Deutsche Bank

While banks have engaged in some genuinely appalling conduct and been punished for it, the quantum of fines has become seriously disconnected from — well, anything. It is not just bad for bank shareholders, it is bad for regulatory credibility.

A dollar market that has been a haven for issuers avoiding the troubled euro sector is starting to show signs of congestion, bankers have warned.

Investors have fought back against the tide of leveraged loan repricings, forcing printing ink maker Flint Group to keep pricing at the wide end of guidance on its €1.5bn transatlantic deal.

Spie and Europcar, two French companies, have launched IPOs, just weeks after two other French issuers, Labco and Solairedirect, were forced to scrap their flotations.

US investors showed few signs of fatigue as they continued to pour cash into corporate high grade debt amid an unrelenting pipeline of dollar issuance this week.

General Electric became the latest US issuer to hit the euro bond market with a multi-tranche deal on Wednesday. Unusually, the bond was issued by GE itself, not GE Capital.

Euros are back on the menu for FIG investors after Swedbank and Rabobank Nederland stormed the senior market on Thursday. Bankers are now looking forward to a string of deals next week.

Anshu Jain, co-CEO of Deutsche Bank, will take over direct responsibility for its “strategy and organisational development unit”, a role which was given to chief financial officer Stefan Krause just six months ago. Fabrizio Campelli, head of group strategy, will be Jain's deputy running the unit.

Michelin, the French tyre maker, issued its first bond since 2012 on Tuesday. While the issuer drew good demand for seven and 12 year euro bonds, a proposed 30 year tranche failed to gain traction with investors.

Eurofima has sold its first dollar benchmark in five years, raising $1bn from a book of over $1.3bn with a May 2020 deal.

Adecco, the Swiss recruitment and employment agency, highlighted strong demand for corporate bonds in the eight year part of the euro curve on Monday.

BAML has pulled off what few thought possible and drawn level with JP Morgan as top broker to the UK’s blue chips, writes David Rothnie.