Banks

Europe already has a powerful tool to deal with banks that fail to show they have the proper risk controls in place — it’s called the supervisory review and evaluation process.

Sulzer, the Swiss maker of industrial machinery, is in the blocks market tonight with a Sfr608m sale of its own treasury shares that it acquired from its former majority shareholder, the sanctioned Russian conglomerate Renova, in April.

Cyprus won huge demand for its return to the 10 year part of euro curve on Tuesday, with the final book almost four times covered. The deal should set a good backdrop for Greece to come to the market in the same maturity — as long as it pays up a sizeable concession, according to SSA bankers.

The strong demand that has permeated the dollar market over the last few weeks showed no signs of abating on Tuesday, as a pair of borrowers issued benchmarks that were comfortably oversubscribed.

Cassa Depositi e Prestiti on Tuesday brought the first syndicated SSA supply from Italy since a large sell-off in BTPs began in May — and investors appeared happy with the risk, allowing tightened pricing and a well-oversubscribed book. The sustainability bond came amid a flurry of SRI deals.

The State of North Rhine-Westphalia is preparing to bring its longest ever euro benchmark.

US firm Marsh & McLennan Companies will buy UK insurance company Jardine Lloyd Thompson (JLT) for around £4.3bn, with a Goldman Sachs bridge loan due to do most of the deal’s heavy financial lifting.

HSBC DCM banker Odilbek Isakov has been hired to run Uzbekistan’s new debt management office.

Dubai headquartered ports authority DP World is guiding the market for a 10 year dollar sukuk, a 30 year 144A/Reg S dollar bond, an eight year 144A/Reg S euro bond and a 12 year sterling bond.

The Asian Development Bank hit screens for a new 10 year green bond on Tuesday, an area of the dollar curve that has seen only a handful of trades in 2018.

MCS Groupe opened a roadshow for a new 2024 floating rate bond this week, as it seeks funding for the acquisition of DSO Group to create a leading player in the debt repurchase industry in France.

The Inter-American Development Bank mandated banks on Tuesday for its second benchmark social bond.