Europe

Alliance Automotive, the Blackstone-owned French car parts supplier, announced and printed an add-on to its LBO bonds in just one day, to fund the acquisition of UK peer FPS Distribution.

The IPO of Innogy, RWE’s renewables, retail and grids business, is set to be priced in the top quarter of its initial range and is covered at the maximum deal size.

Volume figures released by major derivative exchanges show that low volatility continues to subdue volumes in equity derivative products, although flows improved in September. Interest rate, metal and energy derivatives show growth, however.

After a day of caution on Wednesday, when some issuers held back from the primary market after spates of volatility last week, unrated Air France-KLM timed its €400m deal right, showing that investors will still play for yield in higher risk names.

Old loyalties and simmering disputes are dictating the winners and losers in the race for top billing in Italian FIG, writes David Rothnie.

Just a week after its first dollar denominated benchmark, SNCF Réseau has announced that it will issue its first green bond.

Italian electricity transmission operator Terna hit the European investment grade corporate bond market on Wednesday, shrugging off investor concerns about European Central Bank tapering of its asset purchases.

Saxony-Anhalt increased the size of a new three year dollar deal on Wednesday after squeezing pricing tighter twice during two days of marketing.

Euro Garages has launched €1.16bn of new loan facilities with a bank meeting on Thursday as it moves toward merging with European Forecourt Retail.

Turkey’s Yapi Kredi has completed its loan refinancing, bringing in $1.1bn in dollars and euros, in a deal where the margins increased just last week after the bank was downgraded.

The European Commission has published the draft delegated act on derivative collateral posting. It has ignored the advice of the European Supervisory Authorities (ESAs) and allowed subordinate swaps to be exempt from collateral posting and central clearing.

The Italian subsidiary of Crédit Agricole has issued the longest deal ever seen in the history of the Obbligazioni Bancarie Garantite market, and with 140 orders, one of the most granular distributions.