Europe

A group of retail equity and bond investors in Abengoa are preparing to file a civil lawsuit in Spain — but hope a class action in the US will speed up proceedings.

Spain shaved around 30bp from its long end borrowing costs on Thursday — just a few hours before its yields jumped after the European Central Bank disappointed market participants expecting a strong dose of monetary easing.

Shares in Edag Engineering Group, the German car engineering company, rose 16% on Wednesday when they began trading in Frankfurt after the company’s €166.25m IPO.

Scandic Hotels, the largest Nordic hotel operator, has made a limp start to trading on Nasdaq Stockholm after its Skr3bn (€326m) IPO.

Credit default swaps referencing Havas surged out this week to their widest levels since 2013 as the borrower brought a €400m bond amid a flurry of euro deals.

The UK Debt Management Office has raised £8bn in two days this week after a £3.75bn auction of its 1.5% Gilt maturing 2021. KfW was also in the market as other currencies lay dormant ahead of the European Central Bank meeting on Thursday.

Nestlé made a grab for sterling on Tuesday, issuing a five year benchmark bond in the currency that brought in orders from outside the UK.

Entertainment One, the UK media company, plans to sell its first bond, £285m of secured notes, after a five day roadshow that ends on Friday.

The head of corporate bond syndicate at Danske Bank has left the bank to work at an investment firm.

Banks can look forward to regularly pricing green bonds inside their vanilla senior curves, some FIG bankers believe, after BPCE launched the latest in a succession of tight trades on Wednesday.

Hungarian Development Bank (MFB) printed on Tuesday a €300m 2.375% six year bond, in line with price guidance released earlier that day, bringing a fresh euro benchmark to the country.

Investors showed enduring appetite for insurance capital on Wednesday as Scor found more than €2bn of demand for the second French deal in as many days.