Europe

Foreign purchases of UK businesses will come under closer government scrutiny if a new white paper is approved, as loans bankers’ fears earlier in the year about M&A becoming tougher to get through UK regulators materialise.

Consus Real Estate, the German residential property development company, has completed a capital increase raising €131m to fund new projects.

Ceva Logistics and Promontoria, a Cerberus issuing vehicle, announced new bonds in the European high yield market this week, with investors appearing more willing to add risk.

Banca Carige is reported to be undergoing investigation in relation to market rigging, just days after the European Central Bank told it to appoint a new chairman and suggested it consider a merger.

Bulgarian Energy Holding, the 100% government-owned Bulgarian electricity and gas holding company, is returning to the bond markets for a tap of the €400m 3.5% 2015s it sold in June.The BEH tap will be only the third public Eurobond printed in the CEEMEA market this month — the other two were a Lietuvos Energija green bond in euros and an Angola tap in dollars.

The constructive trend in covered bond ratings that began three years ago, and remained in place last year, is set to continue through this year said Standard & Poor’s.

The IPO of Navya, the French maker of driverless cars and other vehicles, was priced at €7 on Monday, below the initial €9 to €12 range, after the company extended the original bookbuilding period last week.

A banker has moved from NatWest Markets to work on insurance DCM at BNP Paribas.

An IPO of Belfius Bank is set to go ahead after the Belgian government reached a deal on Monday over compensation for losses suffered by some shareholders during the crisis-era rescue of Dexia.

A survey conducted on behalf of the European Commission suggests European Secured Notes (ESNs) would have to offer investors appealing value relative value to covered bonds — even if they had exactly the same regulatory treatment. The survey comes amid speculation that the EC may opt to save time by including the ESN legal framework with the covered bond directive (CBD).

S&P Global Ratings has revised Greece’s outlook from stable to positive, with an upgrade on the horizon if the sovereign meets certain criteria.

Some fund managers and underwriters are gearing up to keep Europe’s high yield market open during August, as borrowers show more willingness to bring new paper during a traditionally quiet month.