Europe

Members of the European Central Bank’s Governing Council have been ‘reflecting’ on renewing a programme of cheap liquidity support for banks, ECB president Mario Draghi said on Thursday.

Equity capital markets bankers expect more corporate restructuring deals and rights issues in 2019 as companies begin to deal with a turn in economic cycles. More are likely to have to take a similar approach to the Kier Group, which is raising a £264m rights issue this month.

KfW will look to begin its benchmark funding earlier than normal in the new year, amid expected volatile market conditions.

Spanish supermarket group Distribuidora Internacional de Alimentación revealed a new scheme to solve its financial troubles this week, away from the potential debt cut and cash injection recently suggested by its largest single shareholder, LetterOne.

The Turkish Central Bank has, much to the relief of many in capital markets, kept its central interest rate steady at 24%, paving the way for the sovereign to return to the bond market in January.

Record numbers of speculative grade bonds have exceeded the limits of the European Central Bank's leveraged lending guidelines, research from SEB showed this week.

Portuguese banks will be able to use more of their loans to back covered bonds as house prices rise and domestic mortgages become safer products, Moody’s said this week.

Italy is planning to syndicate bonds in the long end of the curve next year through inflation-linked and conventional formats.

Santhera Pharmaceuticals, the Swiss speciality pharmaceuticals company, has launched a Sfr77m fundraising following the release of its latest earnings statement on Wednesday morning.

Belgium is planning to issue two new fixed rate OLO benchmarks next year — a 10 year and a long term bond with a minimum maturity of 15 years, the sovereign’s debt agency said on Wednesday.

Caisse d’Amortissement de la Dette Sociale will have a slightly higher funding programme in 2019 than 2018, the agency said this week, as French government borrowing costs rose.

UK-listed Ophir Energy has amended and extended its reserves-based lending facility, as a surge of end of year deals continue to work their way through the market.