Europe

Lesser-known Italian financial institutions have moved to the front of the pipeline in the financial institutions bond market, as larger and more frequent funders begin slipping into blackout periods ahead of reporting third quarter earnings.

Kernel, a Ukrainian agricultural producer, hit the market on Thursday with a five year non-call three year. In spite of fears around Ukraine’s future relationship with the IMF, the leads have set initial price thoughts at a level onlookers are calling “aggressive”.

Birmingham Airport has sold 30 and 31 year US private placements, as airports and port operators in Australia and Europe carve out a healthy chunk of market volume.

Equity bankers and investors are hot on Russia and a block on Wednesday night in PIK Group, the country’s largest real estate firm, served as a further example of the remarkable recovery of Russian ECM.

Kommuninvest has added euros to its strategic funding markets for benchmark bonds alongside Swedish krona and dollars.

Cyprus is packing its bags for a month-long set of investor meetings in the US and Europe as it looks to plan its funding programme for next year.

Jean Pierre Mustier, chief executive of UniCredit, said on Thursday that European banks were being put at a disadvantage by minimum requirements for own funds and eligible liabilities (MREL), as it overburdens subsidiaries of cross-border banking groups.

Marco Patuano is joining Nomura to advise its European investment banking operations. The bank believes he will help source clients in Italy.

Italy delighted investors with its first dollar bond in almost a decade on Wednesday, as it raised $7bn across three tranches. However, bankers away from the deal said the sovereign paid up over its domestic cost of funding — something it had originally planned to avoid.

The European Financial Stability Facility (EFSF) is preparing its first benchmark of the fourth quarter and Ireland has picked the banks to lead the first tap of its sovereign green bond.

Industrial and Commercial Bank of China (ICBC) has appointed a new head of global loan syndication, a veteran loans banker from Banca IMI.

Five years after its creation, the Euro PP Charter, an industry guidance document for the Euro private placement market, has been updated to reflect progress in, among other things, environmental, social and governance procedures.