Europe

Syndicated lending volumes, particularly across emerging markets, have tumbled since the onset of the coronavirus pandemic last year. Though some had hopes that 2021 would yield more activity for lending desks, that optimism has been postponed to next year, as lenders say they simply cannot compete with other asset classes for business.

Trafigura, one of the world’s largest commodity traders, has closed a Schuldschein issue in a debut that surprised many in the market. The deal shows there is an appetite for unusual credits among some of the market’s investors. Trafigura’s group treasurer told GlobalCapital that this SSD is only the first from his company.

Mitchell & Butlers, a company that owns UK pubs and restaurant chains including Harvester, will raise £350m through an underwritten equity raise to navigate its way through the latest Covid-19 lockdown. A shareholder consortium made up of Joe Lewis (the owner of Tottenham Hotspur); former Manchester United owners JP McManus and John Magnier; and currency trader Derrick Smith, will back the raise.

Hamburger Hochbahn, a government owned public transport operator in Hamburg, is set to make its bond market debut this week, launching itself as a regular bond issuer.

Italy hit screens on Monday to announce a dual-tranche syndicated deal comprising a new 10 year benchmark and 30 year inflation-linked bond.

Mercuria has launched a US private placement deal, according to market sources. The privately-owned Swiss commodity trader is the third company to enter the PP market from Europe this year.

Feeble bank lending figures suggest that some European banks will not be able to tap the ECB's Targeted Longer-Term Refinancing Operations (TLTRO) at the cheapest rate on offer. For those institutions, covered bond funding will become a compelling alternative.

Česká zbrojovka Group (CZG), a Czech firearms company, has mandated banks to arrange a local currency bond, which investors say is a developing trend. The bond will contribute to CZG’s planned acquisition of US arms major Colt.

Universal Music, the international music company owned by Vivendi, will be spun off on the Amsterdam stock exchange, with the French firm distributing around 60% of the company to its shareholders.

Cordiant Digital Infrastructure Ltd, a new fund focused on opportunities in digital infrastructure, has finished its IPO on the London Stock Exchange, raising £370m.

Fix Price, the Russian owner of discount variety stores, filed initial paperwork for listings in London and Moscow on Monday. The company gives investors a very different sort of offering than recent European tech listings but is still providing buyers with huge growth metrics.

One of Europe’s largest self-storage companies Shurgard has priced a new €300m US private placement, according to market sources.