Europe

Turkey’s fourth largest private bank Yapi Kredi signed a $1.36bn syndicated loan with 37 banks on Monday.

Liberbank’s shareholders approved on Monday all the resolutions at its general meeting, including a €500m rights issue, which Deutsche Bank and Citigroup had already pre-underwritten.

On Monday night, KKR, the US private equity group, sold a 12.2% stake in Pets at Home, the UK pet supplies retailer it floated in 2014, through an accelerated bookbuild led solely by Bank of America Merrill Lynch.

Borr Drilling, a Bermuda-registered, Oslo-headquartered offshore oil drilling company, has raised $650m with a 51% capital increase that was placed in an accelerated way on Friday evening.

The European Securities and Markets Authority (ESMA) threw its weight behind Legal Entity Identifiers (LEIs) on Monday, urging investment firm clients and other market participants to get a code by January 3.

President Erdogan’s consolidation of power in April has translated into the stronger economic growth that he and his followers had hoped for. But questions about its sustainability are growing louder and they are feeding into an undercurrent of distrust among international investors. Virginia Furness reports.

FMS Wertmanagement has announced that it will come to market for a sterling bond on Tuesday, hoping to follow Export Development Canada’s success last week.

The European Financial Stability Facility (EFSF) will launch its fourth quarter issuance programme with a new six year benchmark, sharing investors’ screens with a 10 year deal from Dexia.

Three high yield bond borrowers will be roadshowing for a combined volume of €1.2bn of new high yield bonds this week, with a mixture of familiar refinancing and leveraged buyout funding.

Santander Consumer Bank attracted over €2.4bn in orders for a €500m five year senior deal on Monday.

Unioni di Banche Italiane (UBI Banca) and Banca Sistema came to the market on Monday with new senior deals, adding to a string of recent bank bonds out of Italy as confidence begins to creep back into the sector.

Europe’s leveraged loan market was set for more than €4bn of offerings this week, as borrowers revel in friendly pricing conditions. Large facilities such as the €1bn loan for DomusVi that was launched on Monday could achieve the tightest prices, said bankers.