Europe

Russia’s Lukoil drew peak orders of $3.6bn for its new 10 year bond, sold on Wednesday, which allowed it to push pricing to at least 13bp inside its indicative curve. Asian demand for Russia’s premier private corporate also impressed bankers, suggesting that Russia’s capital markets reintegration is wide reaching.

It doesn’t surprise me anymore the extent to which standards at banks have fallen. I still remember an incident from earlier this year when I was invited to a Swiss private bank for tea, only to be served cheap supermarket grade tea in shabby looking cups.

Russia’s Domodedovo Airport will start meeting investors on Friday ahead of a planned five year dollar bond issue.

Credit Bank of Moscow looked set to test the limits of investor appetite for Russian bank paper on Thursday with the longest senior dollar deal from the jurisdiction since the start of the Ukraine crisis.

The fast approaching March 1 roll out of variation margin rules for uncleared derivatives has prompted an overhaul of battle plans at major law firms, which are increasingly pairing up with technology companies, low-cost legal services firms and other financial services providers as competition mounts to secure big mandates from banks.

IHS Markit has integrated services offered by SmartDX, the capital markets division of Smart Communications, into its Counterparty Manager platform to automate documentation handling under the ISDA 2016 credit support annex (CSA) for variation margin.

French private care home operator DomusVi on Monday joined a busy high yield pipeline with a new floater and an add-on to its debut bond to fund its second acquisition in Spain.

Banco Santander’s largest markets slapped the bank’s results for the last three quarters, with new and old troubles ranging from the recent UK’s referendum to Spain’s property bubble.

Credit investors, whether in cash or synthetics, often welcome corporate restructurings by distressed firms. Job cuts, rationalisation of operations and, in particular, asset sales are usually regarded as bondholder-friendly actions.

A trio of issuers on Wednesday were able to tighten pricing or print above their minimum targets — or both — in another strong day for the dollar market.

SNCF Réseau will issue the first green bond ever from a European transport company on Thursday.

Informa, the UK events and publishing company, has completed its £715m rights issue, which it launched in September to partly finance its £1.2bn takeover of Penton, a US competitor.