Europe

Russia this week printed its first Eurobond since 2013. But the $1.75bn deal — hobbled by Western banks refusing to lead arrange, Euroclear declining to confirm it would settle the bond and compliance teams halting some fund managers from participating — was not a straightforward issue. Debate rages as to whether the exercise has done the sovereign more harm than good.

FCE Bank, the finance subsidiary of Ford, paid a visit to the sterling bond market on a day when much of Europe was celebrating the Corpus Christi public holiday.

Delta Lloyd has announced a prime RMBS that is fully backed by Nationale Hypotheek Garantie (NHG) mortgage loans. Although these loans are less risky, the supply of them may fall due to new European regulations, said analysts at Rabobank.

TwentyFour Asset Management’s listed closed-ended UK Mortgages Limited fund muscled in on the UK RMBS market on Wednesday with a debut securitization of buy-to-let mortgages.

A JP Morgan debt capital markets banker is leaving after a decade at the firm.

JP Morgan and Société Générale both picked up awards at the GlobalCapital Bond Awards 2016 on Wednesday for providing derivative solutions to borrowers.

UniCredit took advantage of a strong rally in subordinated paper to raise €750m of new tier two funding on Thursday, despite being on the lookout for a new chief executive and a new capital strategy.

Banco Popular Español’s newest additional tier one issue traded at its highest level since January on Thursday, after it surprised market participants with plans for a €2.5bn rights issue to fund a large increase in bad loan provisions.

Hungarian Export-Import Bank is near completion of its $600m-equivalent loan, with four banks making commitments, according to a lead banker.

GlobalCapital presents its annual High Yield Bond Awards 2016. These awards are determined entirely by a poll of market participants, and celebrate the outstanding issuers, funding officials, investment banks, bankers and rating agencies in the high yield between May 2015 and April 2016. Congratulations to the winners and nominees.

GlobalCapital held its annual bond dinner awards on May 25 in London’s Guildhall. The awards are determined by a poll of market participants, and celebrate the outstanding issuers, funding officials, investment banks, bankers and rating agencies in the capital markets between May 2015 and April 2016. Congratulations to the winners and nominees in Investment Grade Corporates.

The IPOs of Philips Lighting and Maisons du Monde both reached successful conclusions on Thursday. Their books built gradually, which a banker said boded well for them to trade solidly when they are listed, unlike some recent soggy performers like Telepizza.