Europe

Ithaca Energy and Imagina joined a recent spate of European leveraged finance issuers failing to price deals or amending documentation this week. Investors have said they are recalibrating their portfolios after bingeing on debt from certain sectors, despite generally strong appetite for speculative grade paper.

Governor of the Bank of England Mark Carney on Thursday urged markets to adopt alternative benchmarks to Libor like Sonia, saying that Libor was "overly reliant on expert judgment rather than actual transactions".

Proponents of the ISDA Common Domain Model say that if properly implemented, it could generate major cost savings for financial institutions. But what is it, what prompted its creation and how could it work with distributed ledger technology?

GlobalCapital announced the winners of its Bond Awards 2018 on Wednesday night at our 11th annual Bond Awards dinner, at the Jumeirah Carlton Tower in London. Some 280 people were there to see the brightest and best performers in the international bond markets in the past year crowned.

The impasse between European and US regulators on the mutual recognition of each other’s clearing supervision regimes shows no sign of a breakthrough, as representatives from both authorities clashed at the Institute of International Finance spring membership meeting in Brussels this week.

Netcompany, the Danish IT services firm listing in Copenhagen, has set a range of Dkr135-Dkr165 on its IPO, valuing the company at just over Dkr6.57bn (€906m) at the bottom of that range.

The Schuldschein market has been left with more questions than answers after a Moody’s report claimed IFRS 9 rules, which force liable assets to be marked-to-market, could implicate "liquid" Schuldschein loans.

Unédic played it safe by offering extra new issue concession to traverse a choppy euro market on Wednesday, ending up with a €1bn 15 year deal and a 1bp tightening from guidance. Dexia Crédit Local is out for a euro deal on Thursday, although bankers said the shorter duration trade should mean the volatility will be less of a test.

Autodis Group, the French distributor of spare vehicle parts owned by Bain Capital, has cancelled its planned Euronext Paris IPO, blaming volatile markets.

The Netherlands Development Finance Company (FMO) has added another product to its local currency offering after selling its first ever note linked to the Tanzanian shilling.

UK independent school Charterhouse has sold £35m of USPP notes to Pricoa Capital Group.

Provident Financial was offering investors a high yielding senior bond on Wednesday as the UK doorstep lender looks to tender its 2019 notes on the back of a tumultuous year for its credit.