Europe

The US has ousted Turkey from the F-35 stealth fighter programme because the country has begun receiving components of the Russian S-400 missile system. Meanwhile, the central bank’s credibility is damaged and an interest rate decision is only a week away. Does the bond market care? It seems not.

The City of London Corporation will raise £450m ($562m) of debt from its first US private placement deal, surpassing expectations. The debt will be issued under a green and sustainable financing framework.

Rating: Caa1/—/B

The S&P 500 last week broke through the 3,000 level and set a new record high to cap seven months of global equity indices gains. But active equity fund managers remain sceptical of the rally and are continuing to exercise caution particularly in IPO investing.

Crédit Agricole’s corporate and investment bank (CA–CIB) aims to be realistic in how offers value to clients and its parent company. It’s looking to achieve growth without overreaching in unprofitable or less strategic areas, writes David Rothnie.

Terna, the Italian high voltage grid operator, returned to the corporate bond market on Thursday, for the third time this year. It joined a steady procession of Italian companies that have been issuing bonds, taking advantage of the present benign market conditions, with an eye to the risk of volatility blighting their market access in the autumn.

Loxam, the French supplier of industrial rental equipment, printed €1.15bn senior secured notes and €250m of subordinated notes this week, risking a future rating downgrade as it loads up more debt to finance its biggest ever acquisition.

Nicolas Paquet will join UBS in the autumn as part of the bank's France team.

Kommunalbanken is planning to make a return to the public green bond market for the first time since 2016 later this year.

Dual track processes, where companies explore M&A options alongside a public market listing, have become more common on both sides of the Atlantic in recent years and are now an embedded feature of equity capital markets. As private capital markets continue to grow, at the expensive of public equity markets, dual track is leading to fewer and fewer listings.

European technology company Claranova has sold its first euro private placement bond, raising nearly €20m.

The Swedish government has instructed the country’s national debt office to develop a green framework before issuance in the format by next year as part of its sustainable development strategy.