Europe

Three Russian corporates are looking to hammer out deals in the wake of the sovereign’s return to the bond market last week. All are refining their debt profiles with a combined buyback and new offer.

PKN Orlen was on track to print a seven year dollar bond with books over €1.5bn at guidance on Wednesday.

Deutsche Kreditbank enjoyed a healthy reception for its debut in the senior market on Wednesday, with its choice of green funding a clear match for its operations.

ING has raided General Electric for a new head of wholesale banking, with Bill Connelly set to retire from the job in November.

The swathe of rights issues set to form a big part of Emea equity capital markets activity this side of the summer has moved forward this week, with the conclusion of Dubai Parks and Resorts’ deal and the launch of SSAB’s prospectus.

KfW became the first supranational or agency to sell a euro-denominated five year benchmark with a negative yield on Tuesday.

Italian construction firm CMC di Ravenna has launched a €150m credit facility in a levfin market where loans have the upper hand.

Insurance firm Delta Lloyd has agreed its first revolving credit facility for €600m but the borrower has no immediate plans to draw on the facility, according to the Dutch firm’s chief financial officer.

Prudential attracted a mammoth book for a $1bn Reg S tier two bond on Tuesday, after successfully targeting yield-hungry Asian investors.

Assicurazioni Generali launched its second 32 non-call 12 year tier two in just over six months on Tuesday, adding to a surge in issuance from European insurers.

WL Bank was unable to sell a €250m nine year deal on Monday. Despite the fact it offered nearly 40bp over Bunds and a modest premium against its own curve, rival bankers described it as “stupidly expensive.”

Credit Suisse launched its second opco level euro senior unsecured deal of the year on Tuesday, and appeared to suffer little ill effect from a Fitch downgrade last week.