Nomura

European Central Bank president Mario Draghi struck an upbeat note on the currency bloc’s growth prospects at a press conference following a governing council meeting on Thursday, but analysts still expect borrowers to enjoy supportive conditions for some time yet. The meeting — and the approaching year end — meant euro supply was thin on the ground, but Iceland did take the opportunity to return after several years away.

Rating: A3/A/A

Iceland was awash with orders on Wednesday for its first deal since 2014, which came alongside a tender offer for the sovereign’s July 2020 bonds.

The likely return of a rare sovereign issuer next week will break the silence in an otherwise quiet market for SSAs in euros, after there were just a smattering of German Lander trades this week. Meanwhile, investors believe that the rising interest rate cycle in the US could have a knock-on benefit for euro borrowers.

Nine years after the rescue of Lehman Brothers’ EMEA and Asian investment banking operations triggered a failed attempt by Nomura to enter the big league of investment banking, the Japanese bank has got the deal bug again, writes David Rothnie.

The Republic of Iceland looks set to bring its first syndication in over three years before the year end, after mandating banks on Wednesday to run a euro trade.

Future Supply Chain Solutions opened books for its IPO on Wednesday, eyeing a potential size of Rp6.49bn ($100.7m).

Nissin Foods Co has raised HK$950.8m ($121.6m) from its IPO after pricing the shares just off the bottom of guidance, according to a source close to the deal.

French insurance broker Financière CEP and UK frozen food producer Nomad Foods have launched refinancing offerings to increase the size of existing debt.

Mahindra & Mahindra Financial Services has received “phenomenal” demand for its Rp11bn ($171m) overnight capital increase, which closed about two to three times covered, said a banker on the deal.

Bulgarian insurer Eurohold sold a €70m five year bond on Thursday, rolling many investors from an old bond into this new one.

Bulgarian insurer Eurohold has set the minimum size of its five year bond to €50m but postponed pricing from Wednesday to Thursday to allow more orders to come in.