Europe

Russia’s Otkritie Bank last week announced plans to write down its outstanding tier two bonds, including an old-style $500m 10% April 2019 tier two, the contractual terms of which did not include a write-down feature. The move was an invitation to sue the private lender, said one EM portfolio manager, and GlobalCapital can reveal that Baker & McKenzie is building a case to bring against the bank.

Aumann, the German engineering company specialising in wire coiling and e-motors, raised €80m of gross primary proceeds on Monday night, through an accelerated bookbuild, to fund growth and acquisitions.

LBBW came to the market with its first green bond on Tuesday, hoping to reach new investors. It plans to issue at least one to two benchmark green trades a year in the senior unsecured or covered format.

Eurex Clearing on Tuesday announced that five execution platforms will support a new partnership programme, as it tries to wrest interest rate swap clearing business from London.

The covered bond purchase programme (CBPP3) could well contract in December, but the European Central Bank will easily have scope to rebuild its portfolio in January which will support spreads. However, a rise in November's secondary market purchases shows real money investors are taking profits and leaving the asset class, boding poorly for the longer term spread outlook.

The European Investment Bank proposed today to European finance ministers to set up a new subsidiary, open to new shareholders, other than the EIB's existing owners, the European Union member states.

French insurance broker Financière CEP and UK frozen food producer Nomad Foods have launched refinancing offerings to increase the size of existing debt.

The Children’s Investment Fund, an activist shareholder of the London Stock Exchange, on Monday continued its attack on chairman Donald Brydon over the early departure of former CEO Xavier Rolet.

Italian gambling company Gamenet Group priced a €72m Milan IPO this week after bookrunners slashed the price and reduced the size at the end of last week.

Bank Nederlandse Gemeenten has opted for dollars with what will be its final sustainability bond of the year.

Amprion, the German electricity transmission firm, has raised €200m with an issue of Schuldscheine and Namensschuldverschreibungen (NSV) — a similar instrument that is registered and can have a maturity longer than 10 years.

Crédit Agricole Cariparma issued a €750m eight year Obbligazioni Bancarie Garantite on Monday at the tightest spread to mid-swaps for an Italian deal since the sovereign credit crisis.