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This week's recovery in European credit spreads has put basis in play for traders, with credit default swaps having largely outperformed cash bonds on the Greece-led move tighter.

LCH.Clearnet said this week that its CDSClear service had started clearing the iTraxx Senior Financials index, along with the single name constituents of its different series.

Wereldhave, the Dutch owner of shopping centres, launched on Wednesday evening (June 24) a capital increase by way of an accelerated bookbuild, to raise about €250m for an acquisition. The deal made a good start but was kept open into Thursday.

Europcar, the French car rental company, has narrowed the price range on its €800m initial public offering, in the bottom half of the original range.

This week’s recovery in European credit spreads came undone on Wednesday, as international creditors rejected the Greek government’s debt deal proposals.

CriteriaCaixa Holding, the unlisted company that owns stakes in CaixaBank and various industrial companies, sold a 2.28% stake in CaixaBank on Tuesday night, via a €566m Morgan Stanley block trade that was quickly covered.

Kennedy Wilson Europe Real Estate raised £300m of seven year bonds on Wednesday, but divided market opinion, with some bankers saying the deal looked cheap and poorly supported.

A supranational borrower has appointed a treasurer following the departure of the previous incumbent earlier this year.

Heinz rounded out an impressive debt financing exercise on Wednesday for its merger with Kraft, adding modestly sized euro and sterling bonds to the $10bn seven tranche dollar issue it had done on Tuesday.

The corporate bond market got back on its feet with vigour on Wednesday, as Capgemini in particular impressed, with a hefty size and even heftier order book for a triple tranche deal — though it had to pay a large new issue premium.

Grupo MasMovil Ibercom’s €27m minibond will begin trading on June 30 on the Spanish alternative market Marf, the fifth such issue this year.

Greece was once again the tease of the markets on Wednesday as investors, issuers and bankers crossed their fingers that a deal between it and its creditors would be struck on Thursday.