Europe

The UK may have voted to leave the European Union but German’s biggest agency showed it still plans to visit the UK’s currency, as it sold the first sterling deal from an SSA since the UK’s referendum late last week.

Jean-Pierre Mustier is set for a triumphant return to UniCredit less than 18 months after stepping down as head of its corporate and investment bank, as the Italian lender appointed the Frenchman as its new chief executive following a specially-convened board meeting on June 30.

French data processing services firm Tessi is marketing €276m of loans to fund its acquisition by Dentressangle Initiatives, as some pressures on the levloan market from EU political tensions recede.

Sandvik, one of the last Nordic borrowers to refinance as the regional holidays kick off, this week signed a Skr9bn-equivalent credit facility with two banks leaving the syndicate.

Italy took advantage of a fall in its yields since a Brexit-induced spike late last week to print five year debt at a record low rate on Thursday, while Portugal announced plans for an exchange offer.

Shares in Investis Holding, the Swiss residential real estate company, rose 8.1% today, after it became the third company to list on the SIX Swiss Exchange this year, raising Sfr148m to fund growth and acquisitions.

The Loan Market Association appointed four new board members at its annual general meeting this week

Spanish renewable energy and engineering company Elecnor kept the margin unchanged as it refinanced €600m of loans.

Investors have been forced to think twice about buying UK bank paper following the country’s vote to leave the European Union, though lenders remain strong and spreads on their debt securities appear at attractive levels.

The outcome of the Brexit referendum has cast a shadow over London’s ability to maintain its status as Europe’s foremost RMB business hub. In this lowdown, GlobalRMB pits three other European capitals – Frankfurt, Luxembourg, and Paris – against the City as the most likely contenders for Europe’s RMB crown.

UBS has rejigged its global investment banking team as it feels the need to re-examine its business in the face of a “perfect storm of challenges”, according to an internal memo sent to staff by Andrea Orcel, president of the investment bank.

Germany’s financial regulator this week cast further doubt on the planned merger between Deutsche Börse and the London Stock Exchange by objecting to a London headquarters for the group in the wake of the United Kingdom’s vote to leave the European Union.