Europe

The euro leveraged loan market appears keen to counter recent criticisms against lack of financial maintenance covenants with yet more cov-lite issuance, including a buyout deal from private schools operator Inspired.

UK insurers face being taxed if their restricted tier one (RT1) bonds are written down, according to a measure set out in this week's budget. The Prudential Regulation Authority responded by proposing that firms deduct the tax charge from their own funds, effectively reducing the capital benefit of issuing.

OP Corporate Bank cautiously announced potential plans to issue a debut green bond this week, after a month of dire issuance volumes. But some large banks have signalled in results they may still sell bonds before the year is out.

Yapı Kredi is the latest top tier Turkish bank to refinance hard-currency debt, with a $1.1bn equivalent loan. It is the largest Turkish bank refinancing of the season, indicating that there is resilience in the market, and Garanti Bank is set to follow.

Aryzta, the Irish/Swiss bakery, won shareholder approval for its €790m rights issue on Thursday – but only just, as its investors questioned the plan to raise capital.

Representatives from European Union member states are debating the make-up of a proposed body to supervise clearing houses (CCPs), according to leaked documents seen by GlobalCapital.

After a month of consistent spread widening in European corporate bonds, bankers are hoping for tighter pricing in November, but some investors say the new levels better reflect the value on offer in the market.

Public sector borrowers are taking different approaches to the MTN market as they look to see out the rest of the funding year.

The European Banking Authority (EBA) will release results of its 2019 stress test on Friday. Investors will be looking out for the results of NordLB and the Italian banks in particular.

Primepulse, the German investment fund focused on the technology sector, has postponed its IPO on the Frankfurt Stock Exchange as a result of poor market conditions.

Finland’s Ahlstrom-Munksjö has signed $1.09bn-equivalent in acquisition and backstop facilities, as the fibre materials company prepares to buy US paper producer Expera Specialty Solutions.

BioPharma Credit, the UK closed-end investment fund that provides debt funding to the life sciences industry, has priced its latest capital raise, growing the deal to $305m.