Europe

The shock sacking of Turkey’s third central bank governor in two years confirms to investors that the country lives in a world of its own — one in which central bank independence and fiscal prudence come second to the ideologies of the leader.

Rentenbank entered the deserted dollar bond market on Tuesday, printing $1.75bn of five year notes. The market has been quiet for public sector issuers in the past few weeks, thanks to a volatile Treasury market and an issuer base already well stocked with funding, but Rentenbank found investors receptive.

King’s College university has sold US private placements, according to market sources, in the first widely marketed UK university deal seen in the market for 12 months.

Banks with funding ambitions could be more tempted to consider covered bond issuance following a recent increase in execution risk for senior unsecured deal, bankers told GlobalCapital on Tuesday.

Trustpilot, the Danish online review site, has rocketed in trading on its first day as a public company on the London Stock Exchange. Sources close to the trade were patting themselves on the back on Tuesday as they observed the day one performance and reflected on the calibre of the book.

The EU's Single Resolution Board has this week broadened the scope of English law bonds that will count towards the minimum requirements for own funds and eligible liabilities (MREL), even if their contracts do not recognise EU bail-in powers. The changes prompted Belfius to cancel a consent solicitation for one of its tier twos, which would have been disqualified under the previous grandfathering arrangements.

A handful of bond mandates from the CEEMEA region this week suggests that issuer confidence may be on the rise across emerging markets after a particularly turbulent period of sell-offs in US Treasury bonds.

Greece has struggled with the colossal challenge of rehabilitating its capital markets reputation since its debt crisis in 2009. But last week, it took a big step forward, returning to the 30 year tenor for the first time in well over a decade. Dimitrios Tsakonas, head of the Greek Public Debt Management Agency. told GlobalCapital about the journey the PDMA has undertaken.

Germany's IPO renaissance is continuing with the flotation of Freidrich Vorwerk, the energy infrastructure construction company, which is due to price later today.

Property developers R&F Group and CC Land Holdings are jointly looking for a dual currency loan of £476.7m ($653.5m)-equivalent to develop a project in London.

Investors put orders in quickly on the first day of bookbuilding for UK food delivery unicorn Deliveroo. The books were covered throughout the initial price range on Monday, the day it opened books for its London flotation.

The Euro private placement market has managed something other private debt markets, including US PP, have struggled with: to integrate sustainability into its core.