Europe

Few bankers were happy with their bonuses at the start of 2016, despite a surge in the value of their payments.

Italian ferry operator Onorato Armatori on Friday sold €300m of secured notes as investors backed its plans for a new financial structure.

Worldwide Flight Services, the French cargo and luggage handling company, on Friday sold a €100m tap of its 2021 bond and €140m of triple C rated notes to support its purchase of US peer Consolidated Aviation Services.

CMC Markets, the financial spread betting firm, priced its £218m initial public offering last Friday, before falling 2.5% in early trading. It has fallen further since.

Ascential, the information and events business formerly known as Top Right Group and Emap, has narrowed the price range for its IPO, homing in on the middle of the original range, and is covered within that range.

ArcelorMittal on Friday announced the sale for €875m of its 35% stake in the Spanish car parts supplier Gestamp Automoción to the Riberas family, who are yet to disclose details of how they will finance the purchase.

Santander UK has taken advantage of deep demand for short dated floating rate debt to print a €750m deal in the private market.

ArcelorMittal bowed to the inevitable and announced a $3bn rights issue last Friday morning, after its credit spread had widened to distressed levels as global steel prices slumped. Goldman Sachs, Bank of America Merrill Lynch and Crédit Agricole are global coordinators.

Laboratoire Français du Fractionnement et des Biotechnologies (LFB), the French biopharmaceutical company, announced on Tuesday that it had raised a €124m Euro private placement, as the Euro PP market gathers pace, according to bankers.

In this round-up, Charles Li promises Bond Connect and RMB derivatives, ICBC sees cross-border business booming, Moscow Exchange looks to connect with Chinese investors, offshore RMB (CNH) still a top three currency on the EBS FX trading platform, and China clarifies rules for foreign banks looking to join the onshore FX market. Plus, a recap of the top GlobalRMB stories this week.

Numis Securities is pulling out of market-making in UK retail bonds, in a gloomy sign for the market after a period of low issuance on the London Stock Exchange's Orderbook for Retail Bonds, writes Ross Lancaster.

Hypo Tirol overcame lingering concerns in the aftermath of the Heta Asset Resolution debacle to issue an oversubscribed and relatively well distributed five year Pfandbrief on Thursday.