Europe

UBS has announced a tender offer for a number of deals including one dollar denominated covered bond. The announcement comes in response to an earlier pledge to build up its Total Loss Absorbing Capacity (TLAC), which should be credit positive for its covered bonds, even though the programme is being wound down.

Russian steel company Evraz is roadshowing a Reg S senior unsecured dollar bond through six active bookrunners and two passive, in tandem with a tender offer.

European regulators have ditched a long-running investigation of 13 major banks on charges of collusion in the credit default swap market, citing insufficient evidence.

The UK Debt Management Office has updated its fundraising programme for the first three months of 2016 and will tap the ultra-long end for its final syndication.

Agence France Locale printed its first bond denominated in dollars this week.

The European Central Bank’s decision to include local and regional debt in its public sector purchase programme is set to ease one sub-sovereign’s path to becoming an annual visitor to the public markets, according to its head of funding.

Crédit Agricole braved the markets on Friday to price its third transaction in Swiss francs this year.

Zumtobel, the Austrian lighting manufacturer, made one change to its seven bank syndicate in a €500m loan refinancing.

The French government sold €753.5m of shares in Safran, the French aerospace and defence group, on Monday night, in a block trade that was 1.6 times covered. But investors hoping to benefit from a favourable European Central Bank decision on Thursday were disappointed.

FIG bankers rejoiced this week as two markets that have been much maligned this year — insurance capital and sterling senior — showed enduring appeal just in time for a year end funding grab.

Austrian oil and gas company OMV emerged on Monday with a dual tranche hybrid bond that had been promised since August, but a broader revival for the product may have to wait until next year.

The UK printed on Tuesday a tap of its 0.125% index-linked Gilt maturing March 2046. The note was sold at the tightest spread to the benchmark since it was first syndicated.