Europe

Norilsk Nickel printed a five year Eurobond on Monday, raising $750m with its lowest ever coupon.

Deutsche Kreditbank (DKB) has mandated leads for a roadshow ahead of a planned €500m Blue Social Pfandbrief that will finance public water and waste management facilities, to be issued under the bank’s existing social bond framework.

The IPO of Zero–E, a Spanish renewable energy firm, has been delayed until next year, as ACS, the company’s parent, explores M&A options, say sources close to the deal.

UK motion picture visual effects company DNEG is pushing ahead with its IPO on the London Stock Exchange, having formally confirmed its intention to float on Tuesday.

Investment banks have voiced their criticisms of the European Distribution of Debt Instruments (EDDI) project, saying that the private sector already has solutions to the primary bond market’s problems, according to responses to the European Central Bank’s (ECB) market consultation seen by GlobalCapital.

Celia Murray has been appointed as head of M&A and corporate finance for the UK at JP Morgan.

LCH has become the first CCP to offer clearing of swaps benchmarked to the new European Central Bank euro short-term reference rate, €STR.

Landesbank Baden-Württemberg (LBBW) met investors this week to discuss a debut sale of additional tier one (AT1) bonds. Changes in regulation are prompting issuers to seek new deals in the asset class to optimise their capital layers.

The European Stability Mechanism has chosen a five year tenor to kick off its funding for the fourth quarter. Meanwhile, a French public sector agency is out with its debut sustainable benchmark bond.

Banco BPM extended the run of recent Italian bank bond supply this week, launching a preferred senior bond. The deal was launched at 200bp over mid-swaps and did not offer a new issue premium to investors, according to a banker on the deal.

Canadian Imperial Bank of Commerce was quick to take advantage of a favourable swing in the sterling-dollar basis swap, to issue its debut Sonia-linked covered bond on Monday, pricing the deal flat to fair value and tighter than where it could have printed in dollars or euros. The scale of demand would have allowed for a much larger deal, suggesting good potential for follow-on supply.

Russian nickel and palladium producer Norilsk Nickel has kept momentum from a roadshow last week to hit the market with a five year benchmark dollar trade as two other issuers prepared investors for their own deals this week.