Europe

Oldenburgisch Landesbank priced its debut publicly distributed mortgage Pfandbrief on Tuesday, attracting enough demand to ensure the deal size was increased to the top end of the expected range, even as the spread was tightened. But a deterioration in market conditions was blamed for its low subscription ratio.

Intesa Sanpaolo saved a couple of basis points with the sale of a new senior bond from its green issuance framework on Tuesday, compared to fair value on a conventional deal. The new issue came as markets remained on edge ahead of the European Central Bank’s next meeting.

CaixaBank was well supported for the sale of a new €1bn tier two this week, becoming only the fourth European bank to issue a capital transaction in green format.

Rosatom, the Russian nuclear power company, is using a $300m sustainability-linked loan for part of the financing of Akkuyu, the first nuclear power plant to be built in Turkey — a sign of how fast and far the concept of sustainability-linked finance is spreading.

Vantage Towers, the telecoms towers division of Vodafone, has announced the price range for its IPO on the Frankfurt Stock Exchange and secured cornerstone orders for almost half of the deal size. The deal is smaller than many had expected, as rising bond yields continues to impact wider equity markets.

Tesco, the UK supermarket chain, has reacted quickly by setting new targets to sell healthier food, less than a month after a group of shareholders filed a resolution calling for this — a sign of how sensitive companies are to having environmental, social and governance motions voted on at their annual general meetings.

Trustpilot, the online review site, has moved closer to an IPO on the London Stock Exchange, attracting a number of high profile cornerstone investors to the deal.

The European Union on Monday finally mandated the banks to lead its second Support to Mitigate Unemployment Risks in an Emergency (SURE) transaction of the year.

German semi-conductor company Infineon Technologies has launched a US private placement, according to market sources.

BPCE attracted good demand for its second dual tranche covered bond of the year, which included a rare 20 year portion. The deal showed that investors are so far impervious to the recent rise in rates.

Digital 9 Infrastructure, a new London-listed fund focused on digital infrastructure, has begun bookbuilding for its £400m IPO, enticing investors with the promise of chunky dividends.

Crédit Agricole Italia became the first Italian bank to issue a green obbligazioni bancarie garantite on Monday and the first in well over a decade to issue an OBG at a single-digit spread over mid-swaps.