Europe

Hungarian oil and gas company MOL has launched a €600m syndicated loan, for which banks are expected to send in commitments over the next two weeks.

Turkish biscuit maker Ülker has launched its second syndicated loan of the year for $350m, having been the first Turkish company to come to the market this year, in April.

Euronext has finalised a collaboration agreement with LCH, which will continue to provide derivative and clearing services to the exchange for the next 10 years.

A pair of Dutch public sector borrowers are set to come to market with socially responsible investment bonds. The deals form the first wave of an approaching flood of SSA SRI borrowing.

NGA UK, the provider of human resources software, launched a €300m loan on Wednesday, which it will be hoping appeals to CLO managers that have been eager for new money deals.

The IPO of EN+ Group, the Russian power and metals company controlled by Oleg Deripaska, has got covered at its base size, on the penultimate day of the bookbuild.

SpareBank 1 SMN has mandated for a sub-benchmark three year floating rate note deal, making a change from SpareBank’s typical deal format.

Bonds issued by Italy’s most prominent banks surged in value on Wednesday, after S&P upgraded the credit ratings of 11 of the country’s financial institutions.

After weeks of risk-on behaviour, a cautious mood has gripped Europe’s equity capital markets after several of this season’s biggest IPOs traded badly in the aftermarket.

Corporate bond investors in Europe are hoping for a fruitful November, after October proved rather barren for new deals. But with holidays in several countries this week and central bank meetings in the UK and US, November has started slowly.

Covered bond investors have reduced their exposure to peripheral markets according to analysts at Commerzbank research. Despite this, peripheral and higher yielding covered bonds have continued to outperform and could easily remain susceptible to squeezes, traders warn. The technically squeezed status quo may not change until the second half of 2018, they added.

BBVA is shuffling several senior bankers in its global project finance team, after its global head of energy project finance departed to take up a role at ING Capital in New York.