Europe

The UK’s Porterbrook has signed £885m in bank financing from a syndicate of 11 lenders, with Moody’s giving the rolling stock company’s senior debt a Baa2 rating.

Sweden’s SSAB has ramped up the size of its euro denominated revolving credit facility to €600m, as the high strength steelmaker becomes the latest beneficiary of the liquidity flooding the loan markets.

The resounding victory of Turkish president Recep Tayyip Erdoğan in this weekend’s presidential election has driven Turkish equities even lower, as concerns rise over the overheating economy. But the president could turn bears into bulls if he stabilises the economy, and some investors will jump at the chance to buy cheap Turkish equities.

Bway, the US container maker, is including €475m of euro bonds in the leveraged financing for its $1bn acquisition of rival Industrial Container Services, in a sign of the increasing attractiveness of euro high yield markets.

On Tuesday, two German property-related corporate bond issuers achieved successful funding for their M&A activity by marketing their deals with no-grow approaches. Both companies priced €500m of bonds.

Chicago Mercantile Exchange Group on Tuesday announced that it would soon list new options on its financially settled Black Sea Wheat and Corn futures.

Allied Irish Banks was unable to bring in pricing from initial price thoughts on Tuesday. SpareBank 1 SMN appeared to be finding more success with its senior preferred offering.

Three banks showed they were thirsty for topping up on their existing stock of covered bonds on Tuesday, with Bank of New Zealand favouring the format over senior unsecured and Commerzbank tapping one of the four deals it has sold already this year.

Meyer Turku, the Finnish shipbuilder, has launched a debut Schuldschein deal, as the instrument grows in popularity in Northern Europe.

More companies are planning to follow Qingdao Haier’s lead as it prepares to sell the first batch of D-shares, a new asset class for Chinese stocks listed in Germany, a spokesperson at the China Europe International Exchange (Ceinex) told GlobalCapital Asis's sister publication GlobalRMB.

American agricultural equipment firm AGCO has launched a Schuldschein transaction, following in the footsteps of Sherwin Williams and Wabco.

France is set to revisit the SRI market, announcing a syndicated tap of its June 2039 Green OAT, or GrOAT. The deal will follow a German agency's annual green bond.