Europe

One of Europe’s most senior equity capital markets bankers, Craig Coben, is on leave from Bank of America, pending an internal investigation into the accidental disclosure of inside information on social media.

Watches of Switzerland, the UK's largest retailer of luxury watches, set the terms for its flotation on the London Stock Exchange after what were productive price discussions with investors, according to a source close to the deal.

Spain has a limited amount of time to bring its Cédulas framework into line with the EU's Covered Bond Directive. A legal update is probably going to be less disruptive than a completely new law — but neither option is perfect.

Commerzbank did not appear hindered by uncertainty around its future in its senior preferred issue on Tuesday, while Nordea picked up green demand for its own offering. Meanwhile, BNP Paribas drove in pricing on its senior non-preferred deal, and ended up turning off some investors altogether.

NLMK, the Russian steel producer, is likely to keep its approaching benchmark small and tightly priced, according to an investor who met with the borrower on Monday.

Latvia re-opened its 2049 line on Monday, bringing the total to €1bn with a tap that came almost flat to its curve and completed its funding programme for the year.

UniCredit's London-based head of corporate loan syndication for central and eastern Europe, Russia and the CIS has retired.

Denmark is likely to become the next European member state to scrap its policy of allowing the interest payments on deeply subordinated capital instruments to be tax deductible. The move comes after the European Commission voiced its concern that the practice could constitute a breach of state aid rules.

Marel, the Icelandic meat processing machinery maker, has announced its intention to seek an additional listing on Euronext Amsterdam before the summer, as it aims to tap into growing global demand for meat products.

The Dutch State Treasury Agency (DSTA) has released initial spread guidance for its inaugural green bond, which will be launched via Dutch Direct Auction (DDA) on Tuesday.

Tennet, the Dutch electricity transmission company and frequent green bond issuer, returned to the public bond market on Monday, after nearly a year away. It offered benchmark 11 and 20 year euro tranches.

Polish e-commerce platform Allegro is set to close a Z2bn (€470m) dividend recapitalisation deal this week after heavy oversubscription, according to bankers.