Europe

The London Stock Exchange’s Orderbook for Retail Bonds is not yet done for the year, with UK housing company Places for People (PfP) on Monday opening books for a sterling retail bond, the market’s fourth deal of 2016 — and the first in nine months.

Société Générale has promoted two senior equity capital markets bankers.

Eurex, the derivatives exchange of Deutsche Börse, has launched a daily future linked to the Kospi-200 index, which will be fully fungible with contracts traded on the Korea Exchange (KRX).

Rentenbank has announced that it will sell a five year dollar bond on Tuesday, winding up its 2016 funding programme and making the most of what a banker at one of the leads called “one of the last good windows of the year”.

German building materials manufacturer HeidelbergCement capped a month of good rating agency news with a blowout order book as it tapped the euro bond market for €1bn on Monday.

After almost two years away from the market, Thomas Cook opened a three day roadshow on Tuesday for a new euro deal, which will redeem its only sterling bond and portions of its 2020 euro notes.

The Italian Treasury is on Tuesday set to hold its last bond auction before the country holds a referendum on constitutional reform that analysts believe could have an impact on eurozone periphery spreads into the new year.

The European Commission has proposed rules aimed at minimising the systemic risk of recovering and resolving central counterparties that fail, including granting authorities powers to intervene, having projected that 70% of the $500tr over-the-counter derivatives market will move to being cleared.

The International Swaps and Derivatives Association and IHS Markit have unveiled the ISDA 2016 Variation Margin Protocol, which automates amending collateral documents or setting up agreements to comply with variation margin requirements from March 1.

Compagnie de Financement Foncier’s deputy CEO Olivier Avis, and head of long term funding Paul Dudouit, speak to GlobalCapital about the bank’s funding, the end of the ECB's purchases — and how it has issued some of the longest deals ever seen in covered bonds.

Bondholders will be able to take part in Banca Monte dei Paschi di Siena’s debt-for-equity swap this week, as market participants hope the Italian lender can pull off its ambitious rescue plan in what is set to be a key month for the Italian banking sector.

The most recent loan refinancings for Turkish banks Garanti and QNB Finansbank were seen trading at a higher level than previous newly issued Turkish bank loans, showing how concerns for the weakening lira has driven up pricing.