Europe

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.

RPC Group, the UK plastic bottle manufacturer, has amended its £770m revolving credit facility agreement to include a £70m facility, which will part fund its acquisition of British Polythene Industries.

Shares in Erste Bank and Euskaltel closed nearly 4% lower on Wednesday after two block trades were executed in their shares on Tuesday evening.

Régie Autonome des Transports Parisiens struggled to fill the order book for a no-grow €500m bond on Wednesday, thanks in part to confusion surrounding its eligibility for purchase by the European Central Bank.

The Luxembourg-based producer of roof products, Braas Monier, proved there is still strong investor demand for double-B rated paper in the high yield market as it tightened pricing from guidance on Wednesday.

A pair of public sector borrowers are lining up to sell dollar floating rate notes on Thursday, following a series of floating and fixed rate deals in the currency on Wednesday.

Banks are wrapping up Mercuria’s annual refinancing deal following strong oversubscription in syndication.

Workspace Group, the UK real estate investment trust, has activated a one year extension option on its £150m revolving credit facility to extend the deal to 2021.

Despite the recent rush of Russian corporate bond activity — three new issues are expected this week — the sector still has its outliers with Far Eastern Shipping Company (Fesco) receiving a downgrade from Fitch on Tuesday to restricted default after missing a coupon payment last week.

Polish chemicals firm Synthos has signed a €220m-equivalent credit facility ­with seven local and one international bank.

Novolipetsk Steel’s book build was a riot on Wednesday morning as investors clamoured to get hold of paper from the first of the three Russian corporates carrying out liability management exercises this week.

Public sector borrowers are nipping in with short dated dollar deals before next week’s US Federal Reserve meeting with the central bank looking less likely to raise rates.