Europe

American household appliance manufacturer Whirlpool took the brunt of the damage from the volatility in the corporate bond market this week as it had to pull a deal just as investors were waiting for a final update. But it might not be the last issuer to struggle in the European investment grade corporate bond market, writes Nigel Owen.

Turkey’s central bank stepped in on Wednesday to stem the collapse of its currency, delivering an emergency 300bp increase, but market commentators deemed the move too little, too late, saying investors' confidence in the bank remained impaired.

Adyen, the Dutch payments company, has unveiled plans for a €1bn IPO on Euronext Amsterdam amid "genuine hype" among investors eager to play a fast growing, highly cash generative tech unicorn, according to a banker involved in the IPO

Accountancy and audit firms overestimated their brand value when it came to M&A advisory, writes David Rothnie.

Dexia Crédit Local scored what leads said was a good result on Thursday as it brought a trade at the upper end of its size plans and tightened pricing during another volatile day for eurozone rates. KfW was also out in euros, with a tap, although it appeared to be more of a slow burner.

The European Commission has formally proposed a change in rules to allow sovereign bond-backed securities (SBBS) the same regulatory treatment as eurozone sovereign bonds. But the plan to introduce SBBS is still receiving an, at best, lukewarm reception from market participants.

OP Mortgage Bank raised €1bn of seven year funding in the covered bond market on Thursday and paid only 1bp more than Nordea’s recent seven year. However, with a €1.2bn order book, it was the least subscribed Finnish covered bond of the year suggesting the tenor has lost some appeal.

Bank Gospodarstwa Krajowego (BGK), Poland's state development bank, printed its dual tranche euro bond on Wednesday in a tough market that allowed for no tightening from initial price guidance and book that was only just covered.

While the euro market was in disarray, Santander UK turned to dollars on Wednesday to achieve a minimal new issue concession. The deal makes this month the busiest ever for UK financial firms in the dollar market, according to Dealogic data.

Banks have called for more regulation to create a global protocol to address cyber security attacks.

Polish financial institution mBank has returned to the Swiss franc bond market. Like many sold in the past few weeks, the bonds were priced at the wider end of guidance — a sign that the market is returning to more conventional spread levels, and investors are expecting higher returns.

A spate of new IPOs might finally give investors something to shout about after a lacklustre, if busy, second quarter of the year. They are hopeful of the chance to be able to buy into growth companies having become increasingly unimpressed by the number of private equity sell-downs sent their way, write Aidan Gregory and Sam Kerr.