Europe

Danske looked to the sterling market for a short-dated floater on Tuesday, finding a safe place to raise funding while turbulence rocks euros.

Spanish natural gas utility Enagás is in talks with its relationship banks to refinance a €1.5bn revolving credit facility.

NordLB decided to pull a seven year senior transaction from the market on Tuesday, as speculation about Deutsche Bank’s health hit financial credit spreads and dampened investor sentiment.

Russia’s EuroChem is the latest issuer from the country to conduct a liability management exercise and is planning to refinance a buy-back of its $750m 2017s with a new dollar bond.

Bridgepoint-owned Pret a Manger launched a £589m dividend recap and refinancing deal on Tuesday, as the market’s repricing momentum continues apace.

Some Turkish banks will have to pay an extra 25bp on loans after Moody’s downgraded 14 borrowers on Monday, triggering ratings ratchets. Vakifbank signed a loan refinancing just hours before Moody’s hit it with a downgrade.

Days after China made the landmark decision to appoint a US renminbi clearing bank, it has made yet another clear political statement by appointing Industrial and Commercial Bank of China Moscow as Russia’s clearing bank, with a bond market link also in the making.

Renminbi adoption has surged in the United Arab Emirates while lagging behind in the Eurozone, according to the latest data by the Society for Worldwide Interbank Financial Telecommunication (Swift). The Chinese authorities also seem ready to increase RMB connectivity with the Middle East through a number of new initiatives.

Deutsche Lufthansa pulled a planned €500m seven year trade on Monday, not the first time the issuer has pulled a deal from the corporate bond market.

A French agency is set to bring a euro benchmark in the shortest tenor seen since the end of the summer, while a Dutch agency is about to sell its longest dated syndication ever in the currency.

Four high yield issuers are aiming to tap into improving sentiment in the corporate sterling market as the Bank of England readies its corporate bond purchase programme for Tuesday.

Public sector borrowers hit screens with dollar deals on Monday that are in keeping with a market that has been very much focused on the short end of the curve over the last few weeks.