Europe

Russian supply returned to the eurobond markets this week with a hugely successful debut deal from aluminium producer Rusal and the promise of further dollar supply from Polyus Gold.

After a raft of highly rated sovereigns, two single-B rated borrowers appeared this week to offer the first opportunity to buy true emerging market credit from the CEEMEA region this year. One deal was a record for its type while the other reopened a market dormant for years. Virginia Furness reports.

AlzChem, the German speciality chemicals maker, has set the terms for the first Frankfurt IPO of 2017.

The Principality of Asturias has become the latest Spanish region to issue bonds, rather than accepting loans from Spain's regional liquidity fund, the FLA.

SNCF Mobilités on Thursday took its time to get over the line on a €1bn February 2029 in a euro market that has looked all but bottomless this week.

Although the European high yield market priced only one sterling issuer this week, some debt advisers say the pipeline is building up.

Sky Bet, the UK gaming company owned by private equity firm CVC, is planning to cut margins on its existing term loan as activity stirs in the sterling loan market.

While fund managers and issuers' law firms in the US go to war over protection covenants for high yield investors, European market participants are intent on dodging a similar conflict. But investor advisers say bond buyers should check the fine print in Europe, too.

Deutsche Börse is working on a “collateralised coin” using blockchain technology, which it hopes could ease payments and the moves of collateral between the clearing members of its centralised counterparty (CCP), Eurex. The initiative follows closely on the heels of two earlier blockchain-inspired collaborative efforts that aim to ease cross-border collateral transfer and the securities settlement process.

France’s €7bn green OAT is a cert for the awards ceremonies. But are investors in it really helping the environment?

Aggressive manoeuvres on a loan supporting Glencore and the Qatar Investment Authority’s buyout of a stake in oil company Rosneft could result in the deal going to Russian state lenders, with international bank officials questioning whether there will be enough relationship business to justify the exposure and reputational risk.

Italian infrastructure holding company Atlantia followed on from a Wednesday investor call with a benchmark eight year trade on Thursday.