Europe

UniCredit’s German subsidiary HypoVereinsbank (HVB) priced a well oversubscribed four year mortgage covered bond this week in the wake of CIBC's strong reception in the three year tenor.

Rabobank plans to undergo a huge revamp of its strategy and structure in order to comply with heavier capital requirements.

Legrand, the French electrical fittings manufacturer, issued a €300m bond amid busy action on Wednesday, carving out its own success in the face of frantic activity.

Finnish retail and property company Stockmann has issued an €85m hybrid capital bond, after announcing the deal on Tuesday.

Oil services company Fugro on Thursday cut the size of its credit facilities from €775m to €500m, with one bank dropping from out of the lending group.

Italian oil drilling company Saipem has completed a €4.7bn debt refinancing, with 21 banks participating in its first syndicated loan.

Italian issuer Mediobanca launched a €250m tap of its existing 2025 covered bond on Thursday, with the deal offering a small premium to its secondary curve. The increase follows news that the Italian bank acquired €2.9bn mortgages from Barclays suggesting it will become a more frequent issuer.

David Lloyd Leisure, the TDR Capital owned UK gym and spa firm, is widening pricing on its £380m debt offering after prospective lenders missed the Tuesday commitments deadline.

Europlan, the Russian car and truck leasing company, has completed its IPO on the Moscow Exchange, raising Rb3.27bn ($47m). Allocations were made on Thursday December 10.

Russian steel company Evraz has set the yield on a long five year benchmark at 8.25% area, a level that bankers away from the deal said was roughly in line with where he calculated fair value for the bond.

Drax Group, which operates the UK's largest power station, has refinanced its £400m revolving credit facility, making "minor changes" to its lending group, and cutting 50bp from the margin.

Lloyds Bank's shares rose 1.5% on Thursday after the Court of Appeal ruled a series of high coupon enhanced capital notes sold to retail investors in 2009 had become useless for future UK stress tests and could be called at par.