Europe

IHS Markit will not overhaul the iTraxx Europe credit default swap index at the September roll next week to address UK bank debt regulations, say analysts, but the index operator will look at whether to change its rules in the near future.

National Grid Gas followed its £3bn Tuesday visit to the sterling market with a €750m eight year bond that completes its primary bond market financing ahead of its 2017 sale.

Punitive Basel IV proposals related to the capital charge on mortgages and the treatment of specialist mortgage banks could be amended more favourably for lenders, said regulators and industry insiders at the European Covered Bond Council (ECBC) plenary meeting in Düsseldorf.

On Wednesday, Bayer said that five banks have agreed to provide the hefty bridge loan for its $66bn acquisition of US agrochemicals specialist, Monsanto. But the $57bn deal is not yet being syndicated, according to one of Bayer’s relationship banks.

Swiss insurance group Zurich, rated Aa3/AA- by Moody's and Standard and Poor's, has signed a $3.2bn syndicated loan in a five year deal coordinated by Citi.

Rentenbank updated its on-the-run 10 year Kangaroo year note on Wednesday, trying to keep Asian investors interested in this key area in the borrower's funding programme.

TMF Group, the business services provider based in Amsterdam, and Unilabs, the laboratory services firm from Geneva, have both launched loan refinancing packages with TMF holding bank meetings last Friday in London, Unilabs on Thursday.

The weaker support for bonds this week seems not to have affected additional tier one (AT1) paper, which is enjoying something of a clamour for the limited supply on offer.

Lithuania is lining up its first trade of 2016 and has picked two banks to lead a tap of its euro 2.125% 2035s.

A UK committee has launched an inquiry into Solvency II this week, as it considers other options for the country’s insurance industry following the decision to leave the EU.

A strong pipeline is building in CEEMEA but after last week’s mini-tantrum, EM bankers are dealing with a shift in investor attitudes which will likely impact pricing as investors demand juicier levels from upcoming issuers.

US coatings maker Axalta on Tuesday sold a €450m bond to redeem its 2021 euro notes, a month after it redeemed its 2021 dollars, cutting its coupon by 200bp.