Europe

Italy found strong demand for a surprise syndicated tap on Thursday — despite a fresh and steep sell-off across its curve throughout the day — proving the peripheral sovereign had access to the capital markets even during extremely difficult conditions.

Judging extension risk is a key part of investing in bank capital. If investors call it wrong, it is hard to say they have been grossly mistreated.

UBI Banca is meeting investors to market its new sustainable bond framework in a non-deal roadshow. It could become the second Italian bank to issue a green bond, and the second to come out with any public unsecured trade since the country’s coalition government formed earlier this year.

European borrowers that flit between public and private debt have been choosing the Schuldschein market because of its comparatively tight pricing in the last few months but this week Freenet, the German telcoms firm, sweetened the terms it was offering investors.

Corporate and FIG borrowers and buyers have largely given up on primary markets for 2018, having faced choppy conditions this week. But things are not likely to be much calmer when they return in January, meaning a chaotic scrap could ensue as borrowers jostle for the best slots to print deals. Jasper Cox and Nigel Owen report.

The UK Debt Management Office has chosen the tenor for the final syndication of its 2018-2019 financial year, as Gilt yields rallied this week amid confusion over how the UK will eventually leave the European Union.

Shares in Solarpack Corporación Tecnológica, the Spanish solar power generation company, have risen by 8.9% in the aftermarket after it priced its €100m IPO above the bottom of the range.

The European Stability Mechanism has softened the eligibility criteria for its precautionary credit lines, under a eurozone reform package sealed by the European Union on Tuesday.

Ice Group, the Norwegian mobile phone company, on Thursday called off its second attempt to list on the main board of the Oslo Stock Exchange, blaming turbulence in global equity markets.

Italy carried out a syndicated buyback alongside a reopening of its October 2021 issue on Thursday, despite a steep sell-off in the sovereign’s curve throughout the day.

Akbank, one of the largest banks in Turkey, is preparing a TL3bn ($558m) rights issue amid fears of an increase in non-performing loans as the Turkish economy enters a slowdown.

Tritax Big Box, the London listed industrial real estate investment trust, has sold £400m worth of 10 and 12 year US private placement notes, during the Brexit whirlwind that caused sterling bond markets to falter.