Europe

Merlin Entertainments, the UK-listed theme park operator, has launched a £2.4bn ($2.96bn) loan syndication to back its £5.9bn buyout by a private equity consortium. It is expected to add bonds to the financing package.

Ferretti, the manufacturer of luxury Italian yachts, has opened the books on its IPO with the sellers setting a wide range, meaning public market investors will likely get a discount to where its shareholders Weichai Group and Piero Ferrari valued it in September.

Suez Water Resources, the US subsidiary of Suez, the French water and waste management company, has issued $375m of US private placements, with the longest note expiring in 40 years — a rarity for dollar PPs.

The UK’s Financial Conduct Authority is looking at shaking up how UCITS funds manage liquidity, following the high profile pressures at Woodford. Under proposals being explored, bond and equities funds might face stress testing, and the definition of an illiquid asset could change.

Royal London Mutual Insurance Society came off the back of a successful roadshow to sell £600m of tier two debt in the sterling market this week — a small increase above the amount it had initially expected to raise.

Banca Monte dei Paschi di Siena is getting ready to sell a new seven year covered bond in euros, in what will be its fifth deal in the currency so far this year.

Agence France Trésor, the French sovereign debt office, has announced that it will increase its issuance of government bonds next year, which is partly being driven by the absorption of some of SNCF Réseau’s debt.

NRW.Bank has picked a syndicate of three banks to lead its inaugural Sonia-linked floating rate note, as it looks to become the second German agency to issue a public trade in the format.

Kernel, a Ukrainian agriculture company, has returned to the international bond market for the first time in two years, defying the political turmoil developing in Ukraine.

Sovcombank was in the market on Monday morning with a subordinated bond, just 10 days after the issuer’s credit rating was upgraded by two major ratings agencies.

The UK Treasury has started the search for the banks that will structure its second sukuk, planned for early next year.

Nick Villiers has a new job leading a sustainable finance hub at Cambridge University. He was previously at Credit Suisse.