fund with a focus on investment grade issuers around the world.

Cordiant Digital Infrastructure Ltd, the UK investment trust focused on digital infrastructure assets, has unveiled plans for a £250m capital raising, three months on from its successful flotation on the London Stock Exchange.

Austria's Raiffeisen-Landesbank Steiermark’s issued a €500m 20 year mortgage covered bond on Tuesday that was barely subscribed and, for the first time in the covered market since September 2019, leads were unable to tighten pricing from the initial level.

Russia has mandated an exclusively Russian consortium of banks to arrange a euro bond issue. Market participants say the extra cash is not necessary but is Russia’s way of demonstrating its access to markets a month after its sovereign debt was slapped with further US sanctions.

Moody’s has placed Deutsche Bank on review for a ratings upgrade, praising the firm for making "swift and pronounced progress" towards its restructuring goals. The rating agency wants to determine whether the German bank can sustain a recent improvement in its earnings, which has largely been fuelled by an outperformance in its capital markets business.

A block trade in Befesa, the German metal recycling firm, proved that overnight deals can be done in the EMEA blocks market, despite heightened volatility.

In conference calls with the UK Debt Management Office on Monday, Gilt-edged market makers and investors gave their preferred maturities and timings for the UK’s debut green bond.