Europe

NEX Group rolled out its new swap execution facility (SEF) this week after news after winning approval from the Commodity Futures Trading Commission (CFTC) in April.

On Thursday evening, AB Volvo, the Swedish maker of trucks and buses, launched the sale of its whole stake in Deutz, the German independent manufacturer of diesel engines, through an accelerated bookbuild.

Volkswagen priced the third sterling corporate bond deal in as many days on Thursday, taking total supply over £3bn this week. Aggregate order books for the week are now approaching £10bn.

Italian toll road operator, Atlantia, was the only issuer in the euro corporate bond market on Thursday. The €1bn 10 year deal could be used to finance Atlantia’s proposed acquisition of its Spanish rival Abertis.

The IPO of Play Communications, Poland’s second largest mobile network operator, is covered at its base size, three working days into the bookbuild.

Caisse d’Amortissement de la Dette Sociale (Cades), the French social security debt agency, is set to form a much closer working arrangement with Agence France Trésor, the French sovereign debt office, in an effort to reduce operational risk.

Shares in Zur Rose, the Swiss online pharmacy, finished 14% above their offer price after their debut on the SIX Swiss Exhange on Thursday, after the Sfr224m IPO attracted bids from more than 275 investors.

Annington Homes, the Terra Firma-owned group that owns the UK Ministry of Defence’s estate for accommodating service families, dazzled the corporate bond market with the second largest sterling issue by a company ever on Wednesday, despite the complexity of its financing story. Nigel Owen reports.

CaixaBank and Bankia both issued tightly priced deals this week, in the first subordinated debt to hit the market since the resolution of Banco Popular in June.

Shares in Waberer's International, the Hungarian haulage firm, closed 0.5% above their offer price when they began trading in Budapest on Thursday, after the company restructured its IPO during bookbuild due to weakened investor sentiment towards east European issuers.

The Turkish bank refinancing season ramped up once again this week after a lull in activity, with ING’s Turkish branch signing a $536m refi on Tuesday with 22 banks a day after Turkiye Sinai Kalkinma Bankasi (TSKB) signed a $297m refi with 18 banks.

EU finance ministers are expected to agree at an Economic and Financial Affairs Council (Ecofin) meeting next Tuesday on an action plan to tackle the eurozone's €1tr of non-performing loans (NPLs) and to prevent the emergence of more in the future.