Europe

Despite recording strong year on year increases to net income in the second quarter, UniCredit's corporate and investment bank attracted little attention on Wednesday. Instead new chief executive Jean Pierre Mustier spent time taking questions on the group's plans to raise capital, stress tests and non-performing loans.

Indian Oil Corp has awarded two banks the bid for a $300m bridge loan to support the acquisition of stakes in Russian oilfields.

As Banco Espírito Santo (BES) creditors await compensation after a bridge bank was established to bring forward the collapsed lender’s healthy assets, retail investors are increasingly being granted extra protection in cases of bank failure in Europe.

David Leeming, head of hybrid capital and liability management at RBS, has left the bank.

Georgian holding company BGEO Group bought back some $300m of its outstanding bonds on Wednesday. The buy-back came as part of a combined tender and new issue, which was anchored by the International Finance Corporation.

From September 30, Bank of America Merrill Lynch's benchmark index for global corporate high yield bonds will only list issues of €250m or higher — reflecting the market's taste for larger transactions.

UK housing association group Orbit Group nipped in ahead of the corporate bond market’s summer break to issue the retained £50m portion of a 30 year secured bond.

The International Swaps and Derivatives Association’s EMEA Determinations Committee has delayed until Friday a decision on whether Grupo Isolux Corsán Finance has triggered a bankruptcy credit event.

Lar España Real Estate Socimi, the Spanish real estate investment trust which specialises in shopping centres and offices, completed its €147m rights issue on the Madrid stock exchange.

Ion Trading, the Ireland-domiciled electronic trading software firm, had replies due on Wednesday for its $200m equivalent incremental term loan dividend recapitalisation, as had Dutch pharma firm Mediq, with some investors saying market valuations look frothy.

Chief executive Frédéric Oudéa warned of further turbulence as a year-on-year slump in Société Générale’s equities business drove profits at its investment bank 36.2% lower. Group profits, however, were cushioned by strong international retail banking income and the sale of shares in Visa Europe.

UBS pulled in a $6bn book for the first additional tier one bond since the UK left the European Union on Wednesday, using a greenshoe option for a second time to ensure secondary stability.