Europe

US gas group Ugi International opened a roadshow for its first ever bond this week, while European borrowers step back from the market.

Slovenia will brave volatile markets to privatise Nova Ljubljanska Banka (NLB), the country’s largest bank, before an end of year deadline set by the European Commission.

Portuguese covered bonds have held steady after Moody’s upgraded the sovereign rating to investment grade rating. Given the market’s poor liquidity, new issuance is likely to play a more pivotal role in determining the spread outlook than the sovereign's credit rating.

Kazatomprom, the Kazakh company that is one of the world's largest producers of natural uranium, is seeking an IPO in London and potentially Astana, the first of a number of expected sales by the state.

British drinks manufacturer Diageo sold its largest euro corporate bond deal to date on Monday, when it sold a €2bn triple tranche deal. The proceeds are expected to be used to fund the share buy-back programme the company announced earlier in 2018.

Kommuninvest has hit its lowest BondMarker score of the year so far with a trade that drew an average rating of 6.53 from voters. The $1bn November 2021 on October 2, the only benchmark priced in the week commencing October 1, scored particularly lowly for pricing, on 6.06.

The decision on Friday by the Turkish constitutional court to release the American pastor Andrew Brunson provided a surge of relief for investors in the beleaguered nation, although most of the tightening in debt spreads happened in advance.

The IPO of Cepsa, the Spanish oil firm, has been postponed due to the adverse conditions that continue to blight global equity markets. It is the latest in a series of new listings sunk by the recent market volatility.

Steinhoff has asked its creditors for a one month extension on its multi-billion euro debt restructuring process, with the South African retailer saying on Monday that it needs longer to finalise documentation.

The International Swaps and Derivatives Association (ISDA) has moved on from its role as secretary of the special committees that rule on whether credit events that trigger credit default swap (CDS) payouts take place.

The Bank of England announced on Monday a consultation on a package of measures to tighten its scrutiny of banks’ and other financial firms’ readiness for climate change. The Bank’s approach is gradualist, but it is signalling clearly that firms must take the financial risks from climate change seriously, and that regulation in this area will be ramped up.

Irish boutique investment bank Rubicon Infrastructure Advisors has hired two bankers with over 40 years of experience to expand its business into the UK.