Nomura

Nordic Investment Bank is preparing a three year dollar benchmark, following a KfW five year deal that had to brave a backdrop of negative swap spreads.

After LeasePlan postponed its €1.55bn bond last week, US software producer Solera Holdings stands alone in the European high yield market as it roadshows a $2bn acquisition bond. But some bankers said that it will be hard for the Texan issuer to draw any lessons from LeasePlan's pain.

Despite the flimsy state of Europe's high yield market, its sister leveraged loan business remains vibrant, and this year is the most open of the four main leveraged finance markets: bonds and loans in dollars and euros, writes Max Bower.

Nomura has hired James Milligan from HSBC as head of flow credit in global markets for EMEA.

Solera Holdings, the US car insurance software maker, will start on Wednesday meetings with European investors for a $2bn-equivalent bond in dollars and euros to fund its acquisition by Vista Equity Partners.

Solera, the US insurance claims processor, held bank meetings on Tuesday in New York and Wednesday in London for a $1.9bn term loan ‘B’, backing its $6.5bn acquisition by Vista Equity Partners.

Santander UK has taken advantage of deep demand for short dated floating rate debt to print a €750m deal in the private market.

Kommunalbanken showed there is scope for action in the belly of the dollar curve with the first five year benchmark in the currency for three weeks, but longer dated deals still appear out of reach.

Caisse d'Amortissement de la Dette Sociale (Cades) priced a £500m three year bond on the same day that KommuneKredit mandated for a tap in the currency.

Some investors and brokers are warming up to a controversial part of the upcoming Markets in Financial Instruments Directive that will force bank clients to buy fixed income research that traditionally they have gotten for free.

Kommunalbanken on Wednesday sold the first five year dollar benchmark from an SSA in three weeks, printing a $1bn no-grow bond.

Kommunalbanken is readying a five year bond in what will be the first dollar benchmark in the tenor for three weeks. Meanwhile, European Investment Bank priced a more conservative three year bond.