Europe

Monday night’s three equity block trades in Europe all led to decent trading in the stocks on Tuesday. They included CVC’s exit from Evonik Industries – scooped on a sole basis by JP Morgan, though Bank of America Merrill Lynch has worked on most of these deals.

UK investors showed no jitters on Tuesday about a potential UK exit from the European Union, as the sovereign’s last syndication before the EU membership referendum drew a book of more than £15bn — a record for an inflation-linked Gilt syndication.

KommuneKredit grabbed the first chance of the week to print five year dollars while other public sector issuers are set on 10 year deals.

The European Parliament is following the principle of 'Do No Harm' to the bond market, as it grapples with ESMA and the European Commission over the final wording of Markets in Financial Instruments Directive II (MiFID II).

Russia’s $1.75bn sovereign Eurobond showed that the country can raise external financing, but that does not necessarily mean that the deal will be recorded as a political success.

Moody’s cut Deutsche Bank’s debt rating to two notches above junk on Monday, as the German bank continues to fall foul of negative sentiment around its costly restructuring.

The Swedish firm Hoist Kredit, a subsidiary of Hoist Finance, on Wednesday sold its €250m bond to refinance a mixture of euro and Swedish krona floating rate notes.

Swedish smelting and mining company Boliden has signed €1.39bn in loans, although the borrower was initially planning a larger deal, said a banker close to the financing.

A Spanish region is set to bring its first syndication in 18 months, after mandating banks on Tuesday for a five year euro deal.

EBS BrokerTec, ICAP’s electronic foreign exchange and fixed income business, has added FX spot, forwards and swaps to its EBS Treasury platform as it completes the rebranding of the product from its previous name, MyTreasury.

Russia has not updated the guidance it released on Monday for its first bond since 2013, with a debate over whether Euroclear will settle the note deterring some investors.

Scor added a tightly priced subordinated deal to the growing number of insurance trades in recent weeks, although some analysts fear the borrower's spreads are set to deteriorate.