Europe

An audit of bailouts during the sovereign debt crisis has pointed to inconsistencies in the European Union’s handling of different states, while claiming that a bail-in of Irish banks’ senior bondholders could have been contained.

Haitong Bank has hired three senior bankers in the UK to bolster its European investment banking platform, as the Chinese brokerage looks to raise its profile in cross-border M&A and capital raising.

Budapest Bank, the bank that the Hungarian state bought from GE Capital last year, would be ready for an initial public offering if its owner chose to float it, the bank’s CEO said on Monday.

Trading in Saipem, the Italian oil and gas engineering company, had to be suspended on Monday, the first day of the firm’s €3.5bn rights issue, due to heightened volatility in the stock.

The European Financial Stability Facility will hit the short and long end of the curve with its second benchmark of the year, a move that is being viewed as an effort to achieve size and duration.

Kommuninvest has selected three banks to arrange a roadshow to introduce its green bond framework, with a view to issuing a debut trade in the format this quarter.

Cardiff University has mandated three banks for its debut bond, the latest offering in a run of debt issuance from the UK higher education sector, writes Ross Lancaster.

German car maker Porsche has launched a Schuldschein for €200m and will increase the deal to a much larger size, according to bankers.

The opening shot for the race to save Abengoa from bankruptcy came on Monday from Alvarez & Marsal, the restructuring firm, and its plan to half the Spanish renewable energy company’s corporate debt to €4bn ­— now the board and creditors must approve the scheme before March 28.

WL Bank mandated leads for the second €500m 10 year of 2016 from a German bank this year, and the fifth 10 year overall. Meanwhile, SCBC will follow DNB Boligkreditt with the fourth five year from a bank outside the Eurozone.

Heathrow, London’s largest airport, printed its second Swiss franc bond on Monday, surprising bankers away from the deal with its timing.

Anthony Veder, the Dutch gas tanker line, issued its first Euro private placement (PP) on Friday, branding the deal as the first sustainable shipping loan.