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  • Kommuninvest has hit its lowest BondMarker score of the year so far with a trade that drew an average rating of 6.53 from voters. The $1bn November 2021 on October 2, the only benchmark priced in the week commencing October 1, scored particularly lowly for pricing, on 6.06.
  • CEE
    The decision on Friday by the Turkish constitutional court to release the American pastor Andrew Brunson provided a surge of relief for investors in the beleaguered nation, although most of the tightening in debt spreads happened in advance.
  • Islamic Development Bank has picked banks for a roadshow promoting its debut euro denominated sukuk benchmark — for the second time this year.
  • The European Stability Mechanism mandated banks on Monday for its second ever dollar benchmark, following the launch of its dollar programme last year. The supranational will likely issue a size of $3bn to complete its funding needs for the year, according to SSA bankers.
  • The IPO of Cepsa, the Spanish oil firm, has been postponed due to the adverse conditions that continue to blight global equity markets. It is the latest in a series of new listings sunk by the recent market volatility.
  • FIG
    Philippe Lamberts, a Green MEP, has strongly criticised the rules Europe is putting in place to deal with failing banks, decrying them as “gameable”.
  • The International Swaps and Derivatives Association (ISDA) has moved on from its role as secretary of the special committees that rule on whether credit events that trigger credit default swap (CDS) payouts take place.
  • Steinhoff has asked its creditors for a one month extension on its multi-billion euro debt restructuring process, with the South African retailer saying on Monday that it needs longer to finalise documentation.
  • Global Logistics Properties, the Singapore-headquartered logistics facilities provider that is the second most frequent issuer of Panda bonds, snapped up another Rmb1.2bn ($170m) in its October outing.
  • The China Securities Regulatory Commission has cut in half the lock-up period for converting global depository receipts (GDRs) into A-shares for the London-Shanghai Stock Connect, expected to launch later this year.
  • South Korea’s Daewoo Engineering & Construction (Daewoo E&C) is tapping the offshore market for a $100m term loan.
  • The impasse at Bandhan Bank looks set to be resolved after the Indian markets regulator waived its lock-up requirement for newly-listed firms, allowing the lender to comply with central bank demands for it to sell shares.