Europe

Andrew Bailey, CEO of the UK’s Financial Conduct Authority, said on Monday that progress was needed in the next “year or so” in moving the loan market away from Libor. He added that the consent solicitation undertaken by Associated British Ports to switch an FRN to Sonia was a model for other borrowers.

The Carlyle Group has raised $3.1bn of investable capital and $2.4bn of equity commitments for its new credit opportunities fund, tapping investors’ interest in private debt to surpass the firm’s target goal.

Deutsche Bank may devote more resources to its Schuldschein business after its restructuring and cutting of its equities business, a senior banker has said, though it does not plan to hire any extra staff in the area.

Despite the gloomy macro-economic outlook, conditions remained good for corporate bond issuers in Europe this week. Investor appetite was high and supply low, as some bankers, investors and issuers holidayed, and issuers headed into earnings blackout periods.

Greece picked banks on Monday for its third syndicated bond of the year as the sovereign looks to take advantage of a sharp rally in its yields to fund an early repayment of loans to the International Monetary Fund.

Ursula von der Leyen has proposed setting up an EU sustainable investment plan and refocusing the European Investment Bank more around climate, in a list of written commitments sent to the bloc’s main political groups one day before she will be confirmed or rejected by the European Parliament as the next president of the European Commission.

Unipharm, the Irish healthcare services company, has managed to successfully price its €136m IPO in London and Dublin, despite price sensitivity among investors leading to the cancellation of two significant IPOs last week.

Iceland’s Landsvirkjun has signed a $150m-equivalent revolver, with the state owned energy company the latest borrower to refinance bank debt with a sustainability-linked facility.

Muenchener Hypothekenbank has mandated lead managers to execute a new Reg S dollar Pfandbrief. The deal follows a series of German dollar covered bonds issued at the short end of the curve this year.

The S&P 500 may have closed above 3,000 on Friday, a new record high for the index, but flow data suggests that few active managers are taking advantage of the bull market in primary or secondary.

The European Securities and Markets Authority (Esma) has had to row back on fines for four Nordic banks for issuing credit ratings, after an appeal board found that the banks had not broken the rules negligently.

Turkey took delivery from Russia of the first components of its new S-400 missile system on July 12. The US is readying a new bevy of sanctions against the country, but investors say their effect will be limited.