Europe

Euronext spurned the London Stock Exchange Group (LSEG) on Monday by completing a preliminary agreement with Intercontinental Exchange (ICE) Clear Netherlands that will provide the European exchange's clearing services in commodity and financial derivatives for the next 10 years.

Corporate bond issuers have started the second quarter more serenely than the March's frantic pace. Bankers are tipping deals offering duration to be a growing theme in the coming months.

Renault’s financing arm RCI Banque, rated Baa1/BBB, had the primary market to itself for a dual tranche trade on Monday — a stark contrast to the more than €4bn of trades pushed through this time last week.

Inovyn, the chlorvinyls firm owned by chemicals group Ineos, and French food producer Labeyrie both joined the bond-to-loan refinancing trend in the leveraged finance market this week, holding a lender call and bank meeting respectively for term loan deals of at least €500m each.

Yorkshire Building Society issued a €500m six year covered bond almost flat to its curve with strong demand on Monday. At the same time Commonwealth Bank of Australia priced a €750m seven year, a solid trade but one that lacked sparkle.

As part of Novo Banco’s sale process, senior bondholders may be asked to exchange their securities for subordinated bonds at a deep discount to book value.

BBVA and Commonwealth Bank of Australia were both targeting the five year part of the maturity curve on Monday, tapping into good demand in the vanilla senior debt market.

Investec has added another banker to its corporate and acquisition finance team, to work on leveraged finance and private debt deals.

Sovcomflot reopened its 2023 bond on Monday as Norilsk Nickel looks to extend its dollar curve by a year.

Galenica Santé, the Swiss retail pharmacies unit of Galenica Group, has increased the size of its IPO and will price it near the top of its initial range.

Sberbank has shed some light on Agrokor’s dire debt situation saying that the company’s creditors have come to a standstill agreement.

The RMB hub in Frankfurt could benefit from London’s loss of Euro-clearing privileges, but for now the focus remains on developing existing platforms including the ground-breaking Sino-German joint venture exchange, Jochen Metzger, director general for payments and settlement systems, Bundesbank, told GlobalRMB.