Europe

Japan Tobacco and Yorkshire Water have given mandates for new euro and sterling bonds, respectively, as S&P Global says the amount of European corporate debt it rates has grown to €6.44tr.

Three companies piled into the euro bond market on Monday, but the deals drew mixed reactions. Two standard investment grade issues from LafargeHolcim and Ford Motor Credit appeared to fare better than a rare green hybrid from Citycon paying a juicy yield.

Struggling car manufacturer Jaguar Land Rover raised €800m from a dual-tranche bond this week, pricing both parts at the tight end of guidance despite an uncertain outlook for the UK auto sector and a deal structure described as "high-yield lite" by one credit analytics company.

The State of North Rhine Westphalia (Land NRW) was the only public sector borrower to announce a euro benchmark transaction on Monday, as it appointed banks to lead new 10 and 20 year sustainability bonds.

The European Commission has selected a group of 28 financiers and other specialists for a high-level forum on the capital markets union, among them a handful of senior bankers. It will have three sub-groups, focusing in particular on SMEs, fintech and retail investors.

The IPO of Française des Jeux, the French gaming company that runs the national lottery, is set to close this week and equity capital markets are already eyeing up the next big sale from the French state.

France’s Caisse des Dépôts et Consignations is preparing to make a rare appearance in the sterling market for a two year fixed rate trade.

US payments company Elavon has agreed to buy UK and Ireland rival Sage Pay in a roughly £232m cash deal. Acquisitions continue in the region despite an impending election and the repeated delay of Brexit.

Sweden’s Recipharm has agreed a debt-backed deal to buy the UK’s Consort Medical for an enterprise value of about £627m ($810m), as the pharmaceuticals sector remains a consistent area of M&A activity.

The Fédération des caisses Desjardins du Québec (FCDQ) on Monday mandated leads for a euro covered bond, its second appearance in euros since January and its third overall in covered bonds.

Gerben Dragt will be the country executive for ABN Amro in the UK from February 1.

Crédit Agricole has mandated its investment banking team to present its updated green bond framework, which will be used for its debut green covered bond, to investors.