Europe

Turk Eximbank has taken to the road for a non-deal roadshow in London, meeting with international investors to discuss the institution’s credit.

Three more credit default swap contracts are referencing non-preferred senior bonds following the latest roll of the iTraxx indices, as bank debt investors try to deal with a gradual transition towards a bail-in regime in Europe.

Hungary printed its €1bn seven year bond on Tuesday with the lowest ever coupon and yield for a dollar or euro bond from the issuer.

Revised price ranges have been set on the flotations of Funding Circle and SIG Combibloc as investors continue to support the crop of new European listings coming to market.

US asset manager Pinebridge is positive on credit markets in the short to medium term, but the outperformance of assets in the past three years has increased the probability for a credit downturn according to a recent report it published.

Huatai Securities looks set to be the first issuer to test the London-Shanghai Stock Connect, revealing plans to raise at least $500m from a Global Depositary Receipts sale.

Investment house Muzinich has hired Paul Suter to trade European high yield bonds.

ADO Properties is seeking to raise Schuldschein debt, a month after shelving a eight year public bond after a high profile bribery case in Israel implicated its chairman.

Blackstone braved a difficult equity blocks market on Monday night to sell an 8.3% stake in Intertrust, the Amsterdam-based provider of trust and fiduciary services, for €120m.

NRW.Bank hit screens on Tuesday for its first dollar benchmark of the year, ahead of what will be a closely watched Federal Open Market Committee meeting on Wednesday.

French electricity utility EDF sold the first hybrid corporate bond deal in the euro market for more than two months on Tuesday, as it launched a tender offer for its existing hybrids with the aim of maintaining its existing volume of outstanding bonds.

Unédic will bring a 10 year euro benchmark on Wednesday that SSA bankers are confident will avoid the fate of some of last week’s deals at that point of the curve.