Europe

After issuing a £500m seven year bond in March, Glencore repeated the performance, this time in the euro market. It issued a €500m 7.5 year bond that achieved a similar book size and price tightening. Telecom Italia also issued for the second time this year, after losing its Fitch investment grade rating on Friday.

The European Stability Mechanism’s initiative to create the first public sector-backed bond platform could seriously disrupt the current model for issuing euro bonds. But the plan only makes sense if it brings down costs.

The newly published Covered Bond Directive is viewed favourably by credit rating agencies, but it will not necessarily drive covered bond rating upgrades— in stark contrast to the Bank Recovery and Resolution Directive.

Credit Suisse has hired a banker from NatWest Markets for its European financial institutions syndicate team.

Senvion, the wind turbine manufacturer, has placed itself in administration, an arrangement it hopes will enable it to keep trading while it negotiates with bondholders and other creditors ahead of a full debt restructuring.

The Basque Government was able to tighten pricing by 5bp from initial price thoughts as it received soaring demand for its 10 year sustainable bond on Tuesday — its biggest public issue since 2009.

Finablr, the Abu Dhabi-based cross-border currency and financial technology holding company which owns Travelex, has filed initial paperwork ahead of announcing an intention to list on the London Stock Exchange.

French telecoms company Iliad has launched a €300m Schuldschein, joining a parade of French firms raising debt through the market this year.

Arrangers of Reliance Industries’ debut Schuldschein have sent investors a statement saying that demand “considerably exceeds the initial volume” target of €150m. The success of the transaction came as a surprise to some of the arrangers’ competitors, but is considered a good sign for the market.

Northleaf Capital Partners has hired David Jeyes as a senior credit officer in London for global private credit.

Société Générale is looking at cutting around 1,600 jobs across the group, while also closing its over-the-counter (OTC) commodities business and proprietary trading firm.

Spain’s Abertis Infraestructuras has shifted the obligations of around €9.97bn of loans to itself from its holding company, with the toll roads group immediately paying down a sizeable portion of the debt.