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Equity bankers expected clarity about Brexit by this week, for better or worse, and had hoped to start work again on UK IPO projects. But further delays and political uncertainty have swept these deals back to the sidelines.

Mersen, a French technology manufacturer, will not accept bids from UK-based lenders for its new Schuldschein “in anticipation of a potential Brexit”. Three bankers away from the transaction said they have also discussed excluding UK lenders with other borrowers.

Coventry Building Society was set on Tuesday to become the first ever issuer to simultaneously sell new additional tier one notes and tender for outstanding bonds, in an approach that could soon be followed by other European financial institutions. The transaction was facilitated by TwentyFour Asset Management, which is a ‘significant investor’ in both the firm’s new and old AT1s.

South African technology conglomerate Naspers is set to list its international assets in a new company on the Euronext Amsterdam, creating what is likely to be the largest internet consumer company in Europe. But there will not be an initial public offering as part of the transaction.

Six major dealer banks have signed up to DTTC-Euroclear GlobalCollateral’s collateral settlement proposition as the initiative moves beyond pilot phase.

The Turkish lira has suffered heavy losses against the dollar, falling to its weakest level since October 2018 and shaking market participants’ confidence in the ability of the country's borrowers to access the market.

Banks have pumped $1.9tr into fossil fuel financing since the Paris Agreement was signed, according to a new report. This is despite the widespread push from investors and shareholders for a greener approach to funding business.

Debt capital market officials are curious to see whether financial institutions bond investors are prepared to welcome deals from rarer and smaller names, after the boom in supply in March.

The European Council and Parliament signed a deal last week regarding the bloc’s financial supervisors. The European Banking Authority was set to receive new anti-money laundering (AML) responsibilities, but member states blocked some attempts to centralise supervisory powers.

UK financial institutions piled into the credit markets this week, despite the fact that the UK could be a week away from leaving the EU and its politicians have still not agreed on a course for withdrawal. They may have been just in time, with panic building around the risk of a ‘no-deal’ Brexit.

Royal Bank of Scotland brought a new holding company level transaction in front of sterling investors on Thursday, as market participants remain confused about the outcome of Brexit a week ahead of the UK’s scheduled date of departure from the EU.

It’s hard to fault the support the euro market has offered rates borrowers in the past week. Executions have been smooth, books well-filled and new issue premiums skinny. But, with ever more hawkish signals from the European Central Bank and steepening yield curves, the future does not look so rosy for borrowers. The balance of pricing power seems likely to shift in favour of investors.