Europe

Austrian cellulose fibre maker Lenzing has launched a Schuldschein with a sustainability-linked pricing ratchet, just days before Italian infrastructure engineering firm Maire Tecnimont came with its own sustainability-linked deal..

The Swiss franc primary bond market enjoyed a week of notable firsts, new records and diversity this week across the corporate, cantonal and financial institutions sectors.

A €1.2bn block trade in French payments company Worldline on Tuesday evening confirmed, despite appearances, that the equity capital markets are floundering and that there remains strong demand for large liquid transactions in the right stocks.

The UK Debt Management Office will in November sell the fourth of five planned Gilt syndications during its 2019/20 financial year.

Deutsche Bank will meet investors next week to market a structured covered bond, people familiar with the deal told GlobalCapital on Thursday. The bank will enjoy a material reduction in the cost of funding compared with senior preferred debt and will still be able to offer investors a big pick-up to Pfandbriefe, meaning the innovative deal has already sparked widespread interest from rival issuers and investors alike. Bill Thornhill reports.

Portuguese banks are preparing to build towards their minimum requirements for own funds and eligible liabilities (MREL), having been lifted by an encouraging year in terms of non-performing loan disposals and by a strong performance in the domestic economy.

BNP Paribas enjoyed a bumper increase in revenues from primary bond issues and fixed income trading in the last quarter, it revealed on Thursday.

Poland's mBank Hipoteczny has mandated leads for a roadshow ahead of a planned sub-benchmark sized deal. It could surface in a busier than expected market in November now that some issuers will be reconsidering their funding strategies after the European Central Bank bought more than anticipated in the primary market this week.

Banks are lining up to refinance additional tier one deals ahead of their call dates in 2020, after a string of deals this week proved that yields are teetering on record lows in the market.

Home Credit and Finance Bank, the Russian consumer finance bank, priced a rare additional tier one trade from the country this week.

Italian infrastructure engineering firm Maire Tecnimont has brought a sustainability-linked note to the Schuldschein market, the second to be launched this week. However, with this debut issue, the margin rise or fall is larger than the previous two, making it an interesting test for investors.

Chinese conglomerate Fosun International turned to Europe for its fundraising efforts this week, enticing investors to a €400m high yield rated bond.