Europe

Caisse d'Amortissement de la Dette Sociale’s funding need for 2018 will be less than half that of 2017, the French agency said on Tuesday. It also provided an update on its merger with Agence France Trésor, the French sovereign debt agency.

Shares in Detsky Mir, the Russian toy retailer, fell 8.2% on Tuesday after Sistema, the Russian conglomerate controlled by Vladimir Yevtushenkov, and the Russia-China Investment Fund sold some of their shares in the company through an accelerated bookbuild on Monday night.

As excitement around cryptocurrencies reaches a fever pitch, US Securities and Exchange Commission chairman Jay Clayton on Monday issued a statement on cryptocurrencies and initial coin offerings, warning main street investors and market professionals alike about risk in the space.

This week, bankers and investors in the European high yield market sounded a message of confidence to potential issuers of bonds with triple-C ratings, even after BMC cancelled one such deal.

Issuance of green covered bonds and conditional pass through (CPT) deals is likely to improve next year, and European Secured Notes are expected to receive regulatory support, Moody’s has said in a report on the outlook for covered bonds in 2018.

The European Central Bank has lowered UniCredit’s Pillar 2 capital requirements by 50bp, recognising the Italian lender’s latest efforts to clean up its balance sheet.

Tullow Oil, the oil company headquartered in London but with operations predominantly in Africa, has signed $2.5bn of reserve-based lending (RBL) facilities to refinance existing deals with its relationship banks.

Santander Holdings USA offered investors two tranches of senior debt on Monday as it looked to close in on its total loss-absorbing capacity (TLAC) requirement.

Unibail-Rodamco has taken out a €6.1bn bridge facility from its advisers Deutsche Bank and Goldman Sachs, to finance its acquisition of Westfield Corp, the Australian shopping centre operator, for an enterprise value of $24.7bn.

Charges levelled against HSBC by the US Department of Justice have expired, according to a statement fhe bank.

KfW has a slightly smaller funding target next year than for 2017, it said on Monday, as it looked to capitalise on investors’ desire for large, liquid bonds.

France’s pioneering work on sovereign green bonds took another step forward on Monday, as it named the members of its green OAT evaluation council on the same day that the group held its first meeting.