Europe

Countryside Properties traded up 4.4% in London on Friday, after completing an initial public offering that valued it at just over £1bn. Bookrunners said its business regenerating public sector land was what won investors over.

A day after UK pub company Enterprise Inns showed a strong start to the year in a trading update, equity investors backed the credit, but its unsecured notes due 2018 kept sliding down in a market hit by LeasePlan’s sale failure.

Belgian telecommunications company Telenet, which is owned by Liberty Global, has drawn on €1.2bn of loans to fund the €1.325bn acquisition of Belgian mobile operator, BASE.

Tritax Big Box Reit, a UK logistics real estate investment trust, closed a £200m follow-on capital raising on Friday morning, having increased the deal from a £100m-£150m range.

Saipem, the Italian oil and gas engineering group, announced late on Thursday evening an 87.8% take-up for its €3.5bn rights issue, leaving the underwriters potentially on the hook for up to €427m. In a concerning sign, the shares were suspended on Friday after falling 11%, though they have recovered to 6% down.

BNP Paribas’s corporate and institutional bank shone in 2015, with revenues up 13.2% compared with the previous year. And while some have criticised the bank for letting its strategy rely too much on competitor retrenchment, BNPP's head of CIB Yann Gérardin said it was already well into its strategic transformation.

Supranational and agency borrowers showed their steel once again this week, printing a series of euro deals in the face of strong volatility.

Nykredit came one step closer to a listing on the Copenhagen Stock Exchange on Wednesday, as its committee of representatives approved the prospective listing. But investors will have to wait 12-24 months for the deal to hit their screens.

The UK Supreme Court extended investors’ legal battle with Lloyds this week, saying it will review an earlier ruling by the Court of Appeal that gave the UK bank the right to redeem a series of high coupon enhanced capital notes (ECNs) at par.

Public sector bond issuance is expected to pick up next week after the end of the Chinese New Year holidays if the severe turbulence in the equities and credit market dies down.

SIF Group postponed its €125m all-secondary Amsterdam IPO on Thursday even after trying for a smaller deal size ahead of books closing. It blamed deteriorated and volatile capital markets.

UBS priced its first Swiss franc-denominated senior bond issued out of the holding company on Monday.