Europe

The two Turkish IPOs priced this year are trading roughly in-line with their listing prices, despite recent outflows from emerging market ECM. But it is too early to judge whether this represents a positive outlook for Turkish ECM this year, according to sources.

The European syndicated loan market is facing an unprecedented amount of structural challenges in 2018, leaving market participants unsure what the usually stalwart corner of the financial sector might look like by the end of the year.

After last week's equity and bond market sell-offs, investors are worried about the positive correlation between the two asset classes, leading to increased hedging with derivatives, according to an equity derivatives strategist.

GTLK, Russia’s state transport leasing company, is adding to the flurry of Russian bonds printed since the start of this year, but leads have been unable to crunch the final yield tighter from initial price thoughts.

Sparebanken Sør Boligkreditt came to the market on Tuesday with a five year covered bond, as market participants suggested that new issue premiums could start to rise.

Sampo, the Finnish insurance firm, brushed away the recent bout of volatility with a €500m issue of new senior bonds in the euro market on Tuesday.

ANZ is lining up its first issue of a bond aligned to the UN Sustainable Development Goals (SDGs), following its debut green transaction in 2015.

The Republic of Belarus, which issued one of the best performing bonds of 2017, is looking to return with a 10 year dollar benchmark.

The worlds of academic research and finance are increasingly merging, as “patient capitalists” look to invest in university spin-outs for social impact and returns — and some equity investors and SRI funds are taking note.

Greece’s return to capital markets last week drew nothing but praise on the day, but its subsequent performance in the secondary market has left something to be desired, said bankers.

The Autonomous Community of Madrid is prepping its second ever sustainable benchmark, after mandating banks on Monday.

Turkish food giant Yıldız Holding has restructured the equivalent of $1bn in short term loans into one long term syndicated loan, as part of its efforts to facilitate its growth plans for this year.