Europe

If the tension in the European corporate bond market is often about how much paper can issuers persuade investors to take, this August the pull is the other way. Investors are thirsty, and issuers are withholding.

A solitary capital increase from Monday was the stand-out trade of a meagre bunch in equity capital markets this week, with the IPO market on pause until September.

The European Central Bank’s decision to curtail wind down entities' access to repo liquidity materially increases the risk of a covered bond maturity extension or default, and is not consistent with its mission as lender of last resort or its previously benign approach to the asset class.

Pricing on Akbank’s one year loan refinancing 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.

The European Banking Authority (EBA) is probably worrying too much when it says that banks could struggle to find buyers for their loss-absorbing debt.

A London daily silver futures contract will trade on the Intercontinental Exchange Futures US platform from September 5.

Bridgepoint is close to a deal for UK housebuilder Miller Homes from Blackstone, for around five times its projected Ebitda for 2017.

Société Générale has named new head of financial rating advisory to replace a departure.

The dollar market is grinding on throughout the summer, with public sector borrowers pushing out deals at the short end, although none have been in benchmark size this week. Two issuers launched transactions on Tuesday with a third slated to follow on Wednesday.

Basque telecoms firm Euskaltel gained access to a third market in northern Spain after the acquisition of Telecable from Zegona Communications, which it is funding with loans and equity.

Dairy producer Meggle has joined the ranks of green Schuldschein borrowers, launching a €50m triple tranche deal partly funded through green borrowing.

Corporate bond investors had only one roadshow yet to result in a new issue to contend with on Tuesday as their market appeared to grind to a halt for a summer break.