Europe

UK healthcare property company Assura extended the recent run of sterling corporate bond issuance on Thursday when its debut deal became the third trade issued in the currency in as many days.

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The Bank of England has clarified how it will set hurdle rates for banks in its 2018 stress test, featuring systemic risk buffers for the first time and changing the way in which Pillar 2 requirements are calculated through the duration of the exercise.

Turkey’s Akbank will not refinance its one year loan signed last August until September, as that corresponds to when the borrower drew down on the facility, a source close to the bank said.

Idorsia, the Swiss biopharmaceutical company, has raised Sfr505m ($503.82m) to finance advanced clinical trials after a simultaneous share and convertible bond sale overnight in Zurich.

The UK Debt Management Office breezed through another syndication on Wednesday, although bankers said that the darkening cloud of global trade wars likely led some investors to seek shelter in the safe-haven asset.

Rupert Murdoch’s 21st Century Fox has sharply increased its offer for UK media company Sky in a deal that values the company at £24.5bn. The offer includes an increased bridge loan and millions more in fees for the arrangers.

German property company Aroundtown raised funding in a fifth different currency of 2018 on Wednesday, when it saw an opportunity to issue corporate bonds more cheaply in sterling than in euros.

European and Asian stock markets have fell sharply on Wednesday morning as investors attempted to position for escalation in trade hostilities between the US and China.

Investec Bank is planning to issue tier two and to buy back old amortising subordinated notes with a high coupon.

A backstop to support the Single Resolution Fund would need to be supplemented with other measures in order to reduce the risk of deposit runs at troubled banks, said rating agency DBRS this week.

Three covered bond deals issued by Italian banks in recent days have elicited a mixed reaction from investors, particularly with respect to their value compated to senior unsecured debt.