Europe

A senior debt capital markets banker at Crédit Agricole CIB has moved to the bank’s sustainable banking team.

As the last few EMEA IPOs of the year draw to a successful close, bankers are looking to a promising pipeline for the first quarter of next year. The blocks market remains busy, with several big acquisition financing trades.

Industrial and Commercial Bank of China opened books for a dual-tranche floating rate dollar bond on Wednesday, to be sold through its London branch.

Bank Nederlandse Gemeenten on Tuesday printed “another great example” of what bankers say are the “tangible price benefits” of selling SRI bonds.

SMBC Nikko has hired a new head of emerging markets credit trading as it looks to build out its fixed income offering.

Ardian and Clayton, Dubilier & Rice sold their remaining stakes in Spie, the French engineering company, on Monday night via an auctioned block trade that was priced at a tight discount to the close.

Investor support for leveraged loan deals where the issuer is only seeking to cut margins remains so strong that some borrowers, such as French real estate group Foncia, may do it twice this year.

Regional Reit, the London-listed real estate investment trust focused on commercial property in the UK regions, has raised £50m of equity, despite investor fatigue towards issuance from the sector.

Hong Kong-based infrastructure company CK Infrastructure sold its first euro corporate bond issue on Tuesday, despite having owned a variety of utilities and infrastructure companies across Europe for more than seven years. The response was solid if not overwhelming.

The Single Resolution Board (SRB) should not have needed an appeal panel to determine that the Banco Popular resolution could have been more transparent. It was blatantly obvious from the outset.

Società Cattolica di Assicurazione unwrapped a tier two bond on Tuesday, in potentially the last Italian FIG deal before Christmas.

Russia’s Otkritie Bank last week announced plans to write down its outstanding tier two bonds, including an old-style $500m 10% April 2019 tier two, the contractual terms of which did not include a write-down feature. The move was an invitation to sue the private lender, said one EM portfolio manager, and GlobalCapital can reveal that Baker & McKenzie is building a case to bring against the bank.