Europe

Asset manager Pemberton has closed a €1.2bn European mid market debt fund, as the direct lending market becomes more appealing for larger deals, according to a Deloitte report.

Three UK investment funds committed to the fight against cancer are coming together through a complex equity deal, to form what they hope will be a powerhouse of financing treatments to battle many forms of the disease.

A day of calm in European markets opened a window for primary issuance on Monday that French property investment company Icade seized, one day before the US presidential elections.

The visible European high yield pipeline was empty on Monday but for Perstorp, the Swedish specialty chemical company, which is running a seven day roadshow for its dual currency all debt refinancing deal.

Finnish packaging firm Powerflute has extended the deadline on its €400m leveraged buyout by Madison Dearborn to this Friday, as has BMI Healthcare for its £285m refinancing.

On the eve of the US election covered bond bankers considered what the election outcome might mean for their market. A clear victory for the Republican nominee, Donald Trump, would be likely to spur risk aversion which could ultimately improve demand for safer assets such as covered bonds from strong core European issuers.

A volley of investment grade corporate bond issuers is set to hit the euro market at pace after the smoke clears following the US presidential elections on Tuesday.

The German Pfandbrief issuing subsidiary of the Dutch bank, ING Diba, is expected to open books for a 10 year mortgage backed deal, its first in three years.

Turkish bonds sold off some 30bp on Friday after President Recep Erdogan’s crackdown on the country’s pro-Kurdish opposition escalated with two high profile arrests. The widening is likely to halt Turkish bond issuance for this year, according to an EM DCM banker focused on the region.

The European Stability Mechanism has reduced its funding needs after accepting a €1bn early loan repayment from Spain.

Gina Miller, the fund management executive who won the court case to give the UK’s Parliament a say on triggering Article 50, said the government has no grounds for its planned appeal to the Supreme Court. Her side could be joined by Scotland, Wales, Northern Ireland and Gibraltar for the appeal hearing.

Citi has promoted its Turkey CEO into a broader role of EMEA head of non-presence countries.