Europe

Republic of Poland raised €500m with its longest ever syndicated bond as part of its push to extend the average duration of the country’s debt by taking advantage of low rates, as Slovenia made plans to reduce debt costs by buying back three of its dollar bonds.

In a troubled European IPO market, the $1.8bn-plus flotation of ConvaTec, the UK medical supplies maker, is covered at its base deal size, three working days into the bookbuild.

Investors are soon to be treated to the lowest rated Russian bank debt since 2012 as Tatfondbank embarked on a roadshow for a three year deal to test just how strong demand is for the asset class.

Rapeseed futures have hit peak trading volume, with Euronext reporting successive records last week.

Rising costs for derivatives clearing and difficulties gaining access to dealers present a mounting challenge for small end users in the US and Europe, some of which may have to find other means to hedge risk, a study by the International Swaps and Derivatives Association has found.

Luceco, a maker of electrical wiring products and LED lights, made its debut on the London Stock Exchange on Monday after raising £93m, amid an IPO market in which many bigger and higher profile deals have come to grief.

Intercontinental Exchange is aiming to beat the London Metal Exchange in a race to offer a London gold futures contract, by rolling out a product in February to support central clearing.

BNP Paribas has brought together its global listed derivatives businesses on a single platform hosted by UK software and services company Fidessa.

German residential and commercial property company Aroundtown Property hit the investment grade corporate bond market for its debut hybrid transaction on Monday, executing the deal in a market where indices fell.

Misys, the UK banking software company, has been buffeted by the turbulence that has beset the European IPO market over the last two weeks, as it launched the bookbuild for its £650m to £750m IPO on Monday with a lower free float than initially planned.

The Canton of Geneva has offered a 40 year bond to the Swiss market, the longest public sector, non-government bond ever in the Swiss market.

Euro issuance this week is very much focused on long dated bonds, with Bank Nederlandse Gemeenten printing a 20 year syndication on Monday and other European agencies and sovereigns looking to tap the long end of the curve via auctions.