Barclays

Barclays has hired a managing director from Morgan Stanley to join its distressed debt business.

Amid the chaos in global markets on June 24, the IPO of Veneto Banca reached its expected conclusion: the book closed almost empty and the listing was cancelled, leaving Fondo Atlante, the Italian bank rescue fund, to provide the €1bn of capital Veneto had to raise.

Market participants struggled to assess the fallout from the UK's EU membership referendum on Monday, with fears over rates, politics and portfolios all heaping further pressure on subordinated bank debt.

European bank debt was thrashed in the wake of the UK's vote to leave the European Union on Friday morning. And though the panic hasn't matched that seen in February, when concerns on AT1 coupon payments triggered a selloff, the worst may be yet to come as markets face unprecedented governmental change.

Ten banks participated on Wednesday in an auction to determine settlement prices for credit default swaps on Norske Skog, the Norwegian publishing paper manufacturer, after it triggered a restructuring credit event in April.

Barclays has promoted Marco Baldini to head of European bond syndicate as it moves to a more multi-disciplinary team structure.

FIG spreads failed to grind tighter again on Tuesday, as investors remained nervous about the result of the UK’s referendum on EU membership this Thursday.

Barclays has made several senior appointments to its Asia Pacific and EMEA syndicate teams, combining its bond and loan platforms.

Enav, the Italian air traffic control system company, began its privatisation IPO on Monday, with the publication of research. Meanwhile, plans are taking shape for the IPO of Avio, the Italian space propulsion firm.

Barclays has restructured a book of controversial local authority and housing association loans to waive its rights to amend the interest rates on the loans at given periods.

Manchester Airport Group, the UK airports company, has signed £560m of refinancing loan facilities after a recent bond issue.

China Development Bank sold a $1bn bond on Thursday, wrapping up its third offshore outing of the year. Thanks to its quasi-sovereign status as well as savviness in timing, the policy bank managed to catch an opportune window for issuance.