Europe

Danske Bank launched its largest ever share buyback on Tuesday, having exceeded its regulatory capital requirements by more than expected.

Clydesdale and Yorkshire Bank Group decided on Tuesday morning to delay its London IPO by a day, to make an unexpected, last minute addition to its prospectus. As a person close to the bank put it: “Someone somewhere is going to be sitting on the naughty step.”

BPCE issued a €1bn seven year mortgage-backed covered bond attracting an exceptional level of subscription from a broad range of real money investors. The transaction, along with earlier deals from AIB and CaixaBank, shows that the seven year tenor is now firmly back in vogue, offering the right trade-off between duration and yield.

Spanish real estate firm Merlin Properties does not plan to rush its bond market debut, despite having hired Moody's and Standard & Poor's to provide credit ratings.

SIF, the Dutch maker of components for the offshore wind, oil and gas markets, has set the price range for its all-secondary initial public offering at a level that implies a valuation of €357m-€434m.

Countryside Properties, the UK house and flat developer, could float between 30% and 50% of its stock in London, in an IPO that would give it a valuation of £1.125bn at mid-range.

Cardiff University broke the two week silence in Europe's investment grade corporate bond market with a £300m deal on Monday that achieved the lowest coupon ever for a public benchmark bond by a UK university.

Ascential, the information and events business formerly known as Top Right Group and Emap, has got its London IPO covered.

The Swiss Futures & Options Association (SFOA) has changed its name to reflect changing membership, becoming the International Commodities and Derivatives Association (ICDA).

Royal Bank of Canada has made two senior hires in its London credit business as it looks to expand in financials and high yield trading.

Gilt investors have suggested that syndications form part of the UK Debt Management’s main issuance programme, rather than being used as a supplement — but bankers are cautious about such a move, despite the extra fees it would bring in.

Onorato Armatori, the Italian ferry operator, woke up the high yield market with a four day roadshow on Monday for its €300m debut bond. The issuer was followed by four more announcements.