Europe

Delta Lloyd, which last week won a shareholder vote to execute a rights issue despite public criticism of the deal from some of its investors, on Wednesday released details of the trade.

German retail bank Postbank is expecting to regain its independence from Deutsche Bank by the middle of the year.

The London Stock Exchange’s order book for retail bonds received a welcome boost this week as it won its second issuer of 2016.

Unédic

Covered bond primary activity slowed this week with just two €500m seven year trades emerging from banks in the Netherlands and Italy.

Senvion, the German wind turbine maker, listed in Frankfurt on Wednesday after a tortuous process that saw the firm’s owners pull its IPO last week, then grudgingly relaunch it just five days later in a shrunken, cheaper format.

Concerns about further delays to the finalisation of the Markets in Financial Instruments Directive II were raised this week, after communications between the European Commission and the European Securities Markets Authority (ESMA) appeared to have become strained.

The same benign financing conditions that propelled global M&A volume to a post-crisis record in 2015 are in place for UK blue chip companies this year. But treasurers are adopting a cautious approach ahead of the EU vote, writes Ross Lancaster

SNCF Réseau became the second SSA issuer of the week to target the long end of the euro curve, printing a €500m May 2037 on Wednesday.

Small and medium enterprises are the hardworking families of the business world — politically untouchable, the foundations of growth, dynamism and entrepreneurship. This is why funding them has been so politically controversial in the UK. There’s still huge state involvement in the market, but it has become less important — SMEs now have more funding options than ever. Owen Sanderson reports.

Recent reports of the imminent death of the Gilts auction may have been premature but even debt management officials admit the system is showing signs of stress. Could changes to the process restore lost liquidity? Lucy Fitzgeorge-Parker reports.

The dollar and euro markets may dwarf it in size but that doesn’t mean sterling can’t offer advantages to corporate issuers — domestic or foreign. Ross Lancaster reports.