Pre-migration untagged articles

Schiphol Nederland, the Dutch airport operator, sold a batch of fixed rate euro deals via Barclays Capital on Friday.

Aryzta, the Swiss baked goods company, came to the capital markets for the first time on Thursday, issuing Sfr200m ($198m) of six year bonds led by Credit Suisse.

Attention shifted to roadshows for some new and unusual credits this week as the corporate bond market lapsed into a small lull, punctuated on Wednesday only by a deal for Southern Gas Networks. The UK company is issuing a £300m nine year bond and a £125m 30 year inflation linker. But Italian utility A2A and Irish group Phoenix Natural Gas are two of the rarer names set to end roadshows this week, while BNP Paribas, Deutsche Bank, Santander and Société Générale are taking Spanish engineering company Abengoa to meet investors. Find out in EuroWeek on Friday what’s coming in the increasingly diverse corporate bond pipeline.

The versatility of the equity-linked market is on display with issuance across all countries and sectors this week. Recruiter Adecco priced a Eu593m convertible bond on Tuesday while gaming company Lottomatica raised Eu350m in an exchangeable through UBI Banca. Pharmaceutical company Celesio’s Eu305m convert was covered more than 10 times. Is equity-linked issuance reaching its peak? Turn to EuroWeek on Friday.

The Government of Dubai starts meeting with conventional and sukuk investors in Asia, UAE and Europe this week. Is the emirate looking to issue the remaining half of a $20bn bond programme announced earlier in the year, or is it aiming for a more modest sum? Read more in EuroWeek on Friday

BAA on Wednesday sold Gatwick airport to Global Infrastructure Partners for £1.51bn, after the buyer secured £1.125bn through a self-arranged club deal earlier this week. The facility, which was supported by 12 banks and may yet be further syndicated, had been heavily oversubscribed, and the banks had to scale back their original £100m-£500m commitments. Read EuroWeek on Friday for all the reaction.

Banks have demonstrated they can issue unguaranteed bonds over recent weeks but this week Yorkshire Building Society and Caja de Ahorros de Valencia Castellon y Alicante (Bancaja) took advantage of their respective government guarantee schemes. YBS issued the first public euro deal for five weeks, while Bancaja is the first Spanish bank to issue a five year bond since the Spanish government extended the maturity for the guarantee up to that maturity. Does this herald a flurry of guaranteed issuance before year end? Read EuroWeek on Friday.

Long-dated sovereign issuance is at the centre of attention this week as the Republic of Italy sells a Eu3.5bn 2041 linker, the first long-dated inflation bond market has seen since 2005, and the UK issues a 2060 conventional Gilt, which some market participants believe will be much smaller than its syndicated predecessor. In agency territory, we look at KBN’s $1bn five year Eurodollar, Eurofima’s Eu500m 12 year bond and consider the prospects of Unedic’s first transaction since 2005. The French unemployment insurance agency has mandated BNP Paribas, Calyon, HSBC and Natixis to arrange an EMTN programme and the inaugural trade is expected to be launched mid to end November after a comprehensive European roadshow.

With initial public offerings resurging in Europe, so do discussions about fees. The Eu1.2bn listing of insurer Delta Lloyd will pay out a healthy 2.5%, but the Eu1.2bn privatisation of utility PGE is said to earn underwriters much less. It even reminded some of the record low pay-outs on Turk Telekom in 2008. Has the underwriting fee landscape changed? Turn to EuroWeek on Friday.

Nationwide Building Society is on the road with a £2.5bn plus RMBS. On Friday, EuroWeek takes the pulse of the investor community to assess the deal’s prospects.

SNS Bank launched its debut benchmark covered bond on Tuesday, a Eu1bn six year mortgage backed issue priced in the middle of guidance. That followed Eurohypo which on Monday launched its fifth benchmark of the year, a Eu1bn long five year mortgage Pfandbrief, wider than where the issue had been sounded on Friday. No other borrowers are believed to be lining up deals for launch this week. Read EuroWeek this Friday to find out more how the week’s deals fared in what is said to remain a soft market.

Pfandbriefzentrale der schweizerischen Kantonalbanken raised Sfr640m (Eu422m) in the Swiss franc market on Wednesday through a two tranche issue. The transaction, led by Zürcher Kantonalbank, comprised a Sfr350m tap of the issuer’s June 2015 deal and a new Sfr290m 10 year.