Europe

Schibsted, the Norwegian media group, has raised Nkr2.7bn (€258m) of fresh equity in a block trade, to finance its growth in digital classified advertising. The book was very large, with around 180 investors.

Dutch polymer and resins group ChemicaInvest increased the size of its loan deal at the tight end of guidance on Wednesday, as it repriced its old debt and paid a dividend to its sponsors CVC and DSM.

A former Bank of America Merrill Lynch trader has been fined £60,090 for manipulating the price of Dutch government bonds on the electronic platform BrokerTec — though the profit made on the trading was 'insignificant'.

The German Investment Funds Association (BVI) demanded the relocation of euro denominated interest rate swaps clearing from London to the EU 27 on Wednesday, citing regulatory concerns due to Brexit and lower costs for fund companies.

Wüstenrot Bausparkasse became the first German building society to issue a Pfandbrief on Wednesday. The deal attracted strong demand, enabling the issuer to increase the size.

BNP Paribas Cardif was set to become the second ever insurance company to sell tier three debt in euros on Monday, having opened books on a new €750m seven year transaction.

Corporate bond investors are developing their views for 2018, particularly as new issuance looks set to peter out for the year. There may be only a week or two left of active primary markets, and this week has been shortened by Thursday’s Thanksgiving holiday in the US.

Ülker has signed a $450m loan with 15 banks. It is the second time this year the Turkish biscuit maker has come to the market, with both loans oversubscribed despite political instability in its home country.

The tendency of every IPO season to have a soggy patch has been repeated with depressing predictability this autumn. Plenty of large and important deals have got done, but Emaar Development on Wednesday became the latest to trade poorly on its debut.

An emerging markets focussed portfolio manager at Amundi has joined Algebris Investments to work on its macro credit fund.

The long-awaited Shanghai-London Stock Connect is set for launch next year, a source at the London Stock Exchange has revealed.

The Banco Popular resolution told investors how regulators and the market will treat additional tier one (AT1) bonds in times of stress. They liked the answer enough to continue buying — right up to giving Nordea a 3.5% coupon.