Europe

Bunzl, the unrated, FTSE 100-listed distribution and outsourcing company, has issued a $600m US private placement.

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.

Kommuninvest and KfW found good demand for short dated dollar benchmarks on Thursday despite difficult market conditions.

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.

In recent years, the credit markets have become accustomed to volatility, despite the best efforts of central banks to tame the beast. But where it was sovereigns and banks that were the instigators during the crises of 2007-2012, in 2015 it is the commodities sector that is providing the oscillations.

Spain’s borrowing costs dropped to their lowest levels since spring at an auction on Thursday, rounding off a week where the country outperformed its nearest peer in secondary markets.

Bankinter repriced the Cédulas market at least 5bp wider, and its own curve by around 15bp wider on Thursday, with a benchmark five year deal. But with the longer term outlook set to improve, the transaction is expected to have tremendous performance potential.

Glencore's bonds are attracting the interest of high yield investors, after their sharp widening this week that accompanied a steep fall in the mining and commodities group's share price.

Scout24 and Covestro, two German firms that began bookbuilding their initial public offerings on September 21, have received very different responses from the market.

Rheinmetall, the German defence and car parts company, has refinanced a €500m revolving credit facility, as its beleaguered defence arm is scrutinised by Moody’s.

The European Stability Mechanism, which has made a number of recent hires including newly created senior positions, is continuing to reshape its management structure with another appointment.

UniCredit has hired Banca Monte dei Paschi di Siena’s former chief financial officer, who resigned from the troubled lender last month.