Europe

After German utility company ENBW struggled to offload a $300m hybrid in a choppy market on Monday, the issuer returned with a bang in euros on Wednesday, and was quickly followed by a dual trancher from French energy provider Total on Thursday.

Pemberton — Cocobod — Tunisie — Ahli Bank

Preparing for MiFID II regulations will cost market participants over $2bn in 2017 in IT bills, a study by IHS Markit and Expand has found.

Russian Railways will attempt to revive the eurorouble format on Friday following a hugely successful dollar market return the previous day.

Moody’s move to junk Turkey's rating last Friday was met with howls of disdain from investors after they believed the agency had hinted there would be no downgrade. But no diligent fund manager should be moving positions based on a throwaway comment from a single analyst.

Five high yield issuers looked to tap into improving sentiment in the corporate sterling market this week, as the Bank of England let rip its corporate bond purchase scheme (CBPS) on Tuesday.

The sterling market's strength was on full display this week, with £1.1bn in new investment grade deals heading into investor pockets — a good sign that supply may be able to replace the BoE’s intended £10bn in purchases.

A chaotic start to the week for the euro corporate bond market saw one deal pulled on a combination of soured sentiment and aggressive pricing, causing issuers to engage in a balancing act before risk appetite returned in force at the end of the week.

The European Commission could ignore the advice of the European Supervisory Authorities, and carry on carving out covered bond swaps from onerous collateral posting rules.

A striking manifestation of Cyprus’s rapid economic rehabilitation since its crisis in 2013 has been its return to the international capital market. Since 2014, the republic has issued four international benchmark bonds, improving pricing and gaining wider and higher quality distribution on each occasion.

The Asian Development Bank on Thursday sold the tightest priced SSA dollar benchmark of the year, as SNCF Réseau got off to a flying start with its first ever issue in the currency.

We noted last week that Deutsche Bank could soon become the widest name in the Markit iTraxx Europe index if its credit deterioration continued. It came to pass perhaps sooner than many expected, with its senior five year spreads closing at 251bp on Monday, 6bp wider than Glencore.