Europe

Travelodge Hotels, the UK budget hotel chain, on Tuesday began marketing a £360m two tranche bond, its debut issue, in a European high yield market still eager for confirmation that deal flow will pick up in the coming weeks.

The UK’s Debt Management Office sold a £4.75bn tap of its July 2065s on Tuesday as the impending referendum on the UK’s membership of the European Union showed no impact on demand.

Funke Mediengruppe, the German media group, has agreed an extension to its loan facilities, in one of the few amend-and-extend operations so far in 2016.

The German lender paid no premium for its sub-benchmark sized Pfandbrief, issued on Tuesday.

Investing in Italy's bank recapitalisation fund could weaken larger lenders' vulnerable capital ratios, according to Moody’s.

LCH, the clearing house operator, has made two senior executive appointments.

Telepizza, the Spanish pizza delivery group partly owned by Permira and KKR, closed its €550m IPO bookbuild today and is set to price it at €7.75 a share, a third of the way up the original range. It will use proceeds to repay debt, after restructuring its debt in 2014.

Numis Securities’ bold block trade in Saga shares on Thursday night has catapulted it into the top 10 in Dealogic’s equity capital markets league table for 2016.

Spanish utility company Iberdrola will launch a new money term loan later this year, according to a banker familiar with the matter.

Finland is to tap £100m of its December 2020s amid signs of confidence in the sterling market as the risk of a British exit from the European Union falls.

Compagnie de Financement Foncier took advantage of strong market conditions to issue a long eight year on Monday. Its third covered bond of the year was priced tighter than the previous two and comes as the European Central Bank has become more active in the secondary market.

Spanish IT company Amadeus will complete its €500m revolving credit facility later this week with some changes to its bank group, according to a banker familiar with the deal.