Europe
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Private equity firm EQT closed its largest direct lending fund this week, as market participants forecast a busy year for the market in 2019. -
Investors have jumped at the chance to exchange a series of senior bonds issued by Banco IFIS for cash, with the Italian bank coming close to buying back the full €100m on offer.
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Changing emphasis from national regulators could give European banks more incentive to refinance additional tier ones with low common equity tier one triggers in the next couple of years, according to analysts at research house CreditSights.
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Italy is preparing to make its highly anticipated return to the dollar market next year. The sovereign had planned to issue a dollar syndication in 2018, as first revealed by GlobalCapital, but postponed due to the volatility in the Italian bond market.
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It may be the second week of December, when the corporate bond market is typically quiet ahead of the Christmas break, but there is still plenty for participants to ponder, even though the likelihood of new issuance is considered very low.
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AJ Bell surged by more than 30% in the aftermarket on Friday after the Manchester-based investment platform priced its £173m IPO on the London Stock Exchange at the mid-point of the initial range.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies as the year comes to a close. Some of the issuers have also set their funding targets for 2019.
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ING completed a deal in the Tokyo Pro-Bond market this week, raising over $1bn equivalent on a week in which it could not find acceptable demand in dollars. It was also able to distribute notes to regional banks before debt counting towards total loss absorbing capacity (TLAC) weighs more heavily on those buyers’ balance sheets.
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The UK Financial Conduct Authority (FCA) on Friday proposed new rules that would permanently restrict or ban the use of certain complex derivatives products by retail customers.
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In this round-up, Trump was confident China would deliver on promises from G20 dinner, China signed several cooperation agreements in Panama and Argentina, China Financial Futures Exchange (CFFEX) planned to lift bans on trading stock-index futures to boost market activity.
