Europe

Prosafe, which provides offshore accommodation for oil rigs, announced on Tuesday that it had negotiated changes to the terms of loans signed less than 12 months ago.

Intesa Sanpaolo opened the 2016 additional tier one (AT1) market on Tuesday with its euro debut, and is now over halfway to its 2017 issuance target.

With only one small tap launched so far in Europe's high yield bond market this year, investors are disappointed with the scarcity of deals in the pipeline.

Poor liquidity in the additional tier one market could keep new issue premiums in the product high for some time to come, according to some FIG bankers, who saw Crédit Agricole seek the depth of the dollar market again on Tuesday.

Deutsche Bank SA, Kookmin Bank, BayernLB and RLB Steiermark have mandated leads for covered bonds to be issued on Wednesday.

The Basel Committee on Banking Supervision has agreed not to increase the leverage ratio requirement — a big win for banks already struggling to stay abreast of new capital rules.

Erste Bank issued the first Austrian Pfandbrief of the year, attracting a comfortably oversubscribed book and setting a strong start for issuers from the beleaguered country. At the same time, Deutsche Pfandbriefbank issued a tightly priced and larger than expected German Pfandbrief.

Pioneer Investments has set up a new fund to target the returns available in subordinated FIG debt, in response to the paltry yields on offer in the investment grade credit sector.

Australian lender, Macquarie Bank printed an eight year Swiss franc bond on Monday, mimicking its compatriot National Australia Bank's effort a weak earlier.

Vedanta Resources has launched a tender offer for a portion of its $1.25bn 5.5% convertible bonds due this year to be executed via a modified Dutch auction method, according to its dealer banks.

Italian property has been one of the more disappointing sectors in European equity capital markets recently, so it was a welcome change that in a still bare calendar of formally announced IPOs, two of those that have appeared are for Italian real estate investment trusts.

The International Swaps and Derivatives Association will tighten up the rules governing members of its Credit Derivatives Determinations Committee as it looks to strengthen the process for deciding whether credit events have occurred.