Europe

London-based equity capital markets investors are beginning to wonder whether the trade hostility between China and the US will hurt Hong Kong’s vibrant IPO market and are considering repositioning if it does.

Turkey’s president Recep Erdoğan delivered a shock to investors on Monday, announcing a cabinet reshuffle in which he removed market favourites Mehmet Simsek, who was deputy prime minister, and Naci Agbal, minister of finance. He appointed his son-in-law Berat Albayrak, who previously served as energy minister, as finance minister.

The Netherland’s Riwal Holding Group has substantially increased the size of its revolving credit facility, refinancing its bank debt early as terms in the slow primary market continue to be weighted in favour of borrowers.

BPER Banca had slightly more success than compatriot Mediobanca on Tuesday with a defensively priced €500m five year Obbligazioni Bancarie Garantite.

Unrated German mail order retailer Otto Group found plenty of demand for its debut hybrid bond on Tuesday. Order books were more than twice oversubscribed following a week-long roadshow.

TP ICAP replaced its chief executive John Phizackerley with its boss of global broking, Nicolas Breteau, on Tuesday, sending the shares spiralling downwards, as the interdealer broker revealed that rising costs were impacting the business.

The Russian Ministry of Finance has released its borrowing plans for the next three years, starting with a plan to borrow Rb1.48tr ($24bn) in 2019. Though the plan, which includes continuing to raise money internationally, is being seen as brazen, bankers in London said that there will be appetite.

Nykredit Realkredit more or less filled its annual target for issuance in the non-preferred senior format on Tuesday, raising €500m in its first deal since a recent update to bank insolvency law in Denmark.

Norwegian car parts manufacturer Kongsberg Automotive is refinancing loans in the high yield market with a deal that offers investors the biggest double-B coupon seen since April.

KfW on Monday priced a tap of its recent 15 year euro bond in line with guidance, doubling the overall deal size to €2bn.

The corporate bond market started the week slowly with a pair of well rated German corporates selling two year floating rate notes on Monday. Both had just a sole lead manager.

Italy’s Atlantia has refinanced an acquisition bridge facility with a €1.75bn five year term loan that was priced well below where the company sold 10 year bonds this time last year.