Europe

The Republic of Slovenia on Thursday ripped into the private placement market for the first time, fulfilling a desire at the ultra long end.

Oliver Koepke is leaving mBank this week and Karol Prażmo will take over the role of head of treasury for mBank Group.

Zurich-based Swiss Reinsurance Company (Swiss Re) received the first quota in the RMB qualified foreign institutional investors (RQFII) programme among Swiss asset managers on July 29, according to the latest data from the State Administration of Foreign Exchange (Safe).

A three-day slide in China's A-share market that included the biggest one-day percentage drop in more than eight years on July 27 has led to domestic critics pointing the finger at overseas investors. Mark Boleat, policy chairman at the City of London Corporation, has a different take. He says China needs foreign participation in its markets to ensure its goal of RMB internationalisation is successful.

The Austrian restructuring law that wiped out subordinated debt guaranteed by the state of Carinthia was overturned this week by the Austrian constitutional court (VfGH). However, it is not expected to change the positions of subordinated and senior creditors much. Covered bonds should remain secure, said research analysts at LBBW and Erste Bank.

European banks are being urged to use a wide open dollar market before the US Federal Reserve hikes rates later this year, with Royal Bank of Scotland and UBS already lining up dollar additional tier one trades, writes Tom Porter.

After last week’s big bang in issuance, history was written and there was even a feeling of awe at investors' capacity for paper. And this week, supply lines continued delivering until just hours ahead of the summer break.

Russian fertiliser producer Uralchem is in the advanced stages of syndicating a $400m four year loan and like other Russian deals seen this year, the loan is self-arranged, according to bankers.

Ak Bars Bank launched the first Russian new issue of this year on Thursday evening in London, pricing at a yield of 8% from a book approaching $450m.

Once the wild west of finance, emerging markets had dodginess and defaults aplenty. Now ethical investors want socially responsible investments. But if SRI criteria are too strict there will be nothing to buy, writes Steven Gilmore.

Covered bond new issue premiums fell this week as six issuers raised a collective €5.5bn in three currencies with total demand of almost €8bn.

Bpifrance, the French public investment bank, on Wednesday evening sold an €800m block of Orange shares, in what was the largest and most aggressive accelerated bookbuild of the week so far.