Europe

Danish covered bond auctions this week attracted strong demand, especially in the five year tenor where yields are double what is available in the eurozone.

Banco Popolare (BPIM) has obtained the approval of investors to remain the account bank on its own covered bond programme, even though this will result in those covered bonds being downgraded to a sub-investment grade rating.

TF Bank, a Swedish fintech business, is preparing the launch of its initial public offering on the Frankfurt Stock Exchange, and has appointed a bank to lead the deal.

The Polish parliament’s new plan to solve the country’s Swiss franc mortgage problem could cost Polish banks $6.2bn this year, wiping out profits for 2015 and 2016, according to Institute of International Finance (IIF) research published this week.

Biotie Therapies raised €83.3m in the first half of the year from the issue of convertible notes and from an initial public offering in the US, the company said on Thursday.

Equistone Partners Europe has acquired a majority stake in TriStyle Mode, the German women’s fashion group, with funding from a club of five banks.

Spain’s 10 year borrowing costs dipped below 2% on Thursday for the first time since May, as the sovereign approached the three quarter mark on its funding schedule for 2015.

Wealth manager, London & Capital (L&C) has launched a new emerging markets UCITS fund, the firm announced on Thursday.

A $1.5bn chunk of financing backing the acquisition of the LED and automotive lighting division of Dutch company Philips has become a talking point because of its low amortisation and seven-year tenor. Syndication has closed for the deal, but it was too aggressive for some, as Shruti Chaturvedi reports.

The Polish parliament’s new plan to solve the country’s Swiss franc mortgage problem could cost Polish banks $6.2bn this year, wiping out profits for 2015 and 2016, according to Institute of International Finance (IIF) research published this week.

Société Générale’s head of EMEA structured finance and loan syndication has moved to a new job within the bank and his responsibilities have been assumed by two colleagues.

Chorus Clean Energy, the German solar and wind power plant operator that pulled its initial public offering last month, still hopes to go public.