Europe

Paddy Power’s prospective US private placement debut has been kicked into the long grass, according to sources familiar with the situation, as the Irish gambling company instead focuses on a merger with Canada’s PokerStars.

The postponement of the WeWork IPO last month and the under-performance of other 2019 debutants should not be the cause of woe for the US IPO market, but a sign that investors are adopting similar price discernment to European IPO buyers.

US president Donald Trump’s salvo of tweets against Turkey, which threaten economic sanctions, have had only a muted effect on the Turkish curve, as investors' scepticism towards Trump grows.

South Korea's Shinhan Bank has taken its first step into the euro bond market, raising €500m of green funding on the back of €650m of demand.

Alpha Trains, the rolling stock leasing firm headquartered in Luxembourg, has sold €200m of US private placements.

Santander Consumer Bank was more than three times subscribed for a tightly priced €500m five year preferred senior bond this week — its second offering in the asset class.

Davide Serra, founder and chief executive of Algebris Investments, presented a bullish case for financials on Tuesday, on the basis that their equity prices have been less manipulated by central bank asset purchase programmes than institutions in other sectors. But he thought that the European Central Bank (ECB) will end up buying banks’ senior unsecured bonds.

NIBC Bank and Axa SFH issued two tightly priced 10 year covered bonds on Tuesday. The French deal was initially slow to build, in contrast to the Dutch conditional pass through (CPT), which got an extra boost because of its positive yield.

Cellnex, the Spanish wireless telecommunications company, has agreed a deal to acquire the telecoms division of Arqiva for £2bn and is undertaking a €2.5bn rights issue to help fund the transaction.

EU finance ministers have been presented with three options for how to realign the European Investment Bank and European Bank for Reconstruction and Development. This could lead to the emergence of a new capital markets issuer.

Hong Kong Stock Exchanges and Clearing has dropped its plan to acquire the London Stock Exchange Group (LSEG), shelving the £31.6bn bid that would have created a powerhouse among financial marketplaces.

Morgan Stanley Investment Management has made two hires to its international equity team.