Europe

The German Financial Stability Committee suggested on Monday that the country’s financial supervisory authority (BaFin) raise the countercyclical capital buffer in the face of what it sees as increasing systemic risk.

The European Central Bank launched a six week market consultation on Tuesday concerning the European Distribution of Debt Instruments (EDDI) project — an initiative that aims to change how bonds are issued within the eurozone.

Münchener Hypothekenbank is looking to execute a trade for a seven year senior non-preferred bond, in a week pockmarked by national holidays across Europe. Meanwhile, Estonian bank Luminor will start investor meetings next week for senior preferred notes.

Spanish infrastructure and renewable energy company Acciona has returned to the Schuldschein market with a €150m-minimum triple tranche transaction. As lenders begin to loosen lines to Italy and Spain, arrangers said there may be more borrowers from those countries to come.

Two Russian loans are expected to close within the next few weeks, according to bankers, but due to sanctions Russian syndications remain few and far between.

Sellers of the IPO of Trainline, the UK transport booking website, are confident that the listing is a strong enough prospect to withstand any political pressures affecting the UK, including a Labour government intent on nationalising the country’s railways.

Swedish agency Kommuninvest has mandated three banks to run its forthcoming Swedish krona green bond. The issue will be its seventh green bond, and its fifth in Swedish kronor.

JP Morgan has reorganised its frequent borrower primary markets desk with a series of internal promotions, GlobalCapital understands.

As the newly elected European Parliament and member states are just starting talks on who the next European commissioners will be, the Commission’s administration is already working on a draft strategy for the next five years.

Anna D’Ercole is joining Santander from Crédit Agricole, where she has been working in the FIG team.

Enel has completed its exchange offer of new hybrid bonds for old. The process began with a new issue of €300m of 61 year non-call six hybrids, which were priced last week to yield 3.625%.

International Personal Finance, the consumer finance company active in eastern Europe and Mexico, is issuing a rare UK retail-targeted bond, in a market that has almost dried up.