Europe

Bondholders have approved the restructuring proposal for the City of Kiev 2016s and extended the deadline for approval of restructuring of its 2015 Eurobonds.

Deutsche Bank has suffered another rating agency downgrade, this time from Fitch, which said the German giant had fallen behind its universal banking peers in preparing for tougher regulation.

Abengoa’s decision to seek insolvency protection is a bankruptcy credit event trigger for some credit default swaps referencing the company but not others, ISDA’s Determinations Committee has ruled.

Stockmann, the Finnish retail and property company, is considering a hybrid bond issue, but otherwise the corporate bond market is decidedly quiet.

The Belgian Debt Agency will have a reduced gross borrowing requirement in 2016 and also plans to buy back €4.55bn of outstanding debt.

Air Liquide and Saipem loans show that bankers and borrowers are not yet slowing down as they seek to tie up remaining bumper deals they launched in a busy fourth quarter.

UK banks will have to provide the Bank of England’s supervisory arm with two versions of their quarterly leverage ratios, though the regulator has extended the start date for publicly reporting the ratios by one year.

Latvia on Tuesday sold €550m 0.5% December 2020s from a book of €1.6bn, in conjunction with a buyback of its old dollar debt, switching out some of its traditional EM investor base for new rates buyers.

Flint Group, the printing and packaging inks supplier, has allocated a €150m add on facility to the six year term loan ‘B’ it signed in May.

The Central American Bank for Economic Integration (Cabei) sold its second Swiss franc deal for the year on Monday, drawing demand from Swiss asset managers.

Santander UK has beaten a path that could be well trodden by European banks in the next two years, printing a holdco senior unsecured deal in the Tokyo Pro-Bond market as it looks to broaden its investor base for issuing loss absorbing debt.

UniCredit’s German subsidiary HypoVereinsbank (HVB) priced a well oversubscribed four year Hypothekenpfandbrief on Tuesday. Following a strong reception for CIBC’s three year on Monday, it’s likely other issuers will be looking to take advantage of the surprisingly strong funding window that has followed last week’s European Central Bank meeting.