Europe

Deutsche Börse, owner of the Frankfurt Stock Exchange and Eurex, brought some calm to a frazzled bond market on Thursday, with what market participants agreed was a successful issue.

Germany is pushing ahead with plans to make senior unsecured debt TLAC eligible, and with the new rules to be finalised in two months’ time more jurisdictions are expected to fall in behind it.

Rabobank has said the German response to total loss-absorbing capacity (TLAC) rules places senior unsecured debt at risk, and advised against its adoption as a Europe-wide solution.

Santander fell victim to market spasms this week, pulling a dollar trade amid extreme volatility.

EDF has expanded its investor base into Taiwan with a $1.5bn bond, the first time a European issuer has bought a dollar bond to the Formosa market.

BMW has sold the first private medium term note from an auto company since Volkswagen shocked the market by cheating on emissions tests.

The beleaguered Austrian lender has announced the completion of its partial sale and split into KA New and KA Finanz.

Finnair, the unrated Finnish airline, increased the size of its hybrid capital issue today by €50m to €200m, as Nordic investors supported the credit in a turbulent week.

Raiffeisenlandesbank Niederösterreich-Wien and Banca Carige have mandated leads for covered bond roadshows that will start in early October.

Gazprom may issue a euro denominated note next week, the first corporate new issue from Russia in 2015. But although it is viewed as a positive sign for the market, it won't necessarily herald a wider market re-opener for the country.

The message from market participants at the Euromoney/GlobalCapital Corporate Summit in Paris on Monday was clear: private placement investors need to go global.

Swedish Covered Bond Corp (SCBC) and Bankinter issued €750m covered bonds this week, but after record issuance, their limp receptions may cause others to postpone funding plans.