Europe
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CPI Property, a big owner of real estate in central and eastern Europe, took to euros for its first international bond on Wednesday, and in doing so priced the biggest ever real estate bond from the region.
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It was a week of blistering conditions in the SSA dollar market but the pace of issuance has slowed a little in comparison to the glut that defined the few weeks of September. -
Automotive finance companies rarely issue corporate bonds with tenors longer than four or five years, due to the assets they need to fund. This week, however, three of them sold five year bonds.
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The European Securities and Markets Authority has revised its pre-MiFID II work plan for granting waivers of pre-trade transparency rules, and setting position limits. There is likely to be a delay for derivative products.
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Eurex, the derivatives exchange of Deutsche Börse, will start offering BTP options on October 2.
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Public sector borrowers this week smashed through their conventional curves with green bond issues. But there was some debate over whether this marks the start of a trend or is merely the product of scorching conditions in both the euro and dollar markets.
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No matter where in the world a European trading firm wants to find a counterparty, they will have to comply with the Markets in Financial Instruments Directive (MiFID) from January 2018. And in Asia, that might cost them business, according to panellists at an International Swaps and Derivatives Association (ISDA) conference this week.
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European Parliament members Jakob von Weizsäcker and Kay Swinburne published a draft report on planned central counterparty (CCP) recovery and resolution rules this week.
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The international distribution arm of the State Oil Company of Azerbaijan (Socar) is close to refinancing a $250m facility taken out in October last year while facing down a recent rating downgrade.
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