Europe

Large Schuldscheine are being lined up for the first quarter of next year, arrangers said, with investors reaching their lending limits for the year. But there are still deals numbering in the double digits to be done by Christmas.

Spanish paper company Lecta moved closer to its restructuring on Friday, as the majority of its bondholders signed a lock-up agreement to swap debt for equity. The deal replaces €600m of 2022 and 2023 notes with new senior and junior notes and equity in the company.

KfW will come to market for a €1bn tap of its May 2027 green bond. The deal will bring the amount remaining in the issuer’s 2019 funding programme to €2bn. Bankers say that there are few significant deals in the pipeline and only limited appetite for pre-funding.

This week's scorecard looks at the progress Nordic agencies have made in their funding programmes at the start of November. Some of the issuers have also set their funding targets for 2020.

A report commissioned by the UK Labour Party advocates incentivising green lending by tweaking the operations of the Bank of England, through changes to the collateral framework and the corporate bond purchase programme, as well as through changing banks’ capital requirements.

Royal Bank of Scotland is preparing to sell its first social senior bond from its holding company, giving investors a rare chance to add exposure to a UK issuer in the format.

Caffil, Crédit Mutuel Arkéa, Danish Ship Finance, Deutsche Bank, DZ Hyp, mBank, and NordLB are lining up a plethora of unusual and inaugural issuance, as they look to benefit from the European Central Bank’s decision to resume net purchases at higher-than-expected volumes.

Globalworth, a Romania-headquartered real estate investment company, has secured a €200m revolving credit facility from a consortium of local and international lenders.

Skandinaviska Enskilda Banken (SEB) got away without having to pay any sort of a premium for its debut non-preferred senior bond on Monday, despite having to compete for attention with Nordic peer OP Corporate Bank.

Three Ukrainian borrowers are set to come to market for hard currency paper, perhaps as early as this week. The deals are expected to go well, as investors generally believe there is good value in Ukrainian assets.

BNP Paribas has hired a senior banker from Citigroup to fill a new role focused on the execution of equity capital markets transactions.

Mark Hemsley, president of Cboe Europe, is retiring early next year to be replaced by David Howson, chief operating officer of Europe for the exchange holding company.