Europe

RBS’s plan for its investment bank assumes no revenue attrition in the division, despite further ambitious cost-cutting plans that will take out £2bn of costs in the next three years.

Continental Rubber of America, a wholly owned subsidiary of Germany’s Continental, issued a €500m no-grow bond on Thursday, returning to the bond market after a two year gap.

The green bond market was home to a pair of firsts this week, as one seasoned issuer sold its first ever bond in any format at a tighter spread to US Treasuries than mid-swaps, and another made its debut in the SRI format.

Abengoa is negotiating with five banks and Spain's government for a new €1.5bn credit facility, as the Spanish establishment has rallied round to save the debt-laden renewable energy engineering group, writes Victor Jimenez.

Deutsche Bank on Thursday priced its latest Samurai deal well wide of its last effort as investors continued to digest its restructuring, while wild swings in the basis swap between yen and dollars buffet other potential issuers in the format.

UBS enjoyed strong demand on Monday for its first holdco level senior debt in euros, with market participants divided on how its pricing compared to opco levels.

BMW returned to the bond market on Tuesday, November 10, with a €1.25bn deal, its first issue since the Volkswagen emissions scandal made investors reassess their attitude to the car industry.

Bank of Georgia completed the IPO of its healthcare subsidiary on Monday, as it successfully priced the deal, although at a price much below what it had hoped for.

Tightly priced and low yielding Pfandbriefe issued this week by HSH Nordbank and Deutsche Hypo received less demand than usual, with HSH failing to attract enough attention to cover its deal.

Amadeus, the Spanish company that provides IT systems to the air travel industry, reaped the rewards of five weeks of patience on Tuesday as its €500m six year no-grow bond brought in an order book of over €4.75bn.

McCarthy & Stone, the UK’s leading builder of retirement homes for sale, completed its IPO on Friday November 6, in a £336m deal that gave it an initial market capitalisation of £967m.

Nyrstar, the Belgian zinc smelter and miner, is seeking to raise €250m to €275m with a rights issue to help it weather a severe fall in commodity prices.