Europe

Norwegian renewable energy firm Statkraft has signed a Nkr11bn (€1.2bn) five year revolving credit facility with a group of banks.

Forthnet, an unrated Greek telecom company, on Wednesday sealed with bank lenders a debt restructuring plan that it has been negotiating since April.

In a week when uncertainty surrounding the UK referendum on European Union membership clouded markets, Terreal, the clay tiles and bricks maker, managed to tighten pricing on a €260m refinancing loan, reflecting healthy demand for French and German deals.

The European Central Bank could soon rule German senior debt ineligible for repo transactions, dealing a blow to the country’s plans to subordinate the asset class.

Compagnie de Financement Foncier (CFF) has updated its EMTN Obligations Foncières programme documentation to permit issuance of soft bullet covered bonds, bringing its deals into line with most others. The move comes as Germany considers updating its law to allow for soft bullet extensions.

PKO Bank Hipoteczny, Poland’s largest mortgage lender, has issued a well oversubscribed, tightly priced and broadly distributed covered bond, which sets an encouraging prelude for an expected inaugural euro benchmark deal later this year.

Emerging market credit has ridden the uncertainties of the UK’s European referendum this week and made considerable gains on Monday and Tuesday as support for Remain edged ahead in polls.

Uranium One, the Russian state mining company, is offering to buy back some of its dollar bond due 2018.

Bank of China said on Tuesday that it has signed a memorandum with the Poland Ministry of Finance to work on the sovereign’s upcoming Panda bond.

Rabobank has agreed a strategic partnership with Kepler Cheuvreux, covering the Benelux region and the food and agriculture sector, and has closed its cash equities business, with the loss of 30 jobs.

Yoigo, a Spanish mobile phone company with a 7% market share and 3.3m subscribers, long the subject of takeover speculation, will be bought by Másmóvil Ibercom, a smaller player that is also an internet service provider.

The first of three political risks to the stability of the capital markets faced passed without causing disruption this week, as a mechanism attributed with calming fears amid the eurozone sovereign debt crisis was declared legal.