Europe
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After the sale of its insurance business to Phoenix, Standard Life Aberdeen expects to call subordinated debt as it looks ahead to lower capital requirements, but stricter rules about the nature of its debt instruments. -
Investors have been reducing their exposures to risk in financial markets this week, after Italian president Sergio Mattarella helped to set the country on a course towards fresh elections.
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Turkish dollar bonds outperformed in a heavy market on Tuesday after the Central Bank of the Republic of Turkey (TCMB) moved to simplify rates in order to protect the lira.
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Yapi Kredi is the latest Turkish bank to refinance its syndicated loan, with the bank breaking from its peers and raising euros alongside the commonly seen dollars in the two year tranches.
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The Ministry of Finance of Georgia has started laying the groundwork for issuing its debut Panda bond in China, multiple sources have told GlobalRMB.
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Shop Direct’s sterling high yield bonds dropped this week as investors balked at cash distributions being made to the company’s shareholders, David and Frederick Barclay. The brothers did not comment on the company’s dividends in a statement on Friday.
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Investment manager Tritax is considering launching a new real estate investment trust focused on logistics property in continental Europe, to capitalise on the success of Tritax Big Box Reit, the UK-focused fund that launched in 2013 and is now a FTSE 250 company.
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Shares in Capita, the UK outsourcing company, rose 3.2% on Friday after it concluded its £702m rights issue, intended to put the company on a sound financial footing after a series of profit warnings over the past year.
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The European Banking Authority will soon publish outline proposals setting out the case for European secured notes (ESNs), which according to Moody’s may not necessarily be any riskier than traditional covered bonds.
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One of the most radical reforms ever made to financial markets is set to become law in a matter of weeks. Investors in Europe will have to ask clients about their environmental, social and governance preferences, and then abide by these choices.
