Europe

Larger investment funds are more likely to be active in credit default swap markets, according to new research from pan-European securities regulator ESMA.

Société Générale is bolstering its corporate finance effort as part of a broader push in its French heartland and beyond, writes David Rothnie.

The IPOs of Aston Martin and Funding Circle are not just two of the leading deals in the final wave of sales for 2018, but are the first UK listings to be launched under the country’s new IPO regime. Investors are happy with the extra transparency the rules have brought, writes Sam Kerr.

Wüstenrot Bausparkasse issued a €250m eight year Pfandbrief and, though it was smaller and attracted less demand than its debut deal, the new issue premium was tight.

Italy’s yields hit a one month low as investors responded positively to comments from the country’s government suggesting it would stay within European Union rules on its upcoming 2019 budget. Some on the buy side believe there could be much more value to come from purchasing BTPs.

US firm Medical Properties Trust has signed a €655m secured financing package as the real estate investment firm enters into a European joint venture with France’s Primonial Group.

Talk of Greece’s return to the bond market for a 10 year euro benchmark has abounded over the last few weeks, following the sovereign’s exit from its third bailout programme. To paraphrase Elvis, it is time for a little less conversation and a little more action.

The European covered bond industry this week rejected most of the recommendations for the covered bond directive made by the European Parliament Committee on Economic and Monetary Affairs’ rapporteur, Bernd Lucke. However, there is agreement on one important point.

Amadeus, the Spanish IT company that provides systems for the air travel industry, sold its fourth deal in as many consecutive years on Thursday. The new deal was its first multi-tranche offering and the eight year tranche was the longest the company had offered to date.

Two banks made their public debuts in the senior preferred asset class with sub-benchmark deals this week: Münchener Hypothekenbank and Ålandsbanken.

Latvia has completed its 2018 funding programme with a €350m dual tranche deal, picking up the rest of the cash it was unable to raise in May.

Credit Suisse was able to rack up more than $8bn of demand for its additional tier one deal on Wednesday in the face of jittery equity markets, as Rabobank had done the day before.