Europe

Coface, the French trade credit insurer, has signed a €700m syndicated loan facility with a group of six banks.

UBS came to the market on Monday again selling bonds with a first call date in 2022, amid predictions of further dollar issuance from European banks over the coming weeks.

Cruise.co.uk, a UK online travel agent, is buying German peer Kreuzfahrtberater in a deal that brings together the direct lending arms of private equity firms Bridgepoint and Permira.

German gas network operator Vier Gas has signed a new €600m five year revolving credit facility, marking the end of an over three year absence from the credit markets.

British American Tobacco is expected to bring the week-long run without any new corporate bond issuance to an end later this week. The UK based tobacco company could issue in dollars, euros and sterling.

Canadian SEC-registered covered bond borrowers are expected to switch back to issuing under 144A/Reg S documentation after amendments to an existing regulation made SEC registration more onerous.

Shares in Triple Point Social Housing, the real estate investment trust focused on UK social housing assets, closed 2% higher on Tuesday after the company finished its £200m IPO on the London Stock Exchange.

Anglian Water’s £250m eight year green bond was the only corporate new issue that priced this week. If there is to be any issuance next week, it is expected to be in sterling.

Rates could be hiked before the end of quantitative easing, it is reasonable to expect some Spanish covered bonds to trade in line with some in France, and although additional tier one is expensive to equities there is a sound structural reason for this. Derry Hubbard, global co-head of debt capital markets at Danske Bank, speaks to GlobalCapital about these topics and more.

LendInvest, a UK short term property loan platform, issued a £50m five year bond this week, taking new listings on London Stock Exchange’s Order book for Retail Bonds (ORB) to more than 2016s total — its first year-on-year growth since 2012.

The ongoing recovery of Royal Bank of Scotland, the UK banking group, took a step closer to completion on Friday when unveiled a profit in the first half of the year, aided by a sharp increase in profit from its investment banking division NatWest Markets.

Pricing on Turkey’s major banks’ one year loan refinancings has dipped by 10bp as political turmoil in Turkey appears to have died down since president Recep Erdoğan won a referendum to consolidate power in April.