Europe

Dutch insurance firm Vivat will use the proceeds from its new €650m senior bond to pump restricted tier one capital into one of its subsidiaries. Investors demanded a premium for the intra-firm financing. But the structure could curry favour with regulators under Solvency II, and may open opportunities for other insurers looking to optimise their capital structures.

Lonza, the Swiss pharmaceuticals group, has completed its Sfr2.25bn rights issue, to part-finance its takeover of Capsugel, the US maker of medicine capsules, from KKR.

Volatility late in the week failed to dampen a scorching few days of public sector dollar issuance, auguring well for more expected supply in the currency next week. Four issuers — some of which came this week to avoid other trades pencilled in for next week — were able to price deals at tight levels, with some coming through their curves.

Royal Bank of Scotland this week gave capital markets the clearest view yet of how banks are set to re-engage with the covered bond market as a staple source of financing, as the sector comes under pressure to wean itself off the special fundings schemes set up by the Bank of England and the European Central Bank.

The SRI bond pipeline for public sector borrowers looks fit to burst, with a string of issuers planning deals and KfW setting a marker with a thumping trade this week.

Tritax Big Box Reit, the real estate investment trust that owns large UK logistics warehouses, raised £350m on Thursday as it closed its latest equity capital raising oversubscribed, at an increased size.

There was strong praise this week from senior SSA bankers for Patrice Ract Madoux, the long-serving chairman of Caisse d’Amortissement de la Dette Sociale, who is retiring from the position.

Another year, another ISDA conference. But this wasn’t just any other year. With variation margin requirements in the rearview mirror, MiFID II looming in 2018 and the question of London euro clearing troubling many, the trade body had a lot of questions to tackle in just two packed days of panels and speeches.

Agrokor, the troubled Croatian food conglomerate, has posted a breakdown of its debt, three days after Standard & Poor's downgraded it from CC to selective default.

Shares in Koninklijke VolkerWessels, the Dutch construction and engineering company, had risen 3.8% by lunchtime when they began trading in Amsterdam on Friday, after the company's €575m IPO had been priced at €23 a share.

Turkey’s QNB Finansbank set final terms on a $750m five year bond on Thursday, leaning on the ownership of Aa3/A+/AA- rated Qatar National Bank to print inside where analysts saw fair value — despite some investors objecting.

Felix Fletcher, a UK DCM banker, has joined boutique investment bank Chalkhill Partners to work on debt origination.