Europe

Banque Fédérative du Crédit Mutuel (BFCM) was quick to take advantage of strong conditions in the tier two market on Tuesday, following quickly behind Skandinaviska Enskilda Banken’s tightly priced trade to launch its second 10 year bullet of the year.

Bank of China (London) has mandated banks for what is being described as the first green covered bond from a Chinese bank in a transaction that will be backed by climate debt.

Russia’s largest privately owned oil company Lukoil is set to bring its first bond in three years on Wednesday. Demand for the top tier Russian corporate is expected to be strong and could drive pricing inside the borrower's indicative curve, according to rival bankers.

Spain has lopped €5bn off its 2016 funding programme and has applied to make a fourth early repayment of part of its loan from the European Stability Mechanism (ESM).

Tele2, the Swedish telecommunications operator, has announced the terms for its Skr3bn ($356m) rights issue.

Yet another Italian corporate has come to the new issue euro bond market seeking liability management refinancing, as utility company Iren on Monday offered investors a €500m eight year bond.

Austria is looking to stretch its curve to hitherto untapped lengths, as it mulls a 70 year euro benchmark. Also seeking duration, Rentenbank pushed out its curve, printing a bond at 20 years for the first time ever.

JP Morgan’s head of CEEMEA credit trading has left his job, according to market sources.

Erste Abwicklungsanstalt has hired banks to run its first benchmark since June and its first in dollars since March.

British American Tobacco has said it will use new credit lines to fund the $20bn cash component of its offer to acquire the remaining stake in Reynolds American it does not already own. While BAT said it is committed to an investment grade rating, all three big rating agencies now have it on review.

BMI Healthcare, the operating arm of General Healthcare Group, added a loan package to the run of sterling issuance in the European leveraged finance market of late.

Ahlsell, the Swedish plumbing and electrical products distributor, has signed a post-IPO loan with Danske Bank, DNB, Nordea and SEB.