Europe

Estonian power company Eesti Energia opened books on a new euro transaction on Thursday morning, following the deadline for a tender offer on its outstanding bonds the day before.

With increased activity in the euro investment grade and US high yield markets, bankers feel confident the European high yield pipeline should start making real progress, despite this week’s activity being restricted to a single roadshow.

Germany is set to become the first eurozone sovereign to settle its derivative transactions via central clearing, after announcing plans on Monday to become a direct clearing member of EurexOTC Clear.

Mediobanca has appointed Philippe Dufournier as head of lending and structured finance

Ireland has cut its 15 year borrowing costs at its biggest auction of the tenor this year, as Italy prepares to tempt investors even further out the maturity curve.

The Catalan election on September 27 is barely a blip on most investors' radars. But the result could cause a severe shock to Spain's national debt.

Polish state owned power company Polska Grupa Energetyczna (PGE) has picked banks for a benchmark euro transaction.

Estonian power company Eesti Energia opened books on a new euro transaction on Thursday morning, following the deadline for a tender offer on its outstanding bonds the day before.

Vitol held a bank meeting last week to refinance its flagship loans. The Swiss-headquartered firm will not increase the loan from $7.5bn, according to bankers.

Financial markets have largely ignored the possibility that Catalonia could become independent from Spain. But for the Catalan government, that is no longer a possibility, but a virtual certainty — with huge implications for Spanish debt.

This week’s encouraging run of equity block trades continues this evening (Wednesday September 9) with a sale of 10% of Inmobiliaria Colonial, the Spanish property company, worth about €190m.

SGL Carbon, the German manufacturer of products from carbon, issued a successful €167m convertible bond on Wednesday morning, and launched the repurchase of an existing CB.