Europe

After mandating leads on Wednesday, Bank of Montreal is set to open books on Thursday for what will become the longest Canadian covered bond in euros. Having issued three year and five year deals this year, BMO’s fourth trade of 2016 will be a curve extending seven year.

An acquisition financing to back Indian company Intas Pharmaceuticals’ purchase of a portfolio of assets in the UK and Ireland is due to hit syndication soon. The loan is expected to be one of the first big ticket trades to be booked partly out of India’s international financial services centre, Gift City.

Affordable Housing Finance showed the appetite of sterling corporate bond investors for new issues despite Brexit induced volatility, as it issued a £124.5m tap on Tuesday.

Gjensidige Forsikring, the second largest shareholder in Norway’s Sparebank 1 SR-Bank, has tonight launched a block trade to sell a 5.7% stake in the bank, worth about Nkr690m (€77m) before any discount.

Maturing deals issued by Washington Mutual and National Bank of Greece show covered bonds doing precisely what they're supposed to — redeem in full and on time.

Rights of Informa, the UK business and academic publishing and events company, began trading separately from its shares this week. Both have traded down, but the ratio between the prices remains satisfactory.

The ship has sailed on establishing a common EU approach to bank creditor hierarchies in insolvency. European authorities need to drop the now redundant pursuit of harmony in the pressing pursuit of clarity.

PureGym, the UK’s largest gym operator, has pulled the plug on its £219m London IPO after finding weak demand, in another blow to the autumn equity capital markets pipeline.

The European Parliament will fast-track its approval of margin rules for uncleared swaps, adding certainty to the deadline for implementation but also accelerating the workload for the first wave of major banks that will need to comply.

Investment grade corporate issuers hit the euro bond markets in force on Tuesday with five primary transactions in play, but defensive deal sizes characterised the frantic flow.

UK luxury clothing retailer Ted Baker has increased the size of its revolving credit facility from £85m to £110m.

Swedish financial services firm Lindorff has signed €225m in loans to fund its non-performing loans business and to reduce the group's reliance on its revolving credit facility.