Europe

The Basel Committee on Banking Supervision’s (BCBS) has formally recognised covered bonds for the first time. With the introduction of a global preferential risk weight, supply and demand should be boosted, along with the market’s global expansion to new jurisdictions.

Inter Media and Communication, the operator of FC Milan’s broadcast and sponsorship business, was out with its first high yield bond offering this week. Debutants have increased their presence in the market since June.

Société Générale has set a goal of raising €100bn in financing for the clean energy transition between 2016 and 2020, ahead of the final report from the European Commission’s high-level expert group (HLEG) on sustainable finance.

The Basel III reforms will create a 4% capital shortfall across the banking sector that could be covered in close to three years, according to analysts at UBS.

Global Telecom, a telecommunications company founded in Egypt and headquartered in the Netherlands, has extended a $200m loan by six months.

M&G Investments has hired Oliver Wilson as head of asset-based lending in its six-person direct lending team, headed by James Pearce.

Kommuninvest will have a larger funding need next year than in 2017, as the Swedish agency revised down its expected funding for this year.

The accountancy firm has hired a former HSBC official as a partner in its UK banking and capital markets team.

BMC Software has shrunk its triple-C rated high yield bond issue from €380m to €250m as demand proves hard to come by. But Burger King France has managed to price its offering at the tight end of the range, though with an adjustment to the tranching.

Globalworth Real Estate Investments, the Aim-listed real estate investment trust focused on Poland and Romania, has completed a €340m capital increase.

Turkey’s Fibabanka has signed a $167m loan, bringing its refinancings for the year to an end.

Banca Imi has raised €250m of equity capital for a special purpose acquisition company, in partnership with DeA Capital, the alternative asset manager owned by the De Agostini Group.