Europe

Despite a plethora of risks for Turkish assets, including the lira hitting fresh lows and both banks and the sovereign facing downgrades, the bi-annual refinancing season for Turkish banks is up and running. According to lenders, Akbank will open the market with a deal likely to close soon.

Global investment firm Pimco has hired a new portfolio manager and managing director, who will serve as head of private credit in Europe. With this hire, Pimco is looking to bolster its special situations business in Europe.

Workspace, the FTSE 250 real estate investment trust, has launched US private placements, according to market sources.

A number of syndicated deals from German regions have failed to reach full subscription over the last few weeks. It is not clear whether they will respond by offering greater new issue premiums.

Essentra, the UK maker of plastic and fibre components, has sold £100m of new stock to finance its acquisition of 3C! Packaging in the US, via an accelerated bookbuild.

This week in Keeping Tabs: what scientists still don't know about coronavirus as we grapple with a second wave, ESG index funds outperformed in the first half of the year, and Japan's currency challenge.

This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes in mid-September.

Nationwide Building Society is buying back £2bn of covered bonds in euros and sterling. UK covered bond issuers are buying back securities as risks increase ahead of the end of the Brexit transition period.

Ukrainian steel and mining company Metinvest was one of several emerging markets issuers to tap bond markets this week. The deal was several times oversubscribed, confirming that investors are still on the hunt for yield and are willing to look to single B rated emerging market credits for that.

Alexander Nesis, the Russian billionaire who is the largest shareholder in gold miner Polymetal, sold a 4% stake in the company on Thursday - the fifth trade in the name this year.

GlobalCapital recently announced its annual Covered Bond Awards. Please take a look at our special supplement for full details, including a breakdown of the voting results, along with a focus on some of the winners.

Sustainability-linked bonds took a full year to get going after Enel, the Italian power and gas company, introduced the structure in September 2019. But they are now gathering pace. This week Novartis, the Swiss pharmaceutical company, printed a deal, just a week after Suzano, the Brazilian pulp and paper group, had become the second issuer.