Europe

Pakistan eyes life insurance IPO — SECP gives nod for unified stock exchange — BW Pacific sets sail for Oslo

TSB's UK prime RMBS programme made a solid start on Wednesday afternoon, as the bank placed a debut £537m-equivalent deal in sterling and euros. The issuer retained over two thirds of the sterling tranche despite offering a decent spread pick-up, but the euro tranche priced strongly.

Oberthur Technologies, the French smart cards maker, indefinitely postponed its IPO on Wednesday, blaming poor market conditions.

Edag, a German company that specialises in providing engineering services to the car industry, started investor education on Wednesday for a Frankfurt IPO.

Amundi, Europe’s largest asset manager, has covered its IPO, which is set to raise at least €1.4bn, on the third day of the bookbuild.

The Financial Stability Board has reported progress in implementing over-the-counter derivatives market reforms, but has also highlighted where it believes further work is needed and is seeking further market feedback.

Law firm Morrison & Foerster has hired an equity derivatives specialist as a partner at its London office.

Two dollar issuers printed without tightening from initial price thoughts on Wednesday, with one opting for a benchmark and the other tapping central bank demand for floaters.

Swiss foods group Nestlé issued a €500m no-grow bond today, clinching a 25bp spread over mid-swaps and still drawing a €1.6bn order book.

Perform Group, the UK digital sports media company, announced its intention on Wednesday to hit the high yield market with its first bond: £200m of secured notes to fund new content.

Deutsche Apotheker- und Ärztebank, or apoBank, received a strong endorsement from investors for its first benchmark Pfandbrief in more than seven years.

A comparison of existing European covered bond laws suggests German credit quality will be hit hardest if Europe adopts a single covered bond framework. The European Commission has proposed a Pan-European covered bond law, prompting Moody’s to release the study this week.