Europe

Leica Camera, the German camera company, has launched a €50m triple tranche Schuldschein.

The torrent of ESG supply shows no sign of slowing. Inter-American Development Bank’s debut sustainable development bond is set to come to market on Tuesday in sterling, alongside a sustainability bond from Bank Nederlandse Gemeenten.

The State of North Rhine-Westphalia (Land NRW) mandated banks on Monday for its debut Sonia-linked floating rate note, following its compatriot NRW.Bank, which sold its first trade in the format last week. The region has also decided to no longer use money market instruments for funding and liquidity management.

Greece has appointed a syndicate to lead a tap of the 10 year bond it issued earlier this year, in what will be its fourth public transaction of 2019. The trade will be joined in the market by a new 10 year euro benchmark from the Province of Québec.

Three public sector borrowers announced dollar benchmarks on Monday, rekindling the market after a quiet week.

AXA Home Loan SFH has mandated leads for a 10 year deal that is expected to be launched in the near future.

UK covered bonds in euros have been modestly supported in the secondary market, as investors view spreads as relatively generous compared to the rest of Europe, and because some say the UK's chance of leaving the European Union at the end of October without reaching an agreement has receded. However ‘the risk of a no-deal exit remains high,’ Standard and Poor’s warned on Monday.

IPO investors have one less deal to buy this autumn after Kazakhstan fintech firm Kaspi decided against proceeding with its London listing on Monday, because of volatile markets and disagreements about valuation.

Bank of Ireland was more than three times subscribed for a €300m tier two bond this week, nailing its second attempt at the deal after returning to the market with a wider spread for investors.

Raiffeisenlandesbank Niederösterreich-Wien (RLB Noe Wien) is looking to raise new senior unsecured funding, as bankers begin predicting a quieter period for supply in the euro market.

Italy is holding investor calls on Monday ahead of a planned multi-tranche global dollar benchmark, in what will be its first syndicated bond in the currency for almost a decade. The sovereign has been preparing its return to the public dollar market for a number of years and its plans were first reported by GlobalCapital.

Fitch Ratings said on Monday that it expected Portuguese banks would issue up to €9bn of senior debt for the minimum requirements for own funds and eligible liabilities (MREL) in the coming years, as they work concurrently on cleaning up the asset sides of their balance sheets.