Europe

The results of the European Banking Authority’s latest stress test could be positive for Deutsche Bank, which has been struggling to convince market participants about the strength its capital position.

A strong second quarter performance in fixed income trading has bolstered BNP Paribas’ corporate and investment banking results and helped cushion falls in its equities business and domestic retail banking arm.

Far Eastern Shipping Company (Fesco) is looking to impose a near 40% haircut on holders of its local and international bonds.

Uncertainty over the UK’s future following its vote to leave the European Union and the loss of its last triple-A rating failed to make any dent in demand for the first Gilt syndication since Brexit. Instead, the only real effect was the rock bottom yield at which the sovereign was able to issue.

Banco Santander’s exposure to the UK came at a steep price in its results for the first half of 2016, with profits down by 32% despite growing lending and customer funds.

UniCredit is considering a possible flotation of its asset management business Pioneer Investments, after talks with Santander about a merger with Santander Asset Management failed.

Belgium has sold a three year dollar benchmark, finding strong demand in spite of a US Federal Reserve meeting scheduled for Wednesday night and the traditionally quiet summer period.

Affordable Housing has mandated three banks to arrange a tap of sterling notes that may come to market as early as Thursday.

Terna, the Italian electricity grid company, has signed a €500m five year revolving credit facility, a year after repaying a previous club deal.

Pirelli, the Italian tyre manufacturer, has completed a €4.8bn loan refinancing.

The Netherlands Development Finance Company (FMO) sold a ZK104m ($10.3m) five year note to a single investor on Monday.

State-owned Bulgarian Energy Holding benefited from a clear run at the CEEMEA primary market this week to print its €550m bond at 375bp over the sovereign curve, according to lead managers.