Europe

MUFG has hired three managing directors to help boost its coverage of private equity sponsors, as well as direct lending.

Covered bonds and RMBS secured on green mortgage collateral do not deliver issuers much of a saving over conventional issuance in those markets, but favourable regulatory initiatives stand to tip the balance towards an increase in green mortgage production. Secured issuance will be the best way to fund this activity — expect green RMBS and covered bond issuance to surge.

Food retailer Jumbo, a privately owned supermarket chain with shops in Belgium and the Netherlands, has launched an inaugural Schuldschein.

Greece and the Flemish Community are preparing to sell syndicated bonds at the long end of the euro curve following a strong reception for France with the sale of its second green OAT on Tuesday.

Europe’s crop of pre-Easter IPOs are moving swiftly thorough the pipeline and investors are engaging with deals after an improvement in risk sentiment in line with recovering secondary markets and several successful block trades last week.

Iceland is putting the finishing touches to a sustainable bond framework that will allow it to issue a variety of bonds with socially responsible labels. If the sovereign decides to proceed with the plan, a debut deal in the format could arrive this summer.

Commodity trader Trafigura has launched US private placements, according to market sources, its second entrance to the market in less than 12 months.

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, March 15. The source for secondary trading levels is ICE Data Services.

Berlin Hyp’s six year green Pfandbrief and Bawag’s 20 year vanilla covered bond attracted strong demand on Tuesday reflecting the paucity of supply, a steadier rates outlook, the rare tenors on offer and, in Berlin Hyp’s case, the green collateral. At the same time VUB mandated leads for a five year covered bond, the first from Slovakia this year.

US private equity group Indigo Partners has reduced its stake in Wizz Air, the Hungarian low cost airline, through an accelerated bookbuild.

Deutsche Bank and Standard Chartered were marketing green and sustainable bonds in dollars on Tuesday, following a tricky period for new deals in the currency.

Standard Chartered gave euro investors another rare opportunity to build exposure to UK subordinated debt on Tuesday, as it followed Barclays in issuing a tier two transaction in the currency.