JP Morgan

Delight spread through Europe's high yield market on Thursday afternoon, as LeasePlan, the Dutch car finance bank that had ignominiously pulled a €1.55bn LBO financing in February, succeeded in pricing the deal on its second attempt, writes Victor Jimenez.

After a string of strong syndications and auctions from the eurozone periphery during the last seven days, issuers from the region could be set to enjoy even lower yields thanks to the latest monetary stimulus package from the European Central Bank.

Bank Nederlandse Gemeenten brought a 10 year dollar benchmark this week that sparked much debate about whether other issuers would be able to follow in the tenor. Although with a flurry of other trades this week, it is clear that other options are available once next week’s US Federal Reserve meeting is held.

Bankers pitching to lead the first loan for Saudi Arabia in more than 20 years say the borrower will tussle for tight pricing even though the Gulf’s other sovereigns and blue chips face further downgrades, write Elly Whittaker and Virginia Furness.

Immofinanz sold €171m of shares in residential property developer Buwog on Wednesday night, in what a banker said was the only block trade to hit the screens before the European Central Bank monetary policy meeting on Thursday.

Berlin Hyp (BHH) issued the first negative yielding fixed rate euro covered bond on Tuesday, days before the European Central Bank lowered the discount rate further into negative territory.

Italian luxury sports car manufacturer Ferrari sped into the capital markets ahead of the ECB’s monetary policy committee meeting on Thursday with a €500m debut bond.

Southern Gas Corridor Company has started investor meetings for a bond fully guaranteed by Azerbaijan.

Bulgarian Energy Holding has picked lead banks for its €650m loan, after taking six months and being downgraded during the arranging process.

Bank of Communications (BoCom) Financial Leasing is getting ready to hit the road ahead of a Reg S dollar offering that could come as early as next week.

Berkshire Hathaway drove a pre-ECB meeting rush of issuance on Wednesday as the conglomerate wasted no time following its giant seven tranche bond issued in the US market on Tuesday.

Two French leveraged loan deals were launched on Wednesday, both of which back leveraged buyouts, as the market claws its way back to issuing primary deals after a sluggish month.