Europe

Santander UK was set to issue the first ever covered bond linked to Sofr on Tuesday, as part of a dual-tranche offering that established a number of other firsts. The deal included the first 144A dollar covered bond from a UK issuer since 2012, the first seven year covered deal linked to Sonia, and it also marked the first time that a borrower has sold dollar and sterling covered bonds simultaneously.

Caffil found good demand for a tightly priced €750m 20 year covered bond on Tuesday — the longest maturing deal issued by a core European bank so far this year. Hamburger Sparkasse was able to launch an eight year Pfandbrief benchmark in the same window, also without giving away much of a premium.

SEB found calm conditions in the euro market this week as it paid a small new issue premium to launch a bail-inable senior bond on the back of its recent results announcement.

Atos has sold most of its remaining shares in Wordline, the French payments company, via an accelerated bookbuild.

The Republic of Poland has printed €1.5bn 0% 2025s on Monday, selling the deal at 100.512 to give the first ever negative yield in euros — minus 0.102% — from any global EM issuer.

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, February 3. The source for secondary trading levels is ICE Data Services.

Bonds sold by Banca Monte dei Paschi di Siena were surging higher in secondary market trading this week, amid reports that the Italian bank was close to agreeing plans to offload a €10bn portfolio of non-performing loans.

Yury Kiselev has been promoted at Société Générale to head of debt capital markets for central and eastern Europe, the Commonwealth of Independent States and Russia.

Erste Group issued the best covered bond in January according to GlobalCapital’s newly updated BondMarker — which is now derived from facts, as opposed to survey-based opinion.

French video games developer and accessories company Nacon is attempting to tap into growing investor interest in the games development sector, with an IPO on the Paris Bourse.

Cranfield University, a UK postgraduate institute which specialises in science and engineering, is looking to raise debt through a private placement, according to two sources familiar with the situation.

Cassa Depositi e Prestiti will come to market on Tuesday with a 10 year euro benchmark financing social housing projects in Italy.