Europe

Segro, the UK real estate investment trust, successfully completed its £576m rights issue with a £16.7m rump placement on Tuesday morning.

Risk appetite returned to the corporate market on Tuesday with a spate of high beta names finding plenty of demand for their debt, and bankers say that the smooth execution of Telia’s hybrid bodes well for the first ever green hybrid bond from Tennet expected on Wednesday.

Investors looking for new public sector avenues in which to deploy their cash can now turn to Moody’s to provide ratings for otherwise unrated public sector borrowers in the UK, France and Germany.

Telenet, the Belgian cable and telecoms company owned by Liberty Global, launched a €750m and $1bn term loan refinancing on Tuesday, just four months after signing the original facilities.

The UK’s Brexit secretary’s admission on Monday night that the government will not cap immigration after the country leaves the European Union — and that immigration could rise or fall after Brexit — may well be the first bit of good news on London’s future as Europe’s main financial centre since the referendum last June.

Instituto de Crédito Oficial looks set to print its third social bond later this year, which could break with its previous two offerings and come in the dollar market.

A slight rally in higher beta bonds put greater confidence behind a number of projects in both dollars and euros this week, after cheap funding from the European Central Bank and a softer market tone helped slow FIG issuance to a near standstill.

The IPO of Galenica Santé, the retail pharmacies unit of the Swiss pharmaceutical group Galenica, was covered throughout its price range by Tuesday morning, less than two working days into the bookbuild.

BNP Paribas has merged its European high yield, loans and distressed trading activities following the departure of its head of high yield trading last week.

Banca Popolare di Vicenza was looking to minimise the threat of litigation claims from its shareholders on Tuesday, as three struggling Italian banks await decisions from European authorities regarding their requests for “precautionary recapitalisations”.

Asahi has signed a €7.4bn bridging loan for its acquisition of AB InBev’s central and eastern European business.

Shares in OneSavings Bank, the UK challenger bank, closed 6.2% lower on Tuesday after US private equity firm JC Flowers & Co completed its second block trade of stock in the bank since its £143m IPO in June 2014.