Europe

The French bank has been cutting bankers in its M&A business, marking a shift from growth to profits, writes David Rothnie.

Hrvatska Elektroprivreda (Hep) picked banks for a dollar bond and kicked off an exchange offer on its 2017 notes on Wednesday.

A eurozone sovereign wrapped up its funding programme for the year by cutting borrowing costs at its first auction since moving within touching distance of fully single-A status.

Deutsche Pfandbriefbank was on track to print €500m of long two year debt after navigating the now familiar struggles of German senior debt issuance on Thursday morning.

Gazprom has ratcheted in price guidance for its euro denominated benchmark, as it looks to print the second Russian corporate bond this week after a drought that started in November 2014.

Deutsche Bank’s announcement on Wednesday evening that it expects to report a net loss of €6.2bn in the third quarter isn’t expected to affect the bank’s additional tier one (AT1) bondholders.

The Republic of Poland printed an impressive €1.75bn six year bond on Wednesday with a skinny new issue premium, adding to the pile of successful CEEMEA bonds printed this week.

Deutsche Bahn came to an empty corporate bond market on Wednesday, increasing its latest floating rate note from €300m to €400m, making the deal its largest eight year FRN.

Amundi, the French asset manager formed of the merger of Crédit Agricole Asset Management and Société Générale Asset Management, on Wednesday took the first step towards a public listing in Paris.

A eurozone periphery sovereign drew a hefty book for an inflation linked benchmark on Wednesday, paving the way for other countries from the region to bring deals, according to SSA bankers.

ICAP, the interdealer broker, has launched a euro interest rate swap index that it hopes will become the first of a series of market benchmarks for IRS, whose stature is similar to that held by Markit's iTraxx indices in the credit market.

The European Central Bank has beaten a case against it by a group of Italian investors claiming damages over the 2012 restructuring of Greek debt.