Europe

The People’s Bank of China (PBoC) priced its first offshore bond on October 20, raising Rmb5bn ($788m) from a dim sum deal widely hailed as important for the internationalisation of the Chinese currency. But while the transaction is a landmark for the country, doubts remain about whether more such issuance will follow from the central bank, write Carrie Hong and Narae Kim.

Abengoa, the Spanish renewable energy company, suffered yet another unsteady trading session on Thursday over revelations in a leaked KPMG report of a €250m cash deficit.

Julius Baer has announced plans to issue a Singapore dollar-denominated Basel III additional tier one (AT1). If it goes ahead with the deal, the Swiss firm will be the first foreign bank to issue an AT1 in the city state.

The Swiss Federal Council has announced a higher leverage ratio of 5% for Credit Suisse and UBS, as well as outlining how it plans to bring in total loss absorbing capital (TLAC) rules for the two banks.

Hong Kong and London’s futures and commodities exchanges have singed a pact to develop a trading link between Hong Kong Futures Exchange (HKFE) and the London Metal Exchange (LME), alongside a clearing link to be called the London-Hong Kong Connect.

A senior FIG syndicate banker has quit BNP Paribas to move to Danske Bank in Copenhagen.

Romania became the latest CEE name to demonstrate the renewed bid for duration this week, drawing praise for a 10 and 20 year dual tranche euro transaction. However, some debt bankers away from the deal felt the 20 year had come at a hefty spread.

Islandsbanki mandated leads for a euro bond roadshow on Thursday, as Iceland's banks return to the public debt market.

Credit Suisse has picked Citigroup, HSBC and Société Générale to underwrite its Sfr4.7bn rights issue, which will follow a private placement of Sfr1.35bn to anchor shareholders.

Lenta, the Russian supermarket group, completed a $275m sale of global depositary receipts on Tuesday night, in an accelerated bookbuild of both primary and secondary stock.

Poste Italiane, the Italian state-owned post office, narrowed on Wednesday the price range of its initial public offering in Milan. The bookbuild is set to close on Thursday.

German car manufacturer Daimler is in the market for a substantial Schuldschein deal, which was launched at €300m and could grow to €750m, according to bankers away from the leads.