Europe

Austria has printed €5bn in a dual tranche issuance, pricing in 10 and 30 year tenors as the sovereign took advantage of a window of opportunity arising from a rally in global equities.

Italy's minibond market may soon host its first Islamic financing, if a deal now in the works comes to fruition.

Emmanuel Smiecench, former managing director on the sovereign, supranational and agency syndicate desk at Société Générale, has returned to the market.

FMS-Wertmanagement increased the size of a dollar floating rate note on Tuesday after receiving strong demand, and more floaters could follow as bankers report growing interest in the format from central banks.

By the second day of Saipem’s auction of its unsold rights, all of them had been sold to investors — but with the share price still 3.3% below the subscription price at Thursday's close, the underwriters may yet have to buy up to €427m of stock.

A landmark ruling this week that Novo Banco has not triggered a credit event will set a precedent for future European government interventions in banks, market participants said, but it could prompt further amendments to the International Swaps and Derivatives Association's (ISDA) credit definitions.

Pendragon, the UK car dealer, has refinanced its debt, issuing a private placement and signing a new unsecured club revolving credit facility that cut its margin by a hefty 85bp.

European Union ministers decided on Monday to permanently lift most sanctions on Belarus. But international banks remain wary of leading the country back to the Eurobond market.

More banks are expected to bring dual tranche trades in the coming days to get a jump start on 2016 funding, with issuers distrustful of primary market conditions.

MHP, the Ukrainian poultry producer, is asking holders of its Eurobonds maturing in 2020 to accept an amendment to the terms of its bonds which would prevent a covenant breach.

Saipem's share price rose 13.7% on Monday morning, bringing some relief to bookrunners on the firm’s rights issue, which are facing up to€427m of exposure to its shares. By the end of the day, however, the stock was up just 1.4%.

Repeats of the Greek government’s stand-off with its international creditors last year could be avoided by giving the European Parliament the “last word” when members of the eurozone are in conflict with its institutions, according to one of the currency bloc’s founding fathers.