Europe

A member of a sovereign’s funding team has left the country’s treasury for a job at a European agency.

Italy’s 10 year borrowing costs fell at auction for the first time since March on Thursday, although the sovereign fell slightly short of its maximum target for the sale.

Goldman Sachs, as stabilising agent, partially exercised on July 24 the over-allotment option of Europcar, the French car rental company that floated in Paris a month earlier.

The secondary market is no longer a relevant tool for covered bond price discovery, say bankers, as spreads have come only to reflect the level at which the eurosystem will buy bonds rather than regular investors.

Russian Uralchem is in the advanced stages of syndicating a $400m loan with a four year tenor, according to bankers on the deal.

Credit Suisse’s new CEO has signalled a commitment to the bank's corporate finance business. But he will need to invest in it, writes David Rothnie.

Royal Bank of Scotland’s former syndicate boss and, until recently, its chief operating officer for clients in the bank’s markets and international banking unit, has resigned.

Georgia fertiliser firm, Rustavi Azot postponed its $180m five year non-call three bond on Wednesday, having released initial price guidance for the deal a week before.

Spain’s Banco Santander on Thursday announced a 24% surge in first half profits as revenues grew and provisions shrank in its far-flung retail network, although its wholesale banking unit turned in a roughly flat performance.

Royal Bank of Scotland will begin a roadshow for a long awaited additional tier one (AT1) debut on Monday that will be dollar denominated and might feature multiple tranches.

Ak Bars Bank has released guidance of 8% area yield for the first Russian new issue of 2015. Bankers away from the deal refuse to believe that the bond was not largely pre-sold.

Ukrainian lender Privatbank is asking investors for a short maturity extension on its 2015 Eurobonds, while it talks to holders of its 2015 ans 2016 notes in an effort to agree on a plan to restructure the bonds.