Europe

Ojer Telekomunikasyon (Otas), the majority owner of Turk Telekom, failed to make a $290m payment on a $4.75bn loan which was signed in September 2013, according to a news report on Wednesday. But two bankers were quick to say that Otas's fate was not indicative of all Turkish borrowers.

Finnish packaging firm Powerflute held bank meetings in London on Thursday afternoon for its €315m loan package backing its acquisition by Madison Dearborn Partners, as the LBO pipeline in Europe builds.

Ecom Agroindustrial, the Switzerland based commodities trader, has concluded the refinancing of a $635m one year loan, drawing in six new banks.

The UK Debt Management Office will transfer its responsibility to provide reference prices on the £1.4tr Gilts market to FTSE Russell and Tradeweb, likely by the spring of next year.

The Basel Committee on Banking Supervision has sought to further discourage bank investment in senior total loss-absorbing capacity (TLAC) paper by requiring institutions to deduct holdings from their tier two capital.

Muted demand for Russian bank debt hit Promsvyazbank (PSB) as it struggled over the line on Wednesday with a deal, following compatriot Otkritie's trade last week. Worse still, access to longer term funding, which PSB says it needs, looks some way off.

A diverse group of issuers forged ahead with their respective fundraisings on Thursday, seeking everything from dollars to Singapore dollars and green debt.

UniCredit has tonight launched another block trade of shares in FinecoBank, the Italian retail online brokerage, bank and asset manager of which it owns 55.5%. The 20% stake is worth €580m before any discount.

Russia gave more details on Wednesday of its plans to privatise stakes in state assets, including Rosneft, VTB Bank and shipping company Sovcomflot.

The European Securities and Markets Authority (ESMA) is to hold an open hearing on its plans to introduce an industry benchmarks regulation, having recently published draft technical standards.

Sweden on Thursday will bring the second three year dollar benchmark of the week, after a deal on Wednesday in the same tenor from KfW that was the biggest trade in the currency since July.

Eurofins Scientific, the unrated French food and drugs testing company, has decided not to proceed with a planned euro bond after completing its roadshow for the deal last week, as investors increasingly take a stand on the market's tight pricing levels.