Europe

Credit Bank of Moscow was on track to print its first Basel III compliant deal and had taken books of $1.7bn by Wednesday morning.

In a busy week for European corporate bond issuance, two hybrid capital issues are taking centre stage.

S&P Global Ratings raised German banks’ additional loss-absorbing capacity (ALAC) ratios this week, after changing its ratings approach in light of Germany’s decision to subordinate certain senior debt instruments in resolution.

Halkbank's planned Eurobond issuance is on hold after Mehmet Hakan Atilla, its deputy CEO, was detained following a roadshow in the US on charges of breaching sanctions against Iran, an investor relations person at the bank told GlobalCapital on Wednesday.

Gazprom opened books on Wednesday morning on the first sterling-denominated bond from a Russian borrower since 2013.

No banks had issued new senior or subordinated deals in euros or dollars by mid-week, as market participants blamed a heavy take-up in the final round of the European Central Bank’s Targeted Longer-Term Refinancing Operations (TLTRO II).

Chatter about the 'Trump Dump' as investors lose confidence in US economic stimulus may be intensifying, but it has not produced the equity correction predicted, and capital markets in Europe are ploughing ahead, unfazed by the UK's triggering of Article 50 on Wednesday.

Moscow Exchange (Moex) and Dalian Commodity Exchange have agreed on a memorandum of understanding.

Nordic Capital and Avista Capital Partners on Tuesday night completed the first block trade in ConvaTec, the UK wound care and catheters company, since its blockbuster £1.6bn IPO in October. The deal was increased by 25%, to fetch £975m.

Cobham, the UK defence company, announced the pricing for its £512m rights issue on Tuesday, a day after declaring that it was being investigated by the Financial Conduct Authority for its handling of inside information around its last rights issue, in April 2016.

The Autonomous Community of Madrid has announced that it will sell its first ever sustainability bond, joining the flock of borrowers landing in the socially responsible investment (SRI) market as the first quarter of 2017 draws to a close.

Sweden is set to bring what could be the tightest SSA dollar benchmark of the year, as swap spreads in the currency moved back near their 2017 highs.