Europe

Global stress testing is required for derivatives clearing houses to ensure that they do not become ‘too big to fail’, the Bank of England has said.

A former director-level leveraged finance banker at Lloyds joined Société Générale this month on a short term contract.

Agence France Locale printed its second ever syndication on Wednesday, building an oversubscribed book for a seven year deal.

German specialty chemicals company Evonik Industries launched €1.9bn of loans into syndication on Wednesday.

The former UK chief executive of UBS is to join the fixed income, currency and commodities Markets Standards Board — part of the UK’s initiative to ensure wholesale markets are operated fairly.

Santander Consumer Finance launched its third deal of the year on Wednesday, raising €750m in five year senior funding.

ABN Amro mandated banks for a euro-denominated green bond on Wednesday, as the asset class prepares to get off the ground for the first time in 2016.

The Republic of Latvia sold its €650m 1.375% 20 year bond on Tuesday — a deal that attracted $2bn of orders.

Natixis has been able to distance itself from other French banks struggling in the fight to remain profitable. But after reporting disappointing first quarter results on Tuesday, the bank’s armour looks to have been dented.

Koks Group is set to enter the euro commercial paper market in an effort to generate some much needed liquidity.

Slovenia is planning to tap its euro Reg S €1.25bn 2.125% 2025s and €1.5bn 2.25% 2032s to fund its dollar bond buy-back and has released price guidance for those notes.

DG Hyp priced the tightest and most oversubscribed German 10 year covered bond of the year on Wednesday. The strong result pays testimony to constructive covered bond sentiment which is being driven by prospective supply scarcity and relative value to government bonds.