Europe

Investment firm Triton Partners has sold the remainder of its shares in in Befesa, the German metal recycling firm, in a popular €216m block trade.

Société Générale’s planned round of redundancies, set to happen in the third quarter of the year, will focus on staff in its markets business. Around 30% of the 1,600 cuts are expected in that division.

PKO Bank Hipoteczny issued its debut green covered bond on Wednesday, the first deal of its type from Poland. This deal is the ninth covered bond with an environmental and social governance (ESG) purpose to have been launched this year and, according to Commerzbank research.

Securitization investors and traders have told GlobalCapital that CLO anchor investor Norinchukin Bank has taken a step back from both the US and European markets. As Tom Brown writes, some have suggested that the bank’s domestic regulator has voiced concerns about its surging holdings of senior CLO debt.

Chinese securities houses and banks have suffered a rough two weeks that have hit their funding conditions. A lawsuit from China Merchants Bank (CMB) against Everbright Capital has brought even more worry to a market still recovering from the panic caused by Baoshang Bank’s takeover.

Derwent London, the UK commercial property developer, has shrugged off Brexit-related concerns about the outlook for the London real estate market to place a £175m convertible bond due in 2025 to finance a buyback of an older note due next month.

Investors proved their appetite for corporate bonds this week by gobbling €5bn of them on a single day, as Publicis Groupe and BMW issued jumbo deals on a second consecutive day of heavy issuance in Europe.

Nordic Capital sold its last shares in Resurs Holding, the Swedish retail finance company, on Tuesday night, ending its investment in a firm it took to market in 2016.

Bank of America has handed Jeff Tannenbaum oversight of leveraged finance for Europe, the Middle East and Africa.

KfW returned to the market for its second five year euro benchmark of the year. The €5bn zero coupon note was issued with the lowest yield ever printed by the German issuer.

UK broker finnCap Group has hired Graham Cooke and Krishan Raval from Royal Bank of Scotland and Livingstone Partners respectively.

The Swedish city of Gothenburg returned to the bond market for its second public deal of the year this week. Swedish krona bonds have proven popular in recent weeks, as both domestic and European issuers have placed deals in the currency.