Europe

Nederlandse Waterschapsbank was twice covered and paid zero new issue premium as it sold an intraday 30 year water bond on Monday. The European Union will follow into the euro public sector bond market on Tuesday to fund a maturity lengthening operation under its European Financial Stabilisation Mechanism programme.

Caisse Française de Financement Local (Caffil) issued its third social covered bond on Monday at a slight premium to where its normal deals would have been expected to price.

JP Morgan has emerged as the lender to a new Super League in European football. The US bank is committing to provide at least €3.5bn in debt for infrastructure projects, in the biggest shake-up of the world’s most popular sport in a generation. While highly controversial and not short of criticism, the new league will make its founding clubs more attractive investments.

Swedish house selling platform Hemnet opened on Monday the books for its IPO on the Nasdaq Stockholm. Sources close to the deal said that the transaction was proving popular and expected it to price at a premium to listed competitors like the UK's Rightmove.

Pegasus Airlines was seeking on Monday to issue a Eurobond in dollars. The deal will demonstrate market appetite for Turkish credit after the country navigated another economically tumultuous month, which saw investor confidence drop.

Synlab, the German laboratory diagnostic services company, has set the terms for its €1bn plus IPO on the Frankfurt Stock Exchange.

The European Central Bank published the findings from its targeted review of internal models on Monday. The exercise, which could, to an extent, frontload the impact of Basel IV, is expected to result in a 12% increase in risk-weighted assets and a 71bp decline in common equity tier one ratios.

DirectBooks, a platform for primary bond issuance initiated by a group of banks, has added the ability to handle euro and sterling deal announcements as well as a new senior member of staff to run its European business.

The UK Debt Management Office has selected the banks to lead the first syndicated transaction of its 2021/2022 borrowing programme.

Slovakian lender Tatra Bank concluded several days of marketing with the sale of its debut green bond on Friday, raising €300m of preferred senior paper, which it will count towards minimum requirement for own funds and eligible liabilities (MREL).

Allfunds, the B2B fund distribution platform, has opened the book on its Amsterdam IPO and named several high quality cornerstone investors which are backing the deal. However, not all deals are proving to be as popular as this one and bankers say the IPO market is splitting into those firms which can and those which cannot.

Bain Capital has trimmed its stake in TI Fluid Systems, the UK maker of automobile fluid delivery systems that floated on the London Stock Exchange in 2017.