Europe

Tullett Prebon has teamed up with GMEX Group to launch a hybrid voice and electronic trading platform for foreign exchange options.

BP Capital Markets slotted into August’s smooth run of corporate sterling bond issuance on Tuesday, as it issued a benchmark seven year transaction that was priced inside its euro curve.

Veritas Technologies on Tuesday began marketing a €580m-equivalent secured bond, the last leg of the debt package that supports its acquisition by private equity firm Carlyle — and that investors rejected in November 2015.

HSH Portfoliomanagement, a wind-down agency for non-performing ship financing loans from HSH Nordbank, has hired banks to run a roadshow that could be followed by a debut syndication.

Morrison Utility Services is to launch this week loans backing the first UK leveraged buyout since Britain’s vote to leave the EU, according to a banker with knowledge of the deal.

Human resources company Randstad will draw down on its existing credit facilities to fund its acquisition of Monster Worldwide, a recruitment service connecting employers and potential employees. The $429m merger could mark the end of a highly acquisitive period for the Dutch group, as the company vowed to limit further M&A spending.

Key private equity players have their pools of cash ready to deploy when business valuations drop — yet Standard & Poor’s Global believes that even then, sponsor-led LBOs will be scarce.

Landesbank Hessen-Thüringen (Helaba) is expected to price the third dollar Pfandbrief of the year at the tight end of guidance and inside the level it could have achieved in euros.

A lingering aversion to negative yielding covered bonds has caused a slight spread inversion in the Pfandbrief curve and caused supply to move longer. And with concerns over a potential repricing of the market mounting, higher yielding non-Eurozone bonds should offer the least execution risk.

Erste Bank announced the redemption of three legacy tier ones this week, with the Austrian lender possibly set to follow Royal Bank of Scotland into the additional tier one (AT1) market this summer.

A third Turkish bank has returned to the MTN market, joining Vakifbank and Yapi Kredi with a short dated private placement as prices approach the levels they held before the failed military coup on July 15.

The share price of Melrose, the UK industrial buyouts specialist, leapt as much as 16% on Monday after the company said the window shop period of its acquisition of Nortek had expired, allowing the deal and Melrose’s jumbo £1.6bn rights issue to proceed.