Europe

Terex Corp, the US maker of lifting and material processing machinery, has sold a 9.5% stake in Konecranes, the Finnish crane manufacturer, after a lock-up agreement was waived.

BNP Paribas and Crédit Agricole with Kepler Cheuvreux have tonight launched the first block trade of stock in Paris residential property builder Kaufman & Broad since its re-IPO last April.

Electricité de France plans to bring its long-awaited rights issue to market in March, against the backdrop of a crucial presidential election campaign in France.

Shares in Rusal, the largest aluminium producer in Russia, closed 3.9% lower in Hong Kong on Tuesday after Onexim, an investment vehicle controlled by Mikhail Prokhorov, the billionaire owner of the Brooklyn Nets, sold 3.3% of his stake in the company for HK$1.8bn ($240m), through an accelerated bookbuild launched on Monday night.

KfW sold its second euro benchmark of the year on Tuesday, scoring €5bn at the difficult 10 year area of the curve in what a banker away from the trade called “a positive sign for the market”.

The supply of high quality liquid assets (HQLA) needed for capital regulations is insufficient. This has created an imbalance which, at times, grows so critical it poses a systemic risk. Regulators and the European Central Bank must shoulder responsibility for fixing the problem soon.

Arrow Global, the UK distressed debt buyer, had its ratings upgraded by Moody’s on Tuesday to Ba3, increasing the market’s overall stock of bonds with double-B ratings — a stock which some investors believe is excessive.

UK-based sterling issuers should get into the market soon, said investors this week, as the double threat of tricky Brexit negotiations and the Bank of England wrapping up its corporate purchase programme threatens to hit the market hard in the coming months.

Erste Abwicklungsanstalt (EAA) was shy of full subscription with a short dated dollar benchmark on Tuesday, as issuance in the currency calmed after a rampant start to the year. Japan Bank for International Cooperation was also out with a dollar benchmark on Tuesday — a three year deal with fixed and floating rate tranches — but it had yet to price as GlobalCapital went to press.

Siberian Coal Energy Company (SUEK) is set to be the first in a run of Russian pre-export finance facilities, with bankers predicting as many as five big deals from borrowers in the first half of the year.

EQT has completed the first selldown of stock in AcadeMedia, the Swedish schools group, since its IPO in June.

Syndication for a loan backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food is gathering momentum, with as many as 11 banks said to be working through approvals for the deal.