Europe

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.

Neoen, the French renewable energy company, launched a €600m rights issue on Tuesday to fund its investment pipeline. Sources close to the deal are confident of its success.

Sustainability is likely to have a pivotal place in prudential discussions and properties secured on energy efficient mortgages could be in line for more favourable treatment than vanilla ones, the European Covered Bond Council and European Mortgage Federation’s secretary general, Luca Bertalot told GlobalCapital.

French electronics store Fnac Darty has completed the sale of a new €200m seven year convertible bond.

Swiss Steel, the Swiss steel company formerly known as Schmolz + Bickenbach, has finished its Sfr247m at-market rights issue, following a rump placement on Monday night.

Deliveroo, the UK takeaway delivery company, is pressing ahead with its IPO and has started formal investor education this week, despite heavy selling in technology stocks injecting more volatility into the market.

Agence France Trésor (AFT), the French sovereign debt office, mandated banks on Monday to lead the sale of the sovereign’s second green OAT, returning to the market for the first time since its debut in 2017.

Barclays gave euro investors a rare chance to buy UK bank capital on Monday, as the issuer selected the currency for its second tier two of the year. Its €1bn transaction was four times subscribed at final terms.

MUFG has for the first time chosen a single leader for its banking and securities divisions in EMEA. John Winter will take the post from April 1, meaning that the most senior executive in EMEA will be non-Japanese for the first time.