Europe

Exotix Capital has brought on three new hires to its frontier markets research team ahead of the introduction of MiFID II.

Societa Cattolica di Assicurazione has picked banks to arrange a roadshow for a benchmark tier two bond, after buying a stake in two other insurance companies.

A finer point debated in the Brexit negotiations is whether Britain will also leave a European judicial cooperation scheme. That would mean that English law, under which restructurings and bond prospectus terms and conditions are most often written, would not apply to cross-border contracts.

Banco Sabadell came to the market on Wednesday with a benchmark euro transaction of senior unsecured debt.

Bulgarian insurer Eurohold has released initial price thoughts for a five year bond of up to €100m.

The US Thanksgiving holiday usually heralds one last push to get new corporate bond issues out before things wind down in December. With eight new benchmark issues in the first two days of this week, 2017 is following the script — and investors are not sated yet.

Europe's IPO market may be winding down, with only small, niche deals still being announced, but block trades are popping. This is likely to lead to a nail-biting finish in the league table race.

Demand from international investors to participate in Bond Connect is strong – with Ireland and Luxembourg-registered funds set to be the next group to join in once real-time delivery versus payment is introduced later this year, two bankers told the IFLR Asia Capital Markets Forum on Tuesday.

Inmobiliaria Colonial, the Spanish property company, has raised €416m to partly finance its bid for rival Axiare Patrimonio.

In what is turning out to be a busy week for block trades, shareholders in Etalon Group, one of Russia's biggest residential property developers, are tonight selling a 10% stake in the company worth $109m, in the form of London-listed GDRs.

Koninklijke Philips, the Dutch healthcare technology company, sold a 12% stake worth €564m in its spun-off subsidiary Philips Lighting on Tuesday through its third accelerated bookbuild in the stock. It was priced at a 3% discount at €32 a share, but traded down on Wednesday and Thursday.

The terms of leveraged finance deals are growing ever more aggressive. The most regular borrowers are the biggest pushers of tough terms, but those who follow their example may pay the heaviest price in a market correction.