Europe

Deutsche Bank is in the market this evening with a block trade of about €319m in shares of Euler Hermes, the Paris-listed trade receivables credit insurer. It is the first equity capital markets deal in the stock since 2002.

Rating: Baa2/—/—

Italy brought a rare syndicated effort at the short end of the euro curve on Wednesday, but there was little sign that the unorthodox approach disturbed investors as it built an oversubscribed book at a punchy price.

Export Development Canada is set to join what one SSA banker described as a “ridiculous” dollar market, where issuers are selling in big size and with little or no new issue premiums.

Export Development Canada sold its largest bond in sterling in over two years on Wednesday as investor appetite for the currency showed little sign of abating.

Fortum, the Finnish energy company, is refinancing a €2.5bn revolving credit facility, but looking for a smaller loan this time around, according to one banker.

A slumbering euro market for core issuers kicked into life on Wednesday, as Nederlandse Waterschapsbank looked to take advantage of a strong bid for duration and the European Financial Stability Facility sent out a request for proposals for its deal window next week.

Stockholm County Council mandated two banks on Wednesday to run what will be its third green bond.

UK healthcare real estate investment trust (REIT) Assura has refinanced its five year revolving credit facility and increased the size from £120m to £200m.

The University of Stirling has issued its first US private placement bond at an average rate of 3.82%.

Erste Group Bank has mandated leads for its inaugural additional tier one transaction, which will be its first issuance of capital notes since it failed to pay the coupon on legacy tier one debt at the end of 2014.

BNP Paribas paid a slim premium to price the first 12 year senior bond of 2016 from a European bank in euros, as issuers encounter a more favourable environment for adding longer dated debt.