Europe

A rush of consolidation has swept through Europe’s payments processing industry in the past six months and the financing for two of the deals, the acquisitions of Nets and Paysafe, hit the leveraged finance market this week.

Banco de Sabadell did a private deal for €400m to raise of additional tier one (AT1) to meet the required amount it needs in the asset class, as investors put Catalan worries behind them.

The European Securities and Markets Authority issued a warning on initial coin offerings on Monday, suggesting the unconventional capital raising tool may be subject to EU securities regulation.

TCM Group, Scandinavia's third largest kitchen and bathroom furniture maker, has opened the books for its Nasdaq Copenhagen IPO of Dkr630m (€85m) to Dkr735m (€99m).

Crédit Logement, the French mortgage guarantor, has picked banks to arrange a sale of new tier two bonds as it looks to finance a tender offer for older and more expensive capital instruments.

Albaraka Turk, Turkey’s first participation, or Islamic, bank, has signed a $101m murabaha loan with seven banks.

DBS Bank has mandated leads for a euro benchmark, capitalising on very tight spreads, the strong performance of its previous debut and a number of exceptionally well received seven year euro deals that have priced flat to mid-swaps.

Subordinated bonds from financial issuers have been back in favour in the Swedish krona market this year, with investors seeking out higher yields compared with other types of credit.

Turkish biscuit maker Ülker’s second loan of the year is expected to be increased from its launch amount of $350m as demand for the facility comes in.

Deutsche Bank was looking to take advantage of its shrinking funding costs this week, raising $1.6bn in the dollar market with a pair of five year senior trades.

Akbank AG, the Turkish bank’s German subsidiary, has signed a €173.5m syndicated loan with around 14 banks, according to a banker on the deal.

Sabre Insurance, the UK car insurance company, will attempt to list on the London Stock Exchange this autumn, having filed an intention to float document on Monday.