Europe

Four major capital markets and banking industry bodies have urged European legislators to change existing rules to allow for more efficient risk reduction in the derivatives markets.

Virgin Money could soon appear with a debut covered bond after Fitch and Moody’s assigned top ratings to its €7bn programme with the expectation of a £500m five year soft bullet deal.

UBS followed Santander this week by issuing a large senior deal designed to meet loss-absorbing capacity requirements, as both banks look ahead to first quarter results.

The Eurasian Development Bank has embarked on a roadshow for a three to five year tenge denominated Eurobond.

Three Turkish retail IPOs' sale processes have been launched this week, adding more deals to what is already a busy emerging markets pipeline.

Asiamoney, in association with National Australia Bank, invites all fixed income investors in Asia and Europe to participate in the Australian Fixed Income Poll 2018. The online poll will take only five to 10 minutes to complete.

Loans bankers are struggling to digest the implications of the new round of US sanctions on Russian oligarchs and companies, announced by the Treasury on Friday.

The two borrowers that closed out the first quarter with benchmarks have now been examined by the BondMarker voters.

The euro market is back in gear after a few weeks of slow issuance. Three borrowers have mandated deals for Tuesday’s session but one opted for a one day execution, coming on Monday to get ahead of the rush.

Volkswagen’s real estate arm has been forced to change the terms of its Schuldschein, after investors failed to flock to the deal. A borrower issuing a second round of terms or price guidance is rare in the Schuldschein market, but this happened to Telefonica Deutschland in January.

The Financial Conduct Authority on Monday expressed concerns over the potential consolidation of market power in the hands of a few trading and clearing players, saying that a "lack of competition" could result in "higher prices" or a reluctance to invest to meet client needs.

Equity investor sentiment on Russia has been upended in the space of a weekend after the shock release from the US Treasury on Friday imposing a fresh set of sanctions on Russia which has torpedoed the fortunes of aluminium producer EN+ and its owner Oleg Deripaska.