Europe

Banks are racing to expand their sponsors coverage teams as they fight to remain relevant to private capital providers at a time of disintermediation in investment banking. By David Rothnie.

Oriflame, a Swedish cosmetics company, attracted emerging markets accounts to its buyout bonds on Wednesday selling the dual tranche deal inside price guidance.

GlobalCapital's latest information on forthcoming and planned corporate bond issues in the European market.

Hungarian gas and oil company MOL has extended part of an existing €555m revolving credit facility by one year, in what is one of the few sparks of activity in the country's syndicated loan market so far this year.

Ireland’s Keywords Studios has signed a new revolving credit facility of up to €140m, increasing its bank line as the video games studio remains on the hunt for acquisitions.

Nomura’s wholesale business in Europe, the Middle East and Africa underperformed other regions in the last quarter, with the results coming out after the bank announced it is to scale back trading operations there. But the wholesale division registered a profit overall — a rare occurrence of late.

Borr Drilling Ltd, the Norwegian oil and gas drilling services company, has completed its secondary listing on the New York Stock Exchange. Raising $46.5m of fresh capital and diversifying its shareholder register following a $645m debt refinancing in June.

Ahead of the 2019 Covered Bond Awards, GlobalCapital used Covered BondMarker and Dealogic data to assess which banks have performed best in the market over the last year. BNP Paribas was found to have worked on some of the most impressive covered bonds, HSBC helped arrange the largest volume of sales, while LBBW has taken the biggest share of the euro market.

Property group Savills has employed two experienced loan syndication bankers to enhance its newly formed debt advisory business.

UK bank debt has been having a hard time this week, with spreads gapping out by about 15bp on fears that the country could crash out of the European Union without a deal.

Equity investors are questioning how sustainable it is to invest in growth stocks trading at inflated multiples and are turning to companies deemed cyclical or value propositions, according to sources speaking to GlobalCapitaI.

Underwriting revenues fell for Credit Suisse in the second quarter, it said on Wednesday, although fixed income trading and sales was a bright spot in its results.