Europe

Greek yields fell on Monday as fast as headlines appeared suggesting a deal could soon be reached on a third bail-out package for the country. But bankers are still wary of a last minute disaster.

Shares in Abengoa, the Spanish renewable energy developer, jumped initially today after it won a €600m contract, but bondholders have not yet felt any relief from the distressed levels at which its notes are trading.

BNP Paribas is set to print its second additional tier one (AT1) trade just two months after its debut, after announcing plans for a dollar denominated sale on Monday.

Russia’s Lukoil has signed a $440m syndicated loan with four commercial banks, as part of $1bn of loans backed by development banks.

Ukraine's Privatbank is offering holders of its 2015 Eurobonds better terms for a second reprofiling attempt if they agree to an interim three month maturity extension.

The Ministry of Finance of Ukraine has agreed to meet with its ad hoc creditors’ committee on Wednesday in San Francisco where Ukraine’s biggest creditor, Franklin Templeton, is based.

The London Stock Exchange Group (LSEG) has made RMB products available across its platforms and is pushing for the currency to become just one more option available to its clients. But product innovation will only proceed as quickly as Chinese regulators' desire to open up, according to LSEG's director of international development.

UK law makes it tough for authorities to prosecute banks over Libor manipulation, so individuals look set to bear the brunt of the criminal investigations, with the first successful prosecution handing former UBS and Citi trader Tom Hayes 14 years in prison.

Second quarter numbers for the big French banks tell the tale of two divergent markets – equities, which has had a buoyant quarter on the back of volatility, especially in Asia, and fixed income, which has languished as credit markets caught fright.

Spanish renewable energy developer Abengoa became this week’s market punchbag after on Monday announcing a shock €650m rights issue that left both debt and equity investors running for the hills, writes Victor Jimenez.

Royal Bank of Scotland’s painful restructuring was rewarded by the capital markets this week as investors swarmed all over an equity block and threw $26bn at the state owned lender’s debut additional tier one bond.

Barclays this week joined UBS and Royal Bank of Scotland in using strong second quarter results as a launchpad for additional tier one (AT1) issuance, printing its first standalone sterling trade.