Europe

Increasing numbers of commercial banks are investing in seven year Schuldschein loans, as attractive pricing and allocation is luring the lenders further along the credit curve.

From September IHS Markit will include UK and Swiss banks at the holding company level in its credit default swap (CDS) indices, but the index provider is still consulting on whether or not to include non-preferred senior debt.

Final talks on the EU’s mitigation measures for banks applying IFRS 9 will start in September, ahead of the new standard coming into force in January 2018. But the Parliament and member states still disagree about how to calculate the capital relief offered to banks.

Swiss management firm Helvetia Environnement Groupe (HEG), a BB- rated debut borrower, raised Sfr75m ($77m) with a five year green bond on Wednesday, in under two hours. A series of sub-investment grade issuers have made an impression on the Swiss market recently — a sign, Swiss bankers believe, of Swiss lenders’ growing ease with lower-rated credits.

Isbank opened books on Thursday for the 10th deal from a Turkish financial this year, offering a higher than usual new issue premium in the process to account for softer market conditions. While the deal is expected to be well absorbed, for some on the buyside, the risks of an Isbank tier two are too much.

As Barclays’ head of leveraged capital markets leaves, the bank has engaged in a hiring effort to keep its leverage finance business “on top of the game”, sources told GlobalCapital.

A syndicated loan for Gunvor Singapore has been allotted, with more than 20 banks joining the mandated lead arrangers and bookrunners at the end of general syndication.

A senior equity capital markets banker has left UBS to become chief financial officer of an internet startup.

Allied Irish Banks again tightened guidance on its London and Dublin IPO this evening, moving the lower and upper limits to €4.30 to €4.50 a share.

Atlas Mara, the London-listed company co-founded by Bob Diamond that invests in African financial services, announced a $200m equity capital raising on Wednesday, most of which will be taken up by Fairfax Africa Holdings Corp.

Apax Partners and other shareholders are tonight selling a block of about €300m of shares in Paris-traded Altran Technologies.

GarantiBank International (GBI), a Dutch subsidiary of Turkiye Garanti Bankasi, has signed a $250m loan that was oversubscribed by 19 banks, according to a banker on the deal.