Europe

Standard Chartered sang the praises of the Reg S only dollar market this week, after building a chunky order book behind its first tier two in the format in seven years. The deal kick-starts a busy period of capital issuance for the UK bank.

Two SSA borrowers tapped the seven year part of the euro curve this week, but came away with different results. Luxembourg received an oversubscribed book for its deal on Wednesday, while Nederlandse Waterschapsbank (NWB Bank) had to price without fully placing its €1bn trade.

The Society of London, better known as Lloyd’s of London, is marketing a US private placement (PP). The insurance organisation's debut in PPs in its 333 year history is another sign the market is attracting a wider range of UK companies than ever before.

Investors staged a protest over pricing in the non-preferred senior bond market this week, causing one transaction to fail and putting two others at risk of falling flat. Comfortable with their returns for 2019 and happy to be able to choose from a glut of new bond offerings, funds have simply been happy to divert their attention elsewhere. Tyler Davies reports.

Investors had three Ukrainian corporate bonds to buy this week — the first time there has ever been such a choice, according to Dealogic data. The deals defied a tricky market and political turbulence to pull off strong results.

La Banque Postale is looking to strengthen its capital position with a new additional tier one bond, beginning investor meetings on Friday. The issuer joins a growing trend towards issuers employing six month par call options in their perpetual securities.

Bovis Homes hits debt and equity markets — IAG swoops on €1bn Air Europa — Northern Irish HA sells US private placements in market first

Guarantor: Federal Republic of Germany

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Convertible bond investors lapped up two new issues this week from shaky European credits, as equity-linked fund managers showed a keen risk appetite despite recent badly performing deals, in stark contrast to the ultra-sensitive behaviour of investors in the fragile IPO market, writes Aidan Gregory.

Serbia has returned to the euro market after only four months, tapping the line it opened in June this year and raising cash to refinance dollar obligations it faces in 2020.

A move in the Bund curve left the market too volatile for Nederlandse Waterschapsbank (NWB) to fully place its seven year euro benchmark on Thursday.