Europe

Toronto Dominion Bank has become only the second borrower from outside of the UK to sell a Sonia-linked covered bond, having quickly met enough orders on Monday to launch a £1bn offering in the sterling market.

Financial institutions piled most of this week's debt supply into a busy Monday session, with BPCE, Crédit Agricole, Credit Suisse and KBC Group all launching senior deals for the minimum requirement for own funds and eligible liabilities (MREL) at the same time. All four lenders came close to fair value for their offerings.

Rail Cargo Austria, the railway cargo subsidiary of Austrian railways operator ÖBB Holding, entered the Schuldschein market on Monday for a minimum of €100m.

Shares in Huatai Securities, the Chinese brokerage, rose as much as 12% on Monday morning after the company’s global depositary receipts began trading in London via the London-Shanghai Stock Connect programme.

Moody’s took the axe to Turkey’s credit rating after market close on Friday, cutting the sovereign’s rating from Ba3 to B1 in a move that has raised hackles from some international investors.

Deutsche Bank’s reported plan to separate off non-core assets like long-dated derivatives and to size down parts of its trading operations were seen as positive for the bank's shares and bonds on Monday morning.

Global Fashion Group, the emerging markets-focused online fashion retailer, has opened the books for its €300m IPO on the Frankfurt Stock Exchange with a price range that pitches the company at a healthy discount to its closest peers Asos and Zalando.

Engie, the French electricity and gas group rated A3/A-/A, chose an otherwise quiet Friday in the European corporate bond market to issue a €1.5bn eight and 20 year green bond. The deal was more than twice oversubscribed.

Huatai Securities, the Chinese brokerage, has set a price for the sale of global depositary receipts on the London Stock Exchange, the first deal under the new London-Shanghai Connect programme.

Volkswagen surprised the equity capital markets on Friday by setting a range on the IPO of its trucks division, Traton, a few days earlier than most in the market had expected. But the deal has already gained strong investor interest.

Felix Orsini is the new global head of debt capital markets at Société Générale, after Demetrio Salorio left the position to become UK head of global finance. And two other bankers have new roles as a result of Orsini’s job change.

Aegon Bank and Banco BPM each hit the euro market on Friday and launched €500m of debt in senior formats, following a week of prosperous conditions and successful deals.