Europe

The Autonomous Community of Madrid has crushed its long dated borrowing costs with a 15 year euro medium term note.

BMW tapped into the increasing pace of corporate sterling bond issuance as it issued a benchmark six year offering against the backdrop of anticipated central bank intervention in the market.

Grupos Isolux Corsán Finance has triggered a bankruptcy credit event, the International Swaps and Derivatives Association’s EMEA Determinations Committee has ruled.

German automotive supplier ZF Friedrichshafen has refinanced debt it took on for the acquisition of TRW with €3.5bn of loans. The company said credit rating upgrades earlier this year helped it to secure the improved deal.

European high yield market participants still believe the market can digest LBOs, even if recent speculative grade M&A activity has avoided bond financing.

Dutch telecom firm Ziggo marketed a $1.6bn loan refinancing package during an investor call on Monday afternoon, after the European Commission cleared its proposed merger with Vodafone’s dutch unit last week.

Over 650 people have already voted in The Cover’s 2016 annual awards survey — GlobalCapital's awards for the covered bond market — and polls are set to close imminently. Be sure not to miss the chance to make your opinion count in what is proving to be a close contest.

German auto parts manufacturer Progress-Werk Oberkirch (PWO) has signed a €100m syndicated loan with four banks, including one institution lending to the firm for the first time.

Standard & Poor’s upgraded Novolipetsk Steel (NLMK) and Severstal to one notch above the Russian sovereign rating at the end of last week, prompting a rally in their bonds as investment grade funds became able to buy the notes.

BNP Paribas and HSBC followed Barclays into the sterling market on Monday, revealing opportunities in the currency following last week’s Bank of England meeting as spreads grind tighter and book sizes grow.

Turkey on Friday managed to cling on to its investment grade status after Moody’s left its credit rating on hold.

Export credit agency Turk Eximbank has signed a $750m 10 year loan from international lenders, having secured a €400m deal just last month.