Europe
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A trio of eurozone government borrowers are rumoured to be mulling deals in the coming weeks, with conditions at the long end in euros looking stronger than earlier in the year. -
Russian Railways is still on track to be the country’s first borrower of 2017 to complete a deal in the syndicated loan market, with bankers expecting to wrap up documentation soon. But Siberian Coal Energy Company (SUEK) is leading a charge of big Russian pre-export finance facilities that look set to dwarf the unsecured market in the first half of the year.
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Technology company Smiths Group saw plenty of demand for a 10 year bond on Thursday, as investors leapt this week on to the few trades hitting screens.
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Blackstone has bought a majority stake in London-based cloud software firm Cloudreach, adding further to its existing queue of European buyouts waiting to be financed.
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Chinese digital map provider NavInfo has hit the syndicated loan market for €110m to fund its acquisition of a stake in a European target.
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Experts from the 28 EU member states this week began discussions on new accounting rules for the banking sector set to come into force from 2018 and, particularly, on how European banks can cope with the capital volatility they will cause.
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Investment houses BlueBay in London and Brandywine in Philadelphia have joined this week a recent spate of high yield portfolio managers growing new funds beyond a specific regional focus.
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EU officials are looking at increasing the range of structured notes that can count towards banks' minimum requirement for own funds and eligible liabilities (MREL) and total loss-absorbing capacity (TLAC) ratios, potentially including liabilities with a minimum value that increases over time.
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Steel company Severstal, one of four Russian corporates rated above the sovereign, looked set to print below 4% on Thursday, tighter than guidance.
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Turkey has made an opportunistic move to reopen its recent 10 year bond with a tap to raise an expected $1bn.
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Tonight, private equity firm Summit Partners, Avalon Holding and Javak Investments have hired Morgan Stanley and UBS to sell a 12.65% stake in Flow Traders, the Dutch market-making firm, after it released its fourth quarter earnings on Wednesday morning.
