Europe
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Investors’ fears were confirmed on Thursday when the Turkish central bank lowered its key policy rate by 425bp. Analysts joined them in saying that the move will provoke a return of inflation and damage the lira. -
Members of the European Central Bank’s governing council appeared to be laying the groundwork on Thursday for a tiered system of interest rate charges on bank deposits and an expanded asset purchase programme.
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KommuneKredit returned to triple-A status with Standard & Poor’s on Wednesday, after it was downgraded a notch last summer following an overhaul of the rating agency's credit scoring methods for non-US public sector agencies.
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The prospect of Thursday’s European Central Bank monetary policy meeting probably caused corporate bond issuers to print earlier in the week. But bankers believe they have not seen the last of the summer supply.
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The Swedish cosmetics company Oriflame is attempting to charm high yield investors with a €775m bond — but left lead Goldman Sachs is also pitching the issue to emerging market-focused accounts, highlighting the company's extensive business in Asia and Turkey. The founding family of the firm will use the bond to refinance bridge facilities which funded their buyout of the company earlier this year.
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It was set of gruelling results for Deutsche Bank’s corporate and investment bank on Wednesday, with revenues from debt underwriting, equity underwriting, advisory and equity trading all underperforming peers that have already posted figures. Meanwhile, the group as a whole recorded substantial charges from its restructuring plans but said this would not impact its capital ratio much.
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Drax Group, the UK electricity generator, has sold £375m of US private placement debt, alongside a £125m environmental, social and governance facililty to repay a bridge loan used to fund its acquisition of Scottish Power Generation.
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NRW.Bank had the dollar market to itself this week, and issuance is expected to continue trickling next week with Ontario Teachers’ Finance Trust poised with a trade.
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Investors in a rare block in Hugo Boss, the German fashion house, sold by Xinglee International Development on Tuesday night, have made strong profits in trading.
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Slava Slavinskiy is joining Mizuho International as head of investment banking for Europe, the Middle East and Africa.
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Renewables companies Sonnedix and Solarpack have signed separate project finance facilities totaling €260.6m, with the funding going towards solar photovoltaic plants in Italy and Spain.
