Europe

Lloyds added to a barrage of sterling-denominated bond deals from banks in 2017, on Monday selling its first senior unsecured bond in the currency in nearly seven years.

Caixa Económica Montepio Geral this week attracted strong demand for its first covered bond since 2009 and the first ever Portuguese deal with a conditional pass through (CPT) maturity.

On Monday, Statnett, the Norwegian state electricity grid company, mandated banks for its debut benchmark bond issue in euros. This followed German power utility RWE announcing the results of its recent tender offer on Friday.

Food retailer Eurotorg met investors this week to market the first ever international bond from a Belarusian corporate, but bankers were sceptical about whether there will be an influx of issuance from the former soviet state.

Investment bank and research firm Exotix made two senior hires this week.

Issuers and syndicates in the corporate bond market are lining deals up for a four day week this week. The Columbus Day holiday in the US shouldn’t necessarily mean no deals in the European market, but a mixed tone to the secondary market means participants are erring on the side of caution.

Dietrich Domanski has been appointed secretary-general of the G20's Financial Stability Board (FSB), the organ that has helped steer the world's response to the financial crisis.

After effectively a three day week this week, due to the German Unity Day holiday, syndicate desks are expecting the corporate bond market to operate for at least four days next week, after the Columbus Day holiday in the US. Some syndicate managers are saying the days off have come at a good time.

Befesa, the Spanish metals recycling group, has joined the queue of companies going public in Europe this autumn, having announced its intention to float on the Frankfurt Stock Exchange.

The IPO of Handicare Group, the Swedish maker of stair lifts and mobility products, is multiple times covered at its fixed price of Skr50.

The Bank of England has drawn up new rules for banks which seek to limit the UK’s exposure to the "deglobalisation" of bank balance sheets. Rules including the US requirement for "intermediate holding companies" and EU proposals for "intermediate parent undertakings" limit banks’ ability to move capital and liquidity around the banking group — leaving regulators without these safeguards concerned.

The Basel Committee on Banking Supervision (BCBS), which is working to improve the stability of financial markets after the 2008 crisis, on Friday announced it would soften its terms on banks' derivatives liabilities.