Europe

IAG, the parent of British Airways and Iberia, has become the latest airline company to tap the convertible bond market for financing during the pandemic, as it continues to burn vast amounts of cash amid a slow recovery in global travel.

Berlin Hyp took advantage of its flat covered bond credit curve and the steepness of the interest rate curve to issue a high yielding 12 year mortgage Pfandbrief on Tuesday, in a larger than usual size.

Believe, the French music streaming and distribution company, is looking to grab investors in what is becoming an exceedingly binary IPO market as it launches in Paris.

Commonwealth Bank of Australia's New Zealand subsidiary ASB Finance issued its largest covered bond on Tuesday, the first 10 year from New Zealand and the first covered bond from the country since January 2019.

A fresh wave of primary equity capital raising is coursing through Europe, with several large issues priced already this week, including a $1.05bn sale by The Hut Group, the UK e-commerce company that went public last year.

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.