Europe

Credit terms for counterparties using euro-denominated OTC derivatives have worsened since December, according to a panel of 28 banks, marking their biggest reported tightening since the consultation started in 2013.

Agrokor’s biggest creditor Sberbank has refused to be part of its additional funding, initially set for up to €150m, not long after it lost control of the restructuring.

Lorcan O’Shea, head of UK and Ireland equity capital markets at Deutsche Bank, has left the bank.

Global Yatırım Holdings, the Turkish investment group, has hired Barclays, Citigroup and Goldman Sachs to lead the $250m IPO of Global Ports Holding, the largest operator of cruise ports in the world, on the London Stock Exchange.

The euro market will be tested quickly following the first round of the French presidential election on Sunday as the European Financial Stability Facility has sent out a request for proposals.

Element Materials Technology has agreed to purchase Exova, the laboratory testing specialist, for £620m, with the deal set to bring further new paper to the leveraged loan market.

Corporate bond bankers expect at least three benchmark sized trades in the market next week to put an end to the issuance drought, so long as the first round of the French elections on Sunday does not throw up an unpleasant surprise.

Ukrainian poultry producer MHP is lining up the second corporate bond of the year from the country, following a deal from Kernel in January.

Credit Bank of Moscow is going further down the capital structure with its second subordinated trade of the year, and will meet investors for what will be only the second additional tier one trade from Russia.

Portugal’s Banco Santander Totta has mandated leads for the first Portuguese covered bond since October 2015.

Banco Sabadell enjoyed a strong reception for its €1bn 10 year Cédulas which was priced on Wednesday, partly reflecting the paucity of Spanish covered bond supply, especially at the long end of the curve.

The first round of the French presidential election takes place this Sunday and, while the market is mostly quiet, Derek Halpenny, head of global markets research at MUFG, says that market participants have not priced in much risk of a shock anti-EU result.