Europe

After the initial calm in Turkish loan trading following the country's attempted military coup, a few trades have come to market, finally showing the radical impact of the event on pricing.

BNP Paribas showed the euro market was still open with a €750m 10.5 year tier two deal on Wednesday, jumping in ahead of the introduction of ‘tier three’ to profit from strong results and receptive markets.

Shares in Banca Monte dei Paschi di Siena, have fallen by as much as 17% since the bank unveiled plans for its rescue on Friday, which include a €5bn rights issue.

Four years after Spain approved a new legal framework to support funding of export finance loans, BBVA has set up the first covered bond programme to be backed by the loans, which Moody’s rated on Wednesday. And with Spain set to update its Cédulas Hipotecarias law, others may be obliged to follow.

Anyone who thinks that a merger between LSE and Deutsche Börse is odds-on now they have shareholder approval should hold that thought — there is still a very long way to go, with many twists and turns ahead.

Turkish banks have long enjoyed cheap one year loans from international banks but it is now more obvious than ever that the sector should have made hay while the sun shone.

The State of Brandenburg drew a well oversubscribed book for a no-grow €300m August 2036 bond on Tuesday, adding to a spurt of 20 year euro deals over the last two weeks.

Orbit Group is holding investor update calls ahead of a planned issuance of £50m of bonds that it had retained from a March deal.

Swedish Export Credit Corporation (SEK) has cancelled plans to sell a tap of its January 2019 global floating rate notes on Tuesday, due to a problem with the documentation for the reopening.

The International Swaps and Derivatives Association’s EMEA Determinations Committee has agreed to rule on whether Grupo Isolux Corsán Finance has triggered a bankruptcy credit event, after the Spanish engineering company suspended payments on bonds and sought creditor protection in the US.

Austrian real estate investment company Immofinanz has enlisted one bank to support its €604m acquisition of shares in fellow Austrian property company CA Immobilien Anlagen. The share purchase paves the way for a merger between the two.

GlobalCapital is pleased to announce the preliminary shortlist of nominees for its Global Derivatives Awards 2016. Nominations are based upon market feedback and research conducted in recent months. Winners will be unveiled at a gala dinner in London in September.