Europe

Ukraine’s Privatbank has received approval from the High Court of England and Wales for a restructuring deal approved by holders of its subordinated Eurobonds.

The European Central Bank has identified a €1.4bn capital shortfall at Portugal's Novo Banco, but analysts say the results are positive for the bank’s bondholders.

The Ranger holds banks to ransom for their votes for the Loans Awards.

Nationwide Building Society has appointed the former head of HSBC UK as its new chief executive.

Moody’s has withdrawn the Aa3 covered bond ratings of KA Finanz and downgraded those of KA New to Baa2. KA Finanz, which owns the euro benchmarks, has confirmed it will maintain a consistent overcollateralisation ratio and is seeking another rating from Standard & Poor’s. Despite this uncertainty, analysts expect the bonds owned by KA Finanz to outperform its peers.

The Dutch bank has mandated leads to roadshow its inaugural conditional pass-through covered bond.

London Stock Exchange Group (LSEG) and India’s Yes Bank have signed a memorandum of understanding to work together on bond and equity issuance, with a special focus on green infrastructure finance.

Flat Glass Group Co has announced terms for an up to HK1.21bn ($155.61m) listing in Hong Kong ahead of launching the trade on November 16.

In this round-up, Moscow Exchange sees fall in both spot and swap trading, South Korea deposits drop for sixth consecutive month, and the Swiss franc is now directly convertible with the onshore RMB. Plus, a recap of GlobalRMB’s top stories this week.

ICAP’s agreement to sell its voice broking business to Tullett Prebon, signed on Wednesday, will free the former's profitable electronic trading, post-trade and indexing businesses from the regulatory capital pain that comes from being part of a broker. Meanwhile, Tullett Prebon will become the largest player in hybrid voice broking, taking over ICAP’s voice and information business.

One of the main events of the end of the year in equity capital markets is under way, as Greece’s four main banks line up capital raisings to cover yet another shortfall, writes Olivier Holmey.

International Airlines Group, the company that owns British Airways and Iberia, issued a highly successful €1bn convertible bond on Thursday, to refinance its acquisition of Aer Lingus, the Irish flag carrier.