Europe

Deutsche Pfandbriefbank took a plunge into the euro senior market on Thursday, overcoming an uncertain backdrop to print a deal that leads claimed could transform its future investor base.

Brunswick Rail has drawn on a tranche of a Rb1.6bn (€20.5bn) two year loan from Alfa Leasing which pays interest of 16%, as tough operating conditions and a weakened currency weigh on its business.

Italian non-performing loan securitizations will now come with a government guarantee, after months of negotiations between the state and the European Commission resulted in a rather rosy outcome for the country’s banks this week.

UK Asset Resolution, the UK government’s holding company that owns the mortgage book of Bradford and Bingley (B&B) following its nationalisation in September 2008, has announced a tender offer and early redemption of the issuer’s covered bonds.

DebtXplained, the leveraged finance covenant specialist, has hired a senior banker from Lloyds — and says that more recruitment of capital markets bankers is to come.

Shareholders of National Australia Bank, the owner of Clydesdale and Yorkshire Bank Group, have voted to separate NAB and CYBG as a final nudge for the UK institution before it is due to float early next week.

The International Swaps and Derivatives Association has extended the deadline for an external review panel to decide whether Novo Banco has triggered a credit event, adding to the protracted deliberations over the Portuguese bank.

Banks have raised concerns with the UK Debt Management Office over the impact that increased regulation is having on their ability to make markets, adding to a crescendo of concern about liquidity provision in government bond markets worldwide.

Royal Bank of Scotland announced £3.6bn of extra costs related to litigation and pensions on Wednesday, which will take the part-nationalised lender to a full year loss.

Earnings at Santander matched market expectations, but analysts argued that fully provisioning losses on its Abengoa exposures would have taken the bank to a fourth quarter loss.

Rabobank’s treasury has lost its head of capital and secured products to its own investment bank.

Another week, another dearth of primary issuance in the European corporate bond market.