Europe

Bayside Capital, a credit investment firm and affiliate of private equity house HIG Capital, has lost a managing director and a founding member of its European credit platform.

Rating: B2/-/BB

French rail operator SNCF Réseau joined the 100 club this week and now wants to print more ultra-long debt, but investors and MTN dealers doubt demand will support it. Jonathan Breen reports.

A consortium of long term investors is to buy 100% of LeasePlan Corp, the Dutch car fleet management business, funding the deal in part by issuing a €480m mandatory convertible bond.

Two periphery banks this week made clear that their market is back in business. Like the wider FIG market, the periphery had been closed since early June. There is room, albeit temporarily, for more, writes Virginia Furness.

UBS has added to its emerging market credit sales capabilities with a hire from Mizuho.

Austrian insurer Uniqa Group proved that subordinated debt is back on the table on Monday, paving the way for Ibercaja to print a tier two.

KommuneKredit could branch out into more niche currencies after receiving an enthusiastic response for its inaugural Canadian dollar benchmark.

The primary market for peripheral European covered bonds leapt back to life this week after a 12 week hiatus, with investors queuing up to buy a series of deals that emerged in quick succession.

Private equity firm Pamplona has completed the syndication of a €217m debt facility to buy Budapest-headquartered Partner in Pet Food (PPF).

Fiat Chrysler Automobiles put to rest rumours about the bank group working on its much-hyped spin-off of Ferrari, the Italian luxury sports car manufacturer, on Thursday, as it announced that two European houses and one American one were to lead the transaction.

The all-important deadline of July 20 passed without incident, Greece having redeemed its debt to the ECB with the help of a bridging loan. That doesn’t mean the crisis in Greece is resolved – far from it – but it does give the market some breathing space.