Europe

With one quarter left of 2016 to go and global issuance 22% down, the equity capital markets bookrunner race is going into its final straight. Familiar faces are leading the pack, but incumbents in general are having a tough year.

Swiss food and drinks company Nestle is in talks with banks to refinance about €12bn in one and five year credit facilities.

The Kangaroo market has faced a variety of challenges but, for each challenge, it has evolved to provide new pockets of value for investors and to meet borrowers’ requirements as they respond to the constantly shifting market realities. By Lewis McLellan.

Deutsche Bank is considering an IPO of its asset management division, as a way of replenishing its coffers after the settlement of its multi-billion dollar fine by the Department of Justice for its role in the US housing crisis, according to the Financial Times.

The recent surge of primary action in European high yield suffered a blow on Monday when Verallia pulled its €500m pay-if-you-can (PIYC) bond. But the market trotted on and kept its momentum.

On Monday Spain's Ibercaja returned to the covered bond market for the first time since 2010 to issue the tightest Spanish deal this year. Although the book contained fewer orders than many Spanish covered bonds, the scale of excess demand was above average.

Foreign investors are weighing opportunities in investment-grade sterling bonds, as the asset class begins to reveal a greater premium over dollars and euros.

The International Bank of Azerbaijan (IBA) will close syndication for its $150m one year loan this week and banks should complete documentation around October 19, according to a banker on the deal.

Russia plans to raise $7bn in the international markets next year and is working towards a radical overhaul of its capital markets to decrease pressure on the country’s strained banks, Sergei Storchak, deputy minister of finance, told GlobalCapital's sister publication Global Markets.

Leading voices from across the emerging world have lined up this week to talk up the benefits of free and unfettered trade — and bemoan the increasingly protectionist rhetoric they see emanating from politicians in the struggling West

The vice-president of the New Development Bank, Paulo Nogueira Batista Junior, tells GlobalMarkets how his institution is lending on projects and issuing green bonds in line with the increasing concern with environmental issues

The world remains a divided realm, the chief economist of ratings agency Standard & Poor’s warned, with some countries rising and growing, and others facing years of steady decline