Europe

The spin-off of Traton, the trucks division of Volkswagen, has been relaunched after the IPO was postponed earlier this year due to volatility caused by the trade tensions between the US and China. Traton may not excite many growth investors, but it is a rock solid German industrial asset that isn’t trying to persuade investors it is anything else, unlike a string of recent flotations in the US and Europe.

Maric Post will take over as director of treasury and capital markets after Anne Leclercq departs the Belgian Debt Agency on July 31.

CaixaBank was able to attract orders of more than €3.85bn for the issuance of its seven year senior non preferred bond on Tuesday, more than three times the deal size.

Caisse des Dépôts et Consignations (CDC) on Tuesday came to market with its debut sustainable bond, the first under its new green, social and sustainable framework.

This week's funding scorecard looks at the progress French agencies have made in their funding programmes so far this year.

Fiat Chrysler spent five months trying to seal a deal with Renault — and then ran out of patience in five days. Either the deal is weaker than it looks, or Fiat's John Elkann should take a deep breath, practise smiling and try again.

BAWAG, SP Mortgage Bank and Tatra banka have all set their sights on the euro covered bond market, mandating for deals across the maturity spectrum.

Europe’s most prominent IPO, the Frankfurt listing of Volkswagen’s truck unit Traton, has been on the road for a week and sources have expressed confidence in the deal’s viability.

Oberbank sold a senior bond in euros on Wednesday, following in the footsteps of NatWest Markets, Luminor Bank and Svenska Handelsbanken, which on Tuesday also issued senior deals. NatWest attracted the largest order book for its floating rate notes.

Euro and dollar benchmarks issued by Nordea, Lloyds, Korea Housing Finance Corporation (KHFC) and SMBC on Tuesday was a fillip for covered bond market participants suffering through volatile credit market conditions that have caused price expectations to fall.

The CEEMEA region is lining up one of its busiest fortnights of the year for bond issuance as Black Sea Trade and Development Bank and the Republics of Serbia, Croatia and Lithuania join a swathe of EM issuers already on the road. JP Morgan looks to be solidifying its position at the top of the CEEMEA league tables — it has been picked for every one of the deals mandated on Tuesday.

Michael Collinson has joined Houlihan Lokey as a managing director to lead its consumer products efforts in Europe. He comes from William Blair.