Europe

Less than a week after Turkey made a long desired increase in interest rates hike, the sovereign has returned to the bond market for a last gasp bond deal before the market starts to run down for the year. The situation is giving market insiders confidence that Turkey is returning to orthodox policy making.

Mirabaud Asset Management, the investment arm of the Mirabaud Group, has hired a new head of Swiss equities to replace Paul Schibli who is retiring in 2021.

Swedish property company Fastighets AB Balder has tapped the equity capital markets for financing, selling Skr9.44bn (€288m) of fresh stock.

United Overseas Bank revitalised the moribund Singaporean covered bond market on Tuesday with the first euro deal in two years and the largest from a Singaporean issuer. The bonds attracted record demand and were priced inside UOB’s curve, showing the extraordinarily receptive state of the market.

Clearstream Banking was nearly 12 times subscribed for its debut senior transaction on Tuesday, allowing it to tighten its pricing by 39bp and issue at a negative yield.

TryghedsGruppen, the majority shareholder in Danish insurance group Tryg, completed a 21m share sale in Copenhagen last night to reduce its stake before a rights issue next year.

Bond Origination Technologies (Bots), a new tech company that aims to automate pricing indications in the primary debt capital markets, has completed an initial fundraising round and formed an advisory board ahead of a launch next year. GlobalCapital spoke to the founders to find out more about the product.

Ozon, the Russian e-commerce company, completed its IPO on the Nasdaq on Tuesday having built a huge order book for the stock.

Greencore, the Irish food company, has placed £90m of new shares via an accelerated bookbuild on Monday evening.

The UK Municipal Bonds Agency is set to come to market for its third bond ever — this time, on behalf of Warrington Borough Council.

The Renewable Energy Infrastructure Group (Trig), a UK investment trust that invests in assets generating electricity from renewable sources, has launched a non-pre-emptive capital raising on the London Stock Exchange for acquisition funding. However, the size will depend on a shareholder vote in December.

As the UK approaches the end of its Brexit transition period there are growing expectations that a trade deal will be struck with the EU. It is hoped that that will contribute to the factors driving spreads tighter on UK covered bonds.