Europe

The UK’s Financial Conduct Authority will look over some banks’ shoulders to make sure they are allocating IPOs fairly and is trying to get league table providers to reduce incentives for banks to engage in ‘league table trades’ in the equity blocks market.

The coming market rush to comply with margin rules on uncleared swaps will be a big challenge in itself, but regulators need to think hard about the unintended repo risks they are creating by requiring collateral building at breakneck speed.

JP Morgan’s credit product development group (CPD), formed in August and headed up by former syndicate global co-head Ryan O’Grady, has added seven new members.

The largest telecom services reseller in the UK, Daisy Group, on Tuesday opened a four day roadshow for its debut high yield bond, unfazed by Brexit tensions in the sterling market.

Snam visited the euro corporate bond market for the second week in a row on Tuesday, issuing a €500m four year bond and clinching a 0% coupon for the offering.

French asset manager Tikehau Capital has added to its ranks by hiring a deputy managing director in a newly created position.

Coffee maker Jacobs Douwe Egberts (JDE) and education publisher Infinitas both held lender calls on Tuesday for refinancing deals, though merger and acquisition financing could subdue the latest spate of repricings in leveraged loans, one senior banker said.

A banker at one of Ecom Agroindustrial's new lenders, Raiffeisen Bank International, said that the bank was following a strategy to build new relationships with soft commodity firms in joining the Ecom deal.

The UK’s Financial Conduct Authority has proposed to ban the use of restrictive clauses in deal documents that aim to tie bank clients of one service to other services in the future, and is also looking to clamp down on banks' use of league tables to pitch for business.

Crédit Agricole has mandated leads for a rare public sector-backed €500m 10 year Obligations Foncieres.

Kommunalbanken, the Norwegian agency, has selected three banks for a Reg S/144A green bond.

Primary bond markets were awash with Turkish bank deals on Tuesday as Turk Eximbank, Sekerbank and Kuveyt Turk added to Isbank’s Monday mandate. With books slow to build and Turkey recently losing its investment grade status, lead managers believe new issue premiums will need to offer a reason to invest.