Europe

Varta AG, the German micro-batteries manufacturer spun out of the historic Varta Group in 2002, has announced the price range for its Frankfurt IPO, aiming to raise €150m.

Oesterreichische Kontrollbank printed a Nkr500m ($59.2m) four year note on Thursday. After a month when KfW, Nordic Investment Bank and Rentenbank placed bonds in the Nokkie market, OeKB knew there were investors prepared to fund European agencies.

Issuers and their bankers have been too slow to react to the swift change in sentiment since the US election. Deals this week out of sync with investor demand from BBVA and ANZ proved it.

Spanish construction firm Obrascón Huarte Lain failed to calm investors' anxiety on Thursday, after the company suffered its third Moody’s rating downgrade since March.

Deutsche Bank has announced a string of management changes in its Financial Solutions Group, the bank's name for the investment grade bond and derivative solutions business run in EMEA by Lorenzo Frontini.

French media technology firm Technicolor added yet another refinancing to the levloan market on Wednesday, with bank meetings scheduled on Friday for a €250m seven year term loan ‘B’.

The Republic of Turkey plans to raise $6bn in the international markets next year using a combination of SEC registered dollar bonds, as well as other instruments, according to debt bankers.

Banks and insurers have avoided printing senior or subordinated debt in the euro market this week, after determining that the recent rates volatility meant they would have to pay up for the privilege.

The German lender’s new strategy plays to its strengths but relies on its domestic clients shifting their financing into the capital markets, says David Rothnie.

Electricity distributor Energo Pro Varna set a new benchmark for the Bulgarian market this week with the sale of the largest local bond from the jurisdiction.

The ferocious onslaught of block issuance is continuing tonight, with four vendors out in the market, led by the Dutch government, which has begun the next phase of privatising ABN Amro by selling 65m shares, a 7% stake, worth €1.36bn.

Bayer successfully pulled off what was arguably this year’s biggest European ECM deal on Tuesday night, with a €4bn mandatory convertible and €1.5bn delta equity placement. But although both were fully sold and have traded stably, a good number of deal-playing investors are still putting in small orders.