Europe

Telenet — Gunvor — ProSieben, RWK, Montana Tech — AGCO — BMI — Whitbread — Ahlsell

The IPO of Misys, the UK banking software producer, was pulled on Thursday morning despite the books being covered at the base size, in another demonstration of the sour mood that has gripped the new issue market since the Nets IPO and the Conservative Party conference.

Officials from the European Commission said on Tuesday they are prepared to change withholding tax rules and insolvency regimes to encourage private placement lending.

After two days of jumbo deal excitement, uncertainty returned to the corporate bond market as debut issuer Benteler International pulled its debut deal.

Finnish construction company YIT has completed a €200m deal with six core banks. The company saw one original lender replaced in an otherwise unchanged syndicate.

The wrecking of the autumn IPO calendar got worse this week as Misys, the UK banking software company, pulled its IPO, though ConvaTec managed to raise £1.7bn and Ahlsell Skr6bn. Surprisingly, writes Aidan Gregory, further companies are still coming forward with IPO plans.

Liberty Global-owned Belgian telecoms firm Telenet launched a €500m eight year term loan ‘B’ on Thursday as it looks to take advantage of propitious issuer conditions to refinance existing debt.

SNCF Réseau, the French rail provider, made its green bond debut on Thursday, becoming the first railway agency in the eurozone to access the green market.

Jacobs Douwe Egberts rode the market repricing wave emphatically this week, increasing its new loan offering to €1.3bn and cutting margins on existing loans to just 225bp.

Deutsche Bank beat extremely low expectations for third quarter earnings by posting a €278m profit, with return on average shareholder equity up 990bp for the first nine months of the year, compared with the same period of 2015.

Alfa-Bank was on course to issue the first Basel III additional tier one trade from a Russian bank on Thursday. Despite wider rates market volatility, the deal’s execution was proceeding unaffected.

Three high yield borrowers on Monday announced refinancing deals in euros with roadshows starting this week — the first to meet with investors is Sindacato Nazionale Agenzie Ippiche, the Italian gaming company.