Europe

Bank Nederlandse Gemeenten sold its first social bond on Wednesday, using the more captive investor base for socially responsible investments (SRI) than the usual SSA buyer crowd to achieve a tighter price.

Pirelli, the Italian tyre manufacturer acquired by ChemChina last year, will complete syndication of its loan refinancing this week, according to a lead banker.

Groupe Poult, the French biscuit maker, on Wednesday opened syndication for a €230m loan for its merger with Dutch waffle specialist Banketgroep. The deal priced wider than it would have before the UK's Brexit vote, according to a lead banker.

UK investment firm Melrose will rely on relationship banks for $1.25bn of debt to support its acquisition of Nortek, as the loan market continues to support deals in the wake of the Brexit vote.

Monte dei Paschi di Siena has been at the centre of discussions about a possible new bank investment fund in Italy, after the lender’s huge bad loan problem came to the fore once again this week.

Melrose Industries, the UK company that aims to buy, improve and sell underperforming industrial businesses, will conduct a heavily dilutive £1.655bn rights issue, cheering equity capital markets bankers who had feared months of weak activity, especially in the UK, after the shock of the Brexit referendum.

Swedbank has made a number of changes in its investment bank group as well as its large corporates and financial institutions (LC&I) division.

The European investment grade corporate bond market has been ticking along like a metronome this week, printing a steady deal a day. And encouragingly, big deals have returned.

Fagron, the Belgian-Dutch pharmaceutical compounding company, completed its recapitalisation on Tuesday as banks sold the €5m rump of its rights issue in a swift accelerated placement.

While Bank of England governor Mark Carney took an admirable step to encourage UK bank lending on Tuesday, the syndicated loan market does not need more bank liquidity, it needs gutsy treasurers.

CA Immobilien Anlagen, the Austrian real estate business, was able to increase the size of a new issue to €140m on Tuesday, with strong support from domestic investors.

Gold and other precious metals have been major beneficiaries as safe haven investments in the wake of the UK’s Brexit vote, with gold futures this week hitting their highest level since July 2014. But some believe the wider precious metals sector has overshot.