Europe

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 1. The source for secondary trading levels is ICE Data Services.

Banco de Sabadell was met with good demand for the first euro additional tier one benchmark of the year on Tuesday, as investors welcomed a rare opportunity to pick up subordinated bank debt in the primary market. Alpha Bank could add to the supply later this week after unveiling plans for a new tier two transaction.

HVB, the Germany subsidiary of UniCredit, attracted more demand for its €750m 10 year than any Pfandbrief of that size launched in over a decade.

In The Style, the UK online fashion company, is gauging investor appetite for a stockmarket listing, having announced its intention to float this week.

The City of Moscow will enter the bond market as soon as this spring, after a long hiatus from the market, according to a senior politician. The municipality has also set its sights on a green bond, which would mark a first for the government.

Swiss Steel, the Swiss manufacturer of steel and steel products formerly known as Schmolz + Bickenbach, has unveiled the terms of a Sfr220m (€200m) rights issue, required to help the company improve its capital position.

HSBC was looking to issue two tranches of additional tier one capital in dollars on Tuesday, as rates markets moved back into a more stable trading pattern.

Increased consumer spending leading to a fall in deposits would provide the catalyst for higher covered bond issuance, according to one European bank's head of funding. But only if the credit curve steepens and senior debt grows more expensive to raise relative to covered bond funding.

Rusal, the Russian aluminium company, has arranged a 15 year syndicated loan from a consortium of local lenders. Funds will support the development of a smelting project in Siberia, which the company claims is environmentally friendly.

The UK is set to announce the world’s first sovereign green bonds for retail investors. The proceeds will help to finance projects aimed at achieving the country’s target of reducing greenhouse gas emissions to net zero by 2050.

Four public sector borrowers announced new deals in the primary market on Monday ahead of the European Union’s much anticipated second transaction from its Support to mitigate Unemployment Risks in an Emergency programme this year, which is expected to arrive later in the week.

Tryg, the Danish insurer, has revealed the terms for its $6bn equivalent rights issue to finance the Scandinavian operations of RSA Insurance Group.