Europe

The Brussels IPO of Shurgard Self Storage, the largest operator of self-storage facilities in Europe, is covered, less than three working days into the bookbuild.

The Schuldschein market processed €8.3bn of deals in the third quarter — more than in the whole first half of 2018 — as rising interest rates and higher spreads in the bond market have brought borrowers back.

France’s Prodware has signed €92.5m of senior debt financing, as the management software consultant looks to refinance all its debt and fund growth plans.

October’s deal pipeline in the European leveraged debt markets is increasingly looking like a mismatch between supply and demand.

Turkish and Argentine assets have been battered over the past few months, but one investor believes that both countries can provide good value and is expanding its exposure.

The European Banking Federation has come out in support of the European Commission’s proposed covered bond directive though it has a some reservations, similar in nature to those already voiced by the European Covered Bond Council.

Steven Maijoor, the head of pan-European securities regulator ESMA, on Wednesday called for European firms' continued access to UK clearing houses (CCPs) after Brexit, to address potentially massive disruption to markets.

Italian government bonds enjoyed a strong start to Wednesday morning as investors digested talk that the country’s budget plans could be less spending heavy than previously thought. But the buy-side was sceptical that Italy’s populist government will stick to the plans — and BTPs had already retraced some of their earlier gains by the late morning.

Banque Fédérative du Crédit Mutuel and Société Générale were both selling multi-tranche senior deals in the yen market this week, as the volume of Samurai bond issuance in 2018 surged past last year’s full year total.

Perhaps the two most prominent UK deals of the autumn IPO calendar have suffered in secondary trading. But market participants are convinced that this is due to specific reasons in each case rather than a systemic issue with the IPO market.

Paul Fulcher, who previously worked in asset-liability management (ALM) structuring and insurance solutions at Nomura, has joined Milliman.

The Republic of Albania returned to the capital markets for the first time in three years on Tuesday, selling a euro benchmark.