Europe

FIG borrowers’ last clear window for issuance hangs in the balance ahead of Tuesday’s US elections, as bankers fear a victory for Donald Trump would limit November supply and raise new issue premiums considerably.

Italy’s largest domestic bank, Intesa Sanpaolo, saw non-performing loan inflows slow to the lowest rate ever in the third quarter, though operating margins drooped as the bank paid more to service bad loans.

Shares in ProSiebenSat.1 Media, the German television, radio and publishing group, closed 7.4% lower on Friday after it completed a surprise €515m capital increase to finance future digital acquisitions and strengthen its balance sheet.

Find out how far progressed French agencies are in their funding programmes as we enter November.

Nine banks have been mandated to arrange the financing for the leveraged buyout of Polish online marketplace Allegro, and a senior loan will be launched into syndication later this month.

Europe’s largest laboratory services company, Synlab, on Friday shot a new bond into the European high yield market deal to repay all of its 2022 floating rate notes.

Ratos, the Swedish private equity group, has announced plans to list Arcus, the leading Norwegian supplier of spirits and wines, on the Oslo Stock Exchange.

Renaissance Capital has hired a new head of international equity capital markets, and its US subsidiary RenCap Securities has added two senior bankers to its fixed income, currencies and commodities team.

Equity block trade business came back to life this week, as sellers hastened to monetise stakes before the US presidential election.

In this round-up: RMB indices record a stabilisation of the currency against the trade-weighted baskets, Hong Kong RMB deposits increase nearly 2% in September, and the China cross-border interbank payment system (CIPS) expands to 400 indirect participants. Plus, a recap of our top stories this week.

Algomi, one of the many fintech firms promising to revolutionise bond trading, has joined up with exchange firm EuroNext to work on an execution venue for large and illiquid bond trades.

Real money sellers were seen in recently issued Italian covered bonds this week, along with some profit-taking at the long end of the French curve, but German Pfandbriefe were well supported and looked cheap relative to bonds issued by German states.