Europe

Heineken was the first of five corporate issuers on Tuesday to wrap up its offering, in a rush of supply that took advantage of a more stable backdrop in rates markets.

Shareholders of Abengoa on Tuesday endorsed a landmark debt restructuring for the renewable energy company — and averted the largest corporate bankruptcy in Spain’s modern history.

The euro market for public sector borrowers repoened on Tuesday as a pair of issuers took advantage of calmer conditions since the US election on November 8 to raise nearly €2bn in total — both paying small new issue premiums.

KfW was able to increase from its original size target and tighten pricing on Tuesday with the first public sector dollar bond of over $1bn since the election of Donald Trump as US president.

Banca Monte dei Paschi di Siena’s debt-for-equity swap is the bank resolution and recovery directive (BRRD) working in practice. Bondholders have no escape.

On Wednesday the European Commission will propose creating a new asset class of 'non-preferred' senior debt for EU banks, as part of the implementation of Basel's total Loss absorbing capacity (TLAC) standard into EU law.

Shares in Banco Sabadell, the Spanish banking group, fell 6% on Tuesday morning after Colombian billionaire Jaime Gilinski sold part of his stake for €202m through an accelerated bookbuild led by Deutsche Bank.

Several slated buyout transactions now have loans in the market, yet few investors are upbeat on the immediate prospects for a return to higher yields and fairer values.

SP Mortgage Bank, the newly established Finnish lender, successfully issued its first covered bond on Tuesday. The defensive five year maturity, which has not been seen from a core European issuer in over five months, went a long way to assuaging investors’ broader market anxieties.

Shares in Dometic Group, the Swedish company that makes fridges and freezers for boats and camper vans, fell 3.6% on Tuesday morning after EQT has sold the last of its shares in the company, through an accelerated bookbuild that was covered in half an hour.

Turkey’s QNB Finansbank and Garanti plan to sign their second yearly loan refinancings this week, according to bankers, marking the end of a tumultuous year for Turkish bank loans.

Chinese conglomerate Fosun has agreed to invest €174.6m of capital in Banco Comercial Português (BCP), but it is unclear whether or not the funds will go towards repaying the Portuguese bank’s contingent convertible bonds next year.