Europe

Türkiye Garanti Bankasi has launched its second loan of the year as it refinances a $1.2bn facility due to mature this month.

HSBC was looking to sell callable senior bonds in the sterling market on Monday, after its group finance director said recently that the bank would issue new debt ‘opportunistically’ if conditions remained supportive in 2017.

En+ Group, the Russian power and metals company controlled by Oleg Deripaska, began trading in London and Moscow on Friday after the book for its $1.5bn IPO came together at “the last minute,” according to a banker on the deal.

Two firms abandoned their London Stock Exchange IPOs on Friday after investors saw the valuations they were seeking as too aggressive. But Befesa, the Spanish metals recycling company, made a successful debut in Frankfurt, closing 14.2% higher.

Around five borrowers are expected to launch covered bonds next week and take advantage of tight spreads, strong market conditions, an absence of holidays and fewer blackout periods.

The latest round of central bank meetings are out of the way, corporate issuers are coming out of third quarter reporting blackout, and the corporate bond market remains hot. However, syndicate managers are more hopeful than expectant of supply to match demand.

The Ministry of Commerce (MofCom) completes the first draft of foreign investment law, regulators give BEA Union Investment Management the go-ahead to launch a wholly foreign owned enterprise (WFOE) in Shenzhen, and Renmin University’s vice president claims the renminbi will be fully convertible within five years.

CME Group, one of the US's premier financial institutions, plans to launch futures on bitcoin. This will give investors a clean way to bet on the price of the cryptocurrency, whose price has soared eightfold this year.

A debut green bond from Swedbank this week was the clearest indicator yet that green bonds can price more tightly and outperform the rest of the FIG debt market, including perhaps covered bonds, writes Jasper Cox.

BNP Paribas' management team used the French bank's third quarter earnings call to quash rumours that it was pursuing a major cross-border acquisition in Europe, after the bank was linked to a bid for Commerzbank in September.

A wave of public sector borrowers is set to hit screens next week, providing investors who have recently been lacking socially responsible bond issues with a well stocked menu of ethically themed deals.

Last week was a momentous one for dollar borrowing in the SSA market. The European Stability Mechanism made its long awaited debut in dollars, swiftly followed by a pair of rare 10 year transactions. Read on to see how the BondMarker voters rated the deals.