Europe

French banks have been frequenting the Samurai market all year, and the latest trade from Banque Fédérative du Crédit Mutuel (BFCM) this week offered Japanese accounts a rare chance to invest in the senior preferred format.

Debate on the location of euro clearing flared up again this week as the Bank of England warned of “substantial risk of disruption” for the activity, while the European Commission gave its blessing to more powers for the European Central Bank over central counterparties (CCPs).

Shares in Hapag-Lloyd, the German container shipping line, are holding up well as the subscription period for its €352m rights issue begins.

The second recent IPO of a cash shell to finance house building in Ireland began on Monday, when Glenveagh Properties set out to raise €550m on the London Stock Exchange, with a listing in Dublin as well.

Rovio Entertainment, the Finnish developer of the Angry Birds mobile game, has had a bumpy start to its stockmarket life, as the initial pop in its share price fizzled out on Friday afternoon and the stock fell on Monday to 2.9% below its IPO price.

Financial counterparties in Switzerland had to start reporting derivatives trades to repositories on Monday, as required by the country's Financial Market Infrastructure Act.

HSBC has poached a senior banker from Bank of America Merrill Lynch to be its head of high yield syndicate, a source familiar with the matter has confirmed to GlobalCapital.

Ireland returned to screens on Monday, mandating six banks for the sovereign’s first syndication since January. The proceeds from the issue will go to repaying the country’s remaining loans from the International Monetary Fund.

Applications to be the post-Brexit home of the European Banking Authority (EBA) are in and the European Commission (EC) has published a summary of what each country offered, and how it will choose between them.

The European Securities and Markets Authority (Esma) has published the final draft of the regulatory technical standard (RTS) giving details of which OTC derivatives will need to move to a trading venue when the Regulation on Markets in Financial Instruments (MiFIR) is implemented in January.

Clashes during Catalonia’s disputed independence referendum over the weekend have taken their toll on Spanish government bonds ahead of a Bono auction on Thursday. But the country’s borrowing costs could steepen further if, as expected, the Catalan authorities declare independence, said analysts.

Covered bonds secured against assets that are not compliant with the capital requirements regulation’s (CRR) definition of covered bonds should not be eligible for liquidity coverage ratio (LCR), according to the European Banking Authority (EBA) — a view that is at odds with current market practice and the Commission’s Delegated Act.