Europe

Three Russian corporates had no problems accessing the dollar market this week, setting a strong precedent for the $40bn worth of redemptions in 2016 and 2017.

Tumbling volatility over the past months has caused US and European corporate credit risk prices to converge, despite credit investors bracing themselves for diverging monetary policies.

BRFkredit, the Danish mortgage bank, has mandated leads for a roadshow and aims to issue its second euro benchmark covered bond.

Kommunalbanken on Thursday sold its largest floating rate note ever — and the largest floater from an SSA since early March — as bankers away from the trade said the “stars aligned” for the issuer.

While the national economy heads for the road to recovery, the industry at the core of its 2008 crisis struggles to close its wounds: after Abengoa narrowly avoided default in March, Isolux is seeking to seal a standstill agreement with its creditors.

Shares in B2 Holding, the Norwegian consumer debt collection company, have held steady after it concluded its Nkr650m ($80m) IPO in Oslo to fuel growth in its existing markets.

Cades more than doubled its minimum size target for a euro benchmark tap on Thursday, as the European Investment Bank also printed a large euro tap.

A growing number of foreign exchange brokers are increasing their margin requirements on currency trades to protect themselves from Brexit volatility, with several outlining planned hikes around this month’s UK referendum.

Two banks have agreed €265m of term loan facilities with Intertrust to support its acquisition of Elian. The loan will be syndicated to a larger bank group.

German loan market participants have low expectations for syndicated loan volumes over the next year, although Schuldscheine will provide some hope, according to the latest Loan Market Association (LMA) poll.

Fitch may assign a rating uplift to Italian SME covered bonds, or Titolo Obbligazionari Collateralizzati. The upbeat rating assessment follows a survey conducted by analysts at Société Générale which suggests more than 40% of covered bond investors would consider buying such deals.

After a stellar book for Novolipetsk Steel's (NLMK) new issue on Wednesday, trades from Sovcomflot and Evraz on Thursday morning will test the true level of investor appetite for Russian corporate debt.