Europe

Standard Chartered attracted huge demand for a Reg S additional tier one note on Thursday, clearly displaying the asset class’s recovery over the past two months.

Cineworld, Europe's second largest cinema operator, has increased the size of its revolving credit facility by £25m to fund its acquisition of five UK cinema sites.

Burgan Bank Turkey has signed a $150m one year loan which does not include a margin flex if the bank is downgraded. The signing comes as the country’s larger banks face increasing calls to write in such clauses in case of rating changes.

One of the longest running and most painful sagas in global leveraged finance came to an end this week when high yield investors on Wednesday accepted Veritas Technologies’ €600m-equivalent secured seven year non-call three senior bond eight months after it was first launched. Victor Jimenez reports.

FMS Wertmanagement printed $2bn of bonds on Wednesday for the first time since November 2013 and only the fourth time in its history, as rampant demand in the currency showed no signs of letting up.

The world’s oldest bank has trodden a 500-year line between the sacred and the profane.

An auction to settle credit default swaps referencing Grupo Isolux Corsán Finance is expected to take place on August 24, the International Swaps and Derivatives Association’s (ISDA’s) EMEA Determinations Committee (DC) said on Wednesday, as it published an initial list of deliverables that only contained one bond.

Places for People, the UK housing company, on Wednesday sold £400m ($519.35m) of bonds with orders more than 2.5 times the offering size, despite tapping the market just two weeks after Moody’s cut its rating to A3.

As corporate bond purchases from central banks increase and yields fall, two large players from the high yield buy side have this week announced new products targeting the market.

Shell made a quick move from publishing earnings results to issuing a dual tranche bond on Wednesday, the euro market’s only investment grade corporate deal of the week.

UK retail sales in July increased 1.9% year on year, according to a report from British Retail Consortium and KPMG. But with loan pricing barely budging, there is unlikely to be much deal flow, especially refinancings, from UK retailers this year, according to two bankers.

Next week’s Danish covered bond auctions are eagerly awaited by yield-starved foreign investors. The 30 year callable notes offer the highest yields for a triple-A rated credit to be found anywhere.