Europe

Turk Eximbank has taken to the road for a non-deal roadshow in London, meeting with international investors to discuss the institution’s credit, alongside three other emerging markets borrowers.

If Banca Carige cannot raise capital or find an acquirer, it should be put out of its misery.

The US Federal Open Market Committee (FOMC) provided little in the way of encouragement for emerging markets at its meeting on Wednesday, delivering a 25bp hike to the Fed Funds Rate, meaning the wind will keep blowing firmly against emerging markets. Lewis McLellan reports.

A sale of shares Basic Fit by 3i was greeted warmly by investors on Wednesday night, but fell in trading on Thursday.

Italian government bond yields jumped around as jittery investors digested another day of conflicting messages from the country’s government, ahead of an expected announcement on the 2019 budget later on Thursday. But even if the deficit plans meet investors’ hopes, there may not be a large BTP rally, said SSA bankers.

Funding Circle, the UK loans platform, has closed the books on its London listing, with heavy demand meaning that there will be large scale backs for many investors, said bankers.

A stream of low-rated US borrowers in euros could continue to flow this year, said market participants, consolidating these reverse Yankees as the second largest sector for euro high yield bonds.

Despite a wide double digit starting spread, My Money Bank’s (MMB) inaugural covered bond was unable to get the necessary traction to build a convincing trade, and, by noon, the deal was only 80% subscribed. The deal was subsequently postponed.

Société Générale has come to the market for the fifth time this month, looking to raise additional tier one capital in dollars. Initial price thoughts were seen as closer to fair value than for other recent AT1s.

UniCredit CIB announced six appointments in its Paris office, with Laurence Fraissinet-Dubois becoming deputy country manager, as well as a senior banker covering major French corporates, and Florent Ciecka made a senior relationship manager.

Crédit Mutuel Arkéa was limited to raising €500m of senior funding on Thursday, in its first deal of the year.

French certification agency Bureau Veritas had its credentials stamped by investors on Thursday when it sold its third deal in three years. The unrated issuer received €1bn of demand for its €500m long six year deal.