Europe
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Ukrainian energy company DTEK secured the approval of its bondholders to dispose of some $400m of assets which will enable it to cut its debt burden by 17% on June 30. -
Ukrainian food producer Kernel has refinanced a $215m pre-export credit facility, as agricultural firms in the region prepare to launch annual financings.
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Investors rejected the latest offer from Russia’s Brunswick Rail on Thursday as the fight to receive better restructuring terms on the company’s notes due 2017 continues.
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Refresco Gerber, the Dutch drinks bottling company, lost one bank and added two new ones to its syndicate in its €872m refinancing which saw strong demand, the firm said.
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KfW found enough demand to print a A$400m ($299.2m) tap of its January 2019 Kangaroo bond late last week, highlighting a remarkable return to stability for markets after the previous week's Brexit vote.
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The UK subsidiary of Santander issued a £500m three year floating rate deal on Friday in an exercise that suggested UK banks still have good access to wholesale funding. The deal comes as several banks line up with euro benchmarks next week, and amid growing signs that a further expansion of quantitative easing is on the way.
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At the height of the Brexit turmoil this week, another issue emerged as an important and perhaps more pressing concern: Italy is in the midst of a banking crisis. If the country cannot come up with a private solution, or convince authorities to bend EU state aid rules, up to €250bn of retail senior debt will be on the hook, writes Tyler Davies.
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UniCredit’s appointment of a new CEO on Thursday raises the prospect that a rights issue for the bank could be the centrepiece of an equity capital market in the autumn that is likely to be at best subdued, after the UK’s shock vote last week to leave the European Union.
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Bankers and lawyers have been grappling with likely consequences of the end of euro clearing in the City of London — specifically, will their trading floors have to follow clearing into the eurozone? The UK chief executive of one major French bank said that the firm had received differing legal advice on this point, and that it was a "crucial" question.
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Syndicated loan documentation has been in the spotlight since the UK voted to leave the European Union, with some market participants asking whether Brexit-related clauses might be invoked to block deals, and others questioning the continued use of English common law.
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Tuesday night's €815m block trade in Abertis shares for Obrascon Huarte Lain, the Spanish construction company, was a daring reopening of equity issuance after the UK's shock vote to leave the European Union. But despite the deal's success, it has been followed by surprisingly poor trading in OHL's shares and bonds.
