Europe

Depfa ACS Bank has only one rating remaining after Standard & Poor’s became the second agency to withdraw its covered bond rating this week. Analysts suggest this could result in forced selling of Depfa’s covered bonds if Moody’s follows suit, but they still believe that the bonds will be paid out in full.

Pohjola Bank changed direction to issue tier two debt in Swedish kronor on Tuesday, after being kept out of the euro market in the second quarter.

Crédit Agricole’s head of long and medium term funding has moved over to the investment bank to work on capital structuring

British satellite data communications company Avanti on Tuesday tapped its $370m debut bond sold in 2013 for an additional $125m.

French trucking group Norbert Dentressangle has repaid €653m of loans, after its acquisition by XPO Logistics, and will also redeem its Euro private placement (EuroPP) notes.

Adler, the German real estate company listed in Frankfurt, intends to issue a €175m mandatory convertible bond to help fund the acquisition of MountainPeak Trading Limited.

Investec has appointed Roger Lee, an equities banker, to its largecap European sales team.

Spain could be set to record its lowest borrowing costs at a 10 year auction since May if its yields hold steady this week, after its levels tumbled in secondaries on Monday.

Swiss-headquartered oil trader Vitol is in talks with banks to refinance credit facilities of up to $7.5bn, according to a banker on the deal, as commodity prices hit record lows.

Austrian covered bonds have been largely unaffected by the reinstatement of the State of Carinthia’s guarantee and the ensuing downgrade by Moody’s of the state to B3, according to analysts at LBBW.

Numen Capital, a London based credit manager, has hired an experienced trader to its team as a portfolio manager and research analyst.

Credit Suisse has bulked up its covered bond team with a new hire who will join FIG syndicate.