Europe

Muenchener Hypothekenbank (MuHyp) issued its second ultra-long dated Pfandbrief of the year on Tuesday, flat to the curve and into good demand at the tightest spread for this tenor and longer in the past 18 years.

Investors wasted little time placing orders for Nationwide Building Society’s 20 year covered bond on Tuesday, reflecting the rare and chunky yield on offer and the expectation that this could potentially be their only chance to buy UK covered bonds in euros this year.

Solidium, the organisation that manages the investments of the Finnish government, has reduced its stake in SSAB after the steel maker reported a strong set of first quarter earnings.

Equity investors showed they were stepping up in numbers to invest in primary growth capital raises across Europe after Elkem, the Norwegian silicone manufacturer, raised $228m-equivalent and Greek bank Piraeus completed a €1.38bn raise to help clean up its non-performing loan book.

TechnipFMC has completed the first placing of Technip Energies stock since its spinoff on the Paris bourse in February, boosting the freefloat of the company.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 26. The source for secondary trading levels is ICE Data Services.

Neoen, the French renewable energy company, completed a €600m rights issue at the start of April to help fund it until 2025. Its CFO, Louis-Mathieu Perrin, spoke to GlobalCapital about the deal and explained how green equity stories can still win investors’ attention, despite a recent cooling off in stock valuations.

HSBC has appointed Jean-Manuel Richier as co-head of global banking and head of investment banking in continental Europe after the previous holder of the position, Hubert Preschez, left for M&A boutique Messier and Associés.

German open-source software company Suse has announced its intention to float on the Frankfurt Stock Exchange, joining the lengthy queue of European companies seeking to go public.

Italy mandated banks on Monday to lead a syndicated dollar dual tranche comprising new three and 30 year bonds as the sovereign continues to build out a curve in the currency following its return to the dollar market in 2019.

Pegasus, a new special purpose acquisition company focused on European financial services, has begun bookbuilding for its IPO on the Amsterdam Stock Exchange, with a target deal size of €500m.

Pepco, the retail conglomerate that owns Poundland, is seeking to list in Warsaw through an initial public offering.