Europe

Shares in Senvion, the German maker of wind turbines, are down 5% since the company raised €62.5m via an accelerated bookbuild last week. But the disappointing aftermarket performance is idiosyncratic to the stock, according to a source close to the trade, rather than a symptom of deteriorating sentiment in the blocks market.

European private equity firms are raising an increasing number of mega-funds this year, according to data and software firm PitchBook. At the same time, their share of high yield bond issuance has almost doubled.

Swedbank was four times subscribed for a new five year senior deal on Monday, as banks filed back into the euro market before the traditional end of the summer period.

Eika Boligkreditt and Aareal Bank are expected to reopen the covered bond market on Tuesday, after announcing post-summer holiday mandates on Monday. Both are looking to complete seven year deals.

Two rating agencies lowered Turkey’s credit rating on Friday evening, but the beleaguered nation’s asset prices have largely shrugged off the news, despite predictions of a recession.

German issuers have wasted little time in selling preferred senior debt, after regaining access to the funding product through a legislative change last month. Berlin Hyp reopened the market with a tightly priced but thinly subscribed deal on Monday, and Commerzbank is looking to follow close behind with a debut offering of its own.

Dealers are exercising bargaining power and protecting against increased regulatory costs by charging more for non-cleared interest rate swaps, according to a new report by the Bank of England (BoE).

Sensyne Health, an artificial intelligence company listed on the Alternative Investment Market in London, is trading 18.6% above its IPO price, making it the latest success for the UK mid-market IPO sector.

Bankers in the investment grade corporate bond market are already looking towards the last week of August for the next corporate bond deal after the market failed to deliver a single new issue last week. But that was no surprise for market participants.

Sensyne Health, the UK healthcare artificial intelligence company, has traded up nicely after the company priced its IPO on London’s alternative investment market (AIM).

Berlin Hyp is set to become the first German bank to sell a preferred senior bond after issuers regained their access to the funding tool through recent legislative changes.

The sovereign credit crisis spurred lawmakers to undertake a number of major initiatives designed to sever the ‘doom loop’ — the link between sovereign and bank credit risk. Recent events in Italy and Turkey show the limits of these policies, but not their impotence.