Europe

Nederlandse Waterschapsbank and the State of Brandenburg took advantage of a lack of euro SSA supply this week to bring well subscribed deals on Tuesday. The Asian Development Bank will be looking to follow with a 10 year euro benchmark on Wednesday.

Arrangers are confident that a wave of international issuers will enter the Schuldschein market soon, with German borrowers having kick-started proceedings at the beginning of the new year.

Resolute Mining, the Australian gold miner, has raised A$196m (£103m) via a transcontinental capital increase to repay a bridge loan used to fund its acquisition of Toro Gold in August last year.

Four covered bond issuers got strong receptions for their deals on Tuesday amid unconfirmed rumours that the European Central Bank could be poised to lower the size of its primary market order on covered bonds launched after Tuesday.

Investec continues to grow its corporate broking franchise, adding a FTSE 250 bank to its register of London-listed clients.

Greater clarity over Brexit is allowing UK banks to enjoy a warm reception in euros at the start of 2020, with Lloyds Bank Corporate Markets following two of its peers into the market this week.

Investors did not want to miss out on the senior bond marketed by KBC Group on Tuesday, as the issuer seized on strong market conditions to extend its credit curve and launch a deal at what many saw as fair value.

Jyske Bank offered a small new issue premium to investors in a tier two offering in euros this week, taking the opportunity to optimise its capital structure in favourable market conditions.

Banca Monte dei Paschi di Siena was marketing a new senior bond in the euro market on Tuesday, a matter of days after it completed its capital raising plan with a tier two sold at 8%.

The UK Debt Management Office and the UK Treasury have launched an invitation to tender for the appointment of syndicate banks to run the sovereign’s second sukuk, which is being planned for this year.

Two CEEMEA sovereigns are taking the plunge this week — the Kingdom of Saudi Arabia with a triple tranche dollar benchmark and Romania with a dual tranche euro bond.

Intu, the British real estate and investment trust focused on shopping centres, has confirmed it will be tapping its shareholders for equity capital in February, but sources say the company needs to outline its vision for its future, given the headwinds buffeting the UK retail sector.