Europe

Kommunalbanken's sterling tap was the sole deal in the public sector market on Tuesday, following a similar transaction by Bank Nederlandse Gemeenten on Monday.

Despite a deterioration in the affordability of housing in New Zealand, loan-to-value ratios are low and homes are comparatively more affordable than they are in much of Europe. Even though credit risks remain contained, it seems likely that spreads in the New Zealand covered bond market are set to be repriced wider.

Speculative grade debt buyers believe borrowers will keep deleveraging, according to an August credit investor survey by Bank of America Merrill Lynch. But fund managers also think the market is failing to price leverage correctly.

Barclays has opened books on a long-awaited additional tier one bond, with four of its outstanding deals set to hit their first call dates in the next year.

We Soda, a soda ash producer fully owned by Turkish industrial conglomerate Ciner Group, has signed three seven year term loans totalling $1.66bn-equivalent in the biggest Turkish corporate loan in half a decade.

Interdealer broker TP ICAP revealed on Tuesday that it had chosen Paris as its post-Brexit hub in the European Union, as new CEO Nicolas Breteau called for the flexibility to pay company brokers the "market rate".

This week's funding scorecard looks at the progress French agencies have made in their funding programmes in the middle of the third quarter.

Charles Rolls and Tim Warrillow, the co-founders of Fever-Tree Drinks, the London-based maker of premium tonic water and other mixers for spirits, sold £103m of shares in the company on Monday, monetising some of their gains since the IPO and strengthening the shareholder register.

Dee Blake, the head of regulation at ICE Futures Europe, has left the company according to sources.

Bank Nederlandse Gemeenten kept the sterling tap running as the sole deal in the primary SSA market on Monday, with a Norwegian agency lining up to follow it on Tuesday.

Italy’s new coalition government has not been kind to its equity capital markets, with IPOs especially hindered by uncertainty. Unless there is a dramatic change, ECM bankers do not expect much improvement in the autumn.

The funding for KKR’s acquisition of BMC Software is set to add almost $2bn of high yield bonds in euros and dollars this week, the last portion of a cross-border, multi-billion debt deal that has enlivened the leveraged finance markets.