Europe
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Rare covered bond issuers from Portugal and Spain made a surprise return to the market this week after long absences with transactions that, under the circumstances, were very well received.
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Two Russian borrowers are lining up bonds for next week with Credit Bank of Moscow set to issue its second capital trade of the year, and PhosAgro looking to finance a buyback with a new issue. -
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Shares in Cobham, the troubled UK aerospace and marine technology company, have risen 12% since the company’s shareholders gave their backing for the company’s second rights issue in 12 months on Wednesday.
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Sofina, the Belgian investment company, sold the last of its stake in Eurazeo, the French private equity firm, on Tuesday night through a block trade led by Société Générale in which Eurazeo bought back 1m of its shares.
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UK hotel group Travelodge and social care firm Voyage Care both started roadshows on Wednesday for £165m and £250m of notes, respectively.
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The UK government’s announcement on Tuesday of a surprise snap election brought mixed reactions from the corporate bond market, with bankers’ optimism that it will ramp up sterling issuance dampened by investors expecting opacity around Brexit to continue unabated.
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Stobart Group, the listed UK infrastructure and support services company, has floated Eddie Stobart Logistics, its Warrington-based trucking subsidiary, on London’s Alternative Investment Market.
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KfW tapped a four year Australian dollar bond on Thursday, after raising €5bn in the euro market the day before.
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Jefferies is building out its CEEMEA trading operations, and eventually plans to add primary markets, derivatives and local currency trading to a revitalised business.
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A funding official for a southern European sub-sovereign borrower has warned that a victory for an anti-European Union candidate in the upcoming French presidential election could “bring misery to southern Europe as never seen after the Second World War”.
