Europe

Competition is becoming much fiercer in the Turkish banking sector. After years of rampant loan growth in many markets, banks will have to fight much harder to find new customers and bigger margins in the future.

The Luxembourg subsidiary of NordLB will issue its longest covered bond yet, and one that should offer a double digit return, though covered bonds issued by German banks invariably price and trade well through mid-swaps.

Ukraine and the US have signed an agreement for a further $1bn of loan warranties to be used on a five year Eurobond issue.

Nykredit issued the first contractually bail-inable senior debt on Monday, in a well-received deal that could set the tone for the growth of the asset class in Europe.

An auction this month to settle credit default swaps referencing Norske Skog will produce wildly divergent recoveries for investors at different maturities, terms published by the International Swaps and Derivatives Association (ISDA) have confirmed.

Augustus International, a vehicle for IK Investment Partners, has sold its 15.3% stake in Attendo, the largest private healthcare company in Scandinavia, through an accelerated bookbuild run by SEB and Carnegie on Thursday night.

DNA Ltd, Finland’s third largest mobile phone operator, is considering a second attempt at an IPO as part of its strategic review, nearly three years after shareholders voted against going public.

Banco Popolare’s €1bn rights issue, for which the pricing was announced on Thursday, is a “done deal” according to a banker away from it — so much so that Bank of America Merrill Lynch and Mediobanca have kept the underwriting to themselves.

Four banks have undewritten a bridge facility to support Groupe SEB's acquisition of WMF Group and the company is understood to be considering a small syndication of the facility.

Dave Rome, head of loan capital markets at Royal Bank of Scotland, resigned at the end of last week to join law firm Ashurst. The move follows RBS's reorganisation of its loans business, which limited the banker’s role, said a source at the UK bank.

French textiles and apparel manufacturer Chargeurs has agreed its debut Euro PP — a €25m seven year deal — as well as a €32m bank facility.

In this round-up, RMB deposits shrink further in Singapore and Hong Kong, the Stock Connect scheme southbound channel continues to dominate trading, China prepares for direct trading of RMB and Korean won, and Italian enterprises are found to be warming up to the RMB. Plus, a recap of GlobalRMB’s coverage this week.