Europe

Cellnex, the Spanish telecoms company, has joined the ranks of Europe’s equity-linked issuers after successfully placing a €600m debut convertible bond.

The equity block trades market in EMEA opened the week on Monday night with a TL496m ($132m) sale of stock in Mavi Jeans, the Turkish jeans maker that floated in Istanbul last year. The trade was covered inside an hour.

A former interest rate derivatives trader at Royal Bank of Scotland, Neil Danziger, was fined £250,000 by the Financial Conduct Authority on Monday for allegedly trying to manipulate Libor.

MLP Sağlık Hizmetler, also known as MLP Care, the largest private healthcare provider in Turkey, has begun investor education for its flotation on Borsa Istanbul, in which it hopes to raise about TL500m ($133m) of primary proceeds.

India’s real estate firm Mangla Group has joined with a Catalonian pro-independence business lobby, Cercle Català de Negocis (CCN), to establish a new property-backed direct lending fund aimed at businesses in Catalonia and the Balearic islands.

KfW and Dexia Crédit Local are first out the blocks in what looks set to be a busy euro market for public sector borrowers this week.

Scope Ratings, a rating agency in Berlin, has warned that Schuldschein issuance may fall as a consequence of the 2017 credit difficulties of international borrowers Carillion and Steinhoff International.

Surprisingly, given the strength of the corporate bond market, no euro mandates or roadshows were announced on Monday other than Vonovia's €1bn deal, which was completed intraday. However, the sterling market has finally flickered into life.

Vonovia, Germany’s largest housing association, may have sold the primary market's only investment grade corporate bond on Monday but as its order books showed, conditions remain very receptive for issuance.

The pace of covered bond supply is expected to remain fast on Tuesday, with as many as three issuers mandating lead managers for benchmark deals.

Crédit Agricole SFH took advantage of curve steepness to issue a €1.25bn eight year which, unlike recent 10 year deals, managed to attract strong demand from bank investors buying for their liquidity portfolios.

The European Securities and Markets Authority (ESMA) on Monday issued a consultation on draft guidelines that would oblige central counterparties (CCPs) to disclose “parameters and information” on the way they calculate margin requirements for trades.