Europe

Société du Grand Paris plans to steam ahead with funding as it announced a doubling of its green EMTN programme and a substantial increase to its 2020 funding programme to help prefund the financing for the next three years of the Grand Paris Express project.

Fears of another spike in coronavirus cases are dampening optimism that Central and Eastern European economies would charge out of recovery. But a strong starting position and the EU’s huge support packages mean the region is better placed than most

Nykredit Realkredit was set to launch its first additional tier one (AT1) in over five years on Tuesday, tightening its pricing by more than 50bp to close in on a level that looked close to fair value.

Dufry, the Swiss operator of duty free retailers, has launched a Sfr700m ($766m) rights issue for M&A and corporate capital needs. The rights issue will allow two strategic investors, Advent Group and Chinese e-commerce firm Alibaba to take large stakes in the company.

The Republic of Turkey hit screens on Tuesday with a dollar bond issue, which took some investors by surprise. Though Turkey may have had a rocky few months with credit downgrades and currency depreciation, the bond is expected to be received well by investors.

Argenta Spaarbank attracted attention from investors with a 15bp new issue premium on Tuesday, allowing it to raise €500m of non-preferred senior debt for the minimum requirements for own funds and eligible liabilities (MREL).

Helped by the rarity of UK issuance in euros, Yorkshire Building Society’s seven year euro deal on Tuesday was one of the most oversubscribed covered bonds of its size ever launched by any UK issuer, and was priced flat to fair value.

Rolls-Royce started marketing the bond leg of a multi-product recapitalisation and refinancing package on Monday, preparing an offering of more than £1bn-equivalent across three currencies.

Link Mobility Group Holding, the Norwegian provider of business to consumer messaging and mobile services, has secured seven cornerstone orders for stock as part of its flotation in Oslo.

Just Group is hoping to strengthen its capital position by issuing a debut green bond in tier two format this week, while also buying back some of its existing tier three notes.

Kering, the French luxury goods giant, has offloaded a €687m chunk of its stake in German sportswear company Puma, via an accelerated bookbuild.

At around €300bn, France is the world’s second largest covered bond market. Yet, unless issuers consider pre-funding for bonds that fall due early next year, supply prospects for the remainder of this year are dim. This, along with stability in the French economy, property market and covered bond ratings, should stand the asset class in good stead.