JP Morgan

The European Investment Bank shrugged off any concerns over the divisions between the governments of Spain and Catalonia and the skinny spreads on offer, printing $3bn at one of the tightest spreads of the year.

After a successful two week investor education process, Bawag, the Austrian bank, has unveiled the terms for its IPO on the Vienna Stock Exchange, which could value it at up to €5.2bn if it is priced at the top of the range.

Buoyed by low volatility, record high share prices, and a risk-on attitude among investors, Europe’s booming market for IPOs gained three more deals on Tuesday when Bakkavor, HelloFresh and M7 Multi-Let Reit all announced their intentions to float.

The European Investment Bank (EIB) and the German State of North Rhein-Westphalia (Land NRW) have picked banks for dollar benchmarks expected to hit the market on Wednesday.

Both the European Financial Stability Facility (EFSF) and Dexia Crédit Local were able to take advantage of a strong market and cut 3bp from the spreads paid on their euro benchmarks on Tuesday.

UPC Holding, the telecoms company owned by Liberty Global, and UK car glass specialist Belron announced multi-currency term loan offerings on Tuesday.

The IPO of SMCP, the French fashion group that owns the brands Sandro, Maje and Claudie Pierlot, is covered, one working day into the bookbuild.

FMS Wertmanagement has announced that it will come to market for a sterling bond on Tuesday, hoping to follow Export Development Canada’s success last week.

The European Financial Stability Facility (EFSF) will launch its fourth quarter issuance programme with a new six year benchmark, sharing investors’ screens with a 10 year deal from Dexia.

Three high yield bond borrowers will be roadshowing for a combined volume of €1.2bn of new high yield bonds this week, with a mixture of familiar refinancing and leveraged buyout funding.

Europe’s leveraged loan market was set for more than €4bn of offerings this week, as borrowers revel in friendly pricing conditions. Large facilities such as the €1bn loan for DomusVi that was launched on Monday could achieve the tightest prices, said bankers.

Befesa, the Spanish metals recycling group, has joined the queue of companies going public in Europe this autumn, having announced its intention to float on the Frankfurt Stock Exchange.