Europe

Agence Française de Développement sold a dollar syndication on Tuesday, but with the latest statement from the US Federal Reserve’s Federal Open Market Committee due on Wednesday further deals are unlikely this week, said SSA bankers.

Ashtead, the UK-based equipment rental company, has increased a credit facility to $2.6bn to fund an expansion of its fleet.

Renaissance Capital has hired James Friel as global head of investment banking.

Slovenia’s development bank, SID Banka, opened books on a €250m three year deal on Tuesday morning.

International schools operator Cognita on Tuesday began roadshowing its £280m bond, becoming the second borrower from the private education industry in the speculative grade market this year.

Covered bond new issue premiums fell on Tuesday as four borrowers launched deals worth over €2.5bn in total, on collective demand of about €5bn. LBBW’s second deal of the month was priced 1bp tighter than its last bond, even though it was two years longer. Bankia was set to issue at less than half the concession paid by peripheral borrowers last week, while Bank of Montreal and Bank of Nova Scotia were set to price in line with recent Canadian predecessors.

One area of European credit not reflecting the global market's bearish tone on Monday was iTraxx options trading, where traders reported plenty of demand among participants to sell volatility even as spreads continued to widen.

Zegona Communications, an Aim-listed operating company set up to buy, fix and sell European telecoms firms, is acquiring the entirety of Telecable de Asturias for €369m.

Coils Lamiere Nastri, an Italian automotive parts producer, has made its first foray into the bond markets and could be back for more.

British retailer House of Fraser on Monday announced a £175m floating rate issue, part of an all debt refinancing strategy that includes loans and new revolving credit facilities.

Italian steelmaker Finarvedi on Monday launched its €300m note, the company’s first issue, with the aim of cutting down the group’s use of short term funding.

UBS will begin issuing TLAC-eligible holding company debt in the third quarter of this year, when it also plans to return to the additional tier one (AT1) market it debuted in earlier this year.