Rabobank

Finnish technology company Nokia is set to become the first European company to issue a euro high yield bond for four weeks. Meanwhile, UK food producer Bakkavor will repay all its notes.

A number of financial institutions have distanced themselves from the primary market for additional tier one (AT1) bonds this week, but there is no doubting that the asset class has been on fire in 2017. It is only a matter of time before supply restarts, and Spanish banks will be first in line, writes Tyler Davies.

Silgan Holdings, a maker of consumer goods packaging in the US, this week priced the first cross-border high yield deal of 2017 as it plans to repay term loans.

The Dutch covered bond issuer, Van Lanschot Bankiers has mandated leads for the first 10 year covered bond in nearly a month and the first Dutch conditional pass through (CPT) since May 2016. The deal emerges following a Fitch survey suggesting investors would like to see price differentiation between soft bullet and CPT maturities.

MET Group, the Swiss headquartered multinational energy firm, closed a €560m dual-tranche revolver on Wednesday evening that bankers said will be used to shore up its enterprises in eastern Europe.

Multinational food company Sigma Alimentos is preparing ground for what is likely to be the first new issue from a Mexican borrower since Donald Trump became president of the United States.

VodafoneZiggo obtained the go-ahead from leveraged loan investors on Tuesday to increase the size of its refinancing deal by more than €2bn while cutting margins.

Primary activity in the European leveraged loans market is off to a stuttering start this year, with only a few small deals launched and larger borrowers either yet to appear or set to forego the market.

European financials have found every reason to get into the dollar market early in 2017, leading to a fireworks display of total loss-absorbing capacity (TLAC) senior deals this week. Though market conditions could not have been better to receive the banks, many will have wanted to squirrel away quantities of funding and capital for what could be another troublesome year in the capital markets.

Rabobank’s capital markets operation in Hong Kong has undergone senior staff changes with the departure of a veteran loans banker and the appointment of a new capital markets head.

Shares in Greencore, the Anglo-Irish sandwich and convenience food producer, closed 3% higher on Wednesday after it completed its £439m rights issue to finance its acquisition of Peacock Foods, a US competitor.

Elysium Healthcare, the property portfolio being spun out of the Priory Group to BC Partners, has cut its sterling loan offering to £133m after reaching a ground rent agreement mid-transaction.