Europe

Irish government bonds are unlikely to come under severe pressure in the event of a no-deal Brexit according to analysts, which would result in the UK leaving the European Union without a withdrawal agreement and the creation of a hard border in Ireland.

Participants in the financial institutions bond market had expected that issuers could hit screens with new transactions as early as this week, but so far macroeconomic and political uncertainty has discouraged them from putting investor appetite to the test this summer.

Volumes are growing across the spectrum in the Scandinavian MTN markets, as issuers and bankers return from their summer holidays. Meanwhile, bankers are expecting Scandinavian investors to move further out along the credit curve in response to negative yields as dovish Nordic central bank tones could lead to a bullish Scandinavian market.

Gerardus Vos is joining Bank of America Merrill Lynch as head of financial technology investment banking for Europe, the Middle East and Africa.

The UK’s Financial Conduct Authority is looking into the movements in litigation finance firm Burford Capital’s share price last week. Burford is alleging evidence of "illegal market manipulation".

BUUK Infrastructure, a UK utilities firm formerly called Brookfield Utilities, has sold US private placements, according to market participants.

Rising expectations of a snap Italian election before the end of the year are threatening to send the spread between 10 year Bunds and BTPs wider by as much as 250bp, according to analysts.

ING's Turkish arm, ING Bank AS, has raised a $309m-equivalent trade finance loan from international lenders. The deal is a precursor to the year's second round of Turkish bank refinances, expected to begin in the next month.

Swissport, the world’s largest provider of cargo and airport ground services, increased the loan portion of its debt raise at the expense of bonds as investors demanded steep yields in a volatile market.

Thomas Cook's shares and bonds fell on Monday after the company disclosed that it is in talks to raise £150m of capital from its creditors and largest shareholder to keep trading over the winter period.

A ratings boost for Portugal could alert the country's covered bond issuers to the chance to print more, with the asset class at historically tight spreads.

The rout of the incumbent president Mauricio Macri in the first round of the Argentina elections has investors worried. Argentina’s debt, and that of other 'vulnerable' credits, suffered a huge sell-off early on Monday. But bankers believe that it was not so bad that the primary market will not reopen in September.