Europe

Alès Groupe, the French cosmetics company, has issued a €60m European private placement, its first bond issue in that format.

UK sportswear retailer Sports Direct has announced that it will no longer use its loan from owner, Mike Ashley and instead will draw on its credit facility from banks.

Steve Hellman, Credit Suisse’s chief executive officer for Russia and CIS, is leaving to pursue other opportunities outside the bank. The bank is promoting its regional private banking head to fill the seat.

The covered bond primary market began slowly this week with just one quickly syndicated €500m German benchmark from Deutsche Apotheker- und Ärztebank (Dapo) emerging. Despite its measly coupon the deal offered a hefty pick up to Germany. Covered bond supply is expected to improve in the week ahead.

UniCredit was largely absent from the euro senior market last year, but, having successfully priced a new seven year last Friday, the bank’s head of group finance expects a busier year in 2016.

Delve into the details of their respective economic and political prospects, and Italy’s investor credentials are seemingly more favourable than Spain’s, writes Jeremy Weltman.

Torsten Elling will not be returning to Barclays, having been on paternity leave since June last year, The Cover understands.

The preferential regulatory treatment that UK covered bonds currently enjoy could deteriorate if the United Kingdom votes to leave the European Union in this June’s referendum, said Allen & Overy. Deals issued this week suggest the market has already priced Brexit risk in.

Torsten Elling will not be returning to Barclays, having been on paternity leave since June last year, GlobalCapital understands.

Sergey Gorkov, deputy chairman of Sberbank’s executive board, is leaving the bank, and a new acting head of global markets and head of corporate business have been appointed.

The University of Edinburgh this week announced that it had raised a £200m loan from the European Investment Bank and a £100m private placement, after deciding against a £300m public bond.

Coal is about the most basic commodity. It has become deeply unfashionable in recent years, tarred as the worst culprit in global warming. The charge may be true, but the accusations are so vehement partly because promoters of other hydrocarbons — oil, gas, biofuels — want to disguise their own responsibility.