Europe

French car rental company Europcar is withdrawing its support from Team Europcar and its worldwide brand exposure. Despite this, investors remain keen on the company and its ability to retain its leadership in the European car-hire market.

New Capital had appointed John Leahy specialist UK equity fund manager to strengthen its European and equity franchise.

Portugal’s short term borrowing costs dipped back into negative territory on Wednesday for the first time since May, as the third Greek bail-out package swung into action and Ireland cancelled debt.

A Dutch agency re-opened the euro benchmark sector for SSAs on Wednesday, selling its largest bond in the currency for more than three years after opting for an intraday execution.

Warrington Borough Council has become the first UK local authority outside London to enter the bond market for more than 10 years — and more British councils could be set to come with deals.

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.

Pohjola Bank’s next capital markets issue will likely be a covered bond, meaning investors waiting for a euro tier two deal scheduled for June may have longer to wait.

Ukrainian food producer Kernel has signed its second syndicated loan of the year, for $230m to support its grain export business.

Europe’s corporate bond market is catching its breath before an expected power dash of deals, but the loan market continues to bring deals and leveraged borrowers are gearing up for a big push on acquisitions.

The board of directors of SRV Group, the Finnish construction company, has decided on the terms of the firm’s €50m rights offering.

Spain slashed its one year borrowing costs at auction on Tuesday but the yield was still higher than the lowest level the sovereign has achieved so far this year.

IMCD Group, the Dutch speciality chemicals firm, has amended and extended its existing loan facilities to achieve the financial flexibility that may enable it to pursue acquisitions in the future.