Europe

LVMH Moët Hennessy Louis Vuitton, the French luxury goods group, returned to the convertible bond market on Monday night to tap its $600m equity-neutral bond, issued in February, for another $150m.

The UK moved quickly, and a long way, on bank capital, but apparently it hasn’t done enough. In a year when the Basel Committee is supposed to be finally finishing its own capital rules, do we really need more uncertainty?

Italy enticed investors out the curve on Tuesday with its first ever 20 year euro benchmark, offering a pick-up of around 40bp over where its 15 year benchmark — a more traditional pricing point for the sovereign — was trading in secondaries.

Burford Capital, the litigation finance firm, has raised £100m with its retail bond issue, the third this year on the London Stock Exchange’s Orderbook for Retail Bonds, and the largest since August.

IZAC, a French men’s clothing brand, has issued a €12m European private placement with the support of the Novi 2 fund.

A vote by the United Kingdom to leave the European Union would entail a host of negative consequences for the derivatives market, according to Allen & Overy lawyers. The concerns include a deterioration of counterparty creditworthiness, changes in mark-to-market exposure and a decline in the value of UK linked collateral.

After a short stint at ANZ, a former Royal Bank of Scotland managing director joined Banca Imi last week

Carrefour, the French hypermarket chain, issued a €750m bond on Tuesday, in a market enthusiastic for corporate debt.

A Barclays FIG DCM banker is moving into a senior treasury job at the bank.

Banca Popolare di Vicenza’s mainly retail shareholders will be left owning just 0.66% of the bank if its €1.5bn IPO is priced at the bottom end of the price range. That the IPO and capital increase would be highly dilutive had been clear for some time, but the publication of the price range today makes it possible to put numbers on this for the first time.

Arion Banki was set to raise at least €300m in the senior unsecured market on Tuesday, with investors becoming increasingly confident about Iceland's banks as they return to the public debt markets.

State owned Georgian Oil & Gas Corporation has released initial price thoughts for its dollar bond, which a lead manager estimated offered around a 50bp new issue premium.