Europe

Levfin specialist firm DebtXplained on Thursday said covenants on Abengoa’s €375m unsecured bond leave investors less protected than on competitors’ notes.

Ukraine debt has rocketed in value on the understanding that the country's Ministry of Finance has reached an agreement with its ad hoc creditor committee, settling on a 20% haircut on $18bn of debt.

Crédit Agricole ended a month long euro covered bond drought on Thursday, leaping on improved market conditions to print a €1.25bn six year soft bullet with a minimal new issue concession. Bankers say the deal proves there is plenty of demand and will help to relieve pressure on the pipeline which has been building up this week.

Reesink, the Dutch equipment distributor, intends to float in Amsterdam in early 2016, the company said in its half-year report.

NL Financial Investments, the organisation that handles the Dutch state’s shareholdings, has selected eight investment banks as bookrunners and co-lead managers for ABN Amro’s highly anticipated flotation.

Covered bond bankers could soon be dealing with a new issuer if plans to separate the Norwegian business of SkandiaBanken AB go ahead. Moody’s has assigned a provisional Aaa rating for the new entity which will be known as Skandiabanken Boligkreditt AS.

A member of Royal Bank of Scotland’s covered bond and SSA research team has left the bank.

Nomura has put Benedict Nielsen and Simon Deeny at risk of redundancy, as part of the extensive global markets headcount review it started two weeks ago.

The recent stock market fall may help smooth talks with Ukraine’s creditors, according to an analyst in Kiev.

Frankfurt-listed Snowbird, a Chinese down manufacturer, has cancelled plans to seek a secondary listing in Singapore, amid a wave of panic selling that has gripped stock markets this week.

The UK Debt Management Office is likely to pick a reopening of its 2068 inflation-linked Gilt for its September syndication, after holding a consultation with Gilt-edged Market Makers and investors on Monday.

Boutique asset manager Sparinvest will consolidate two of its high yield bond sub-funds into its existing Corporate Value Bonds on September 25, as the company reviews its product range.