Europe

Novo Banco has repurchased about €260m more debt than it set out for with a tender offer this month, as it looks to reshape its funding structure towards the minimum requirements for own funds and eligible liabilities (MREL).

Íslandsbanki plans to issue its inaugural additional tier one (AT1) note in the near future, becoming the second Icelandic bank to debut in the format since the collapse of the nation's banking system 13 years ago.

Adamo, a broadband company, has agreed a €600m sustainability-linked loan, it said on Wednesday. The cash will be used for refinancing and to fund the expansion of its fibre network into rural Spain.

Spain published its green bond framework on Wednesday, with its highly anticipated debut bond in the format set to be issued after the summer.

After several quarters of strong performance among European investment banking businesses, there are signs that firms are satisfied with cost cutting measures and are prepared to resume investment instead.

Convertible bonds are expected to remain a popular financing tool for European companies once the market reopens in September, as long as the bull run in stocks continues.

Aligning with a global commercial bank has been on Jefferies’ agenda for several years, but its alliance with SMBC signals an intent to join the investment banking big league. By David Rothnie.

Lloyds Bank has formulated a succession plan to prepare for the departure of Allen Appen, its head of bond financing, as another senior figure prepares to leave its debt capital markets group.

Idorsia, the Swiss biotech company, has turned to the convertible bond market to finance looming product launches and the development of its late-stage drug pipeline.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid yields from the close of business on Tuesday, July 27. The source for secondary trading levels is ICE Data Services

Alfa Bank, Russia’s largest privately owned bank by assets, loan portfolio and equity, this week sold a Euroclearable bond in roubles.

Barclays has made several further promotions across its capital markets and M&A teams in London and New York, a week after rolling out a new global investment banking management structure.