Europe

Georgian firm Rustavi Azot has held price guidance for its $180m five year non-call three notes at 12.5%-13% and is expecting to price the deal later on Monday.

The announcement of a partnership between the China Financial Futures Exchange (CFFEX) and Moscow Exchange (Moex) on July 15 comes on the back of rapid growth in RMB usage for trade and investment in Russia. And closer ties are on the cards now that infrastructure is being put into place to make Moscow an RMB hub, Riccardo Orcel, deputy CEO of VTB Group, told GlobalRMB.

KfW was able to double its minimum target with a rare 20 year bond on Friday, using a tactic that SSA bankers away from the deal believe other issuers could follow over the summer.

Multiple listings of ETFs could become a smart strategy for firms looking to attract a broader investor base for products sold under the renminbi qualified foreign institutional investors (RQFII) scheme. An RQFII ETF that was first listed in London was recently taken to Euronext Paris via Euroclear Bank, and Euroclear reckons the move is paving the way for others to exploit RMB alternatives.

Tobam, a Paris asset manager, is preparing to launch new funds in European credit and emerging market debt, which will bring its innovative investing approach to European fixed income for the first time.

The European high yield market this week saw towering deals like SoftBank’s $4.5bn and Synlab’s €1.1bn, but investors also found a place in their portfolios for smaller notes.

Germany dominated covered bond supply this week with four banks raising €2.5bn after collecting orders of nearly €6bn in total.

Beni Stabili, the Italian property company largely owned by Foncière des Régions, priced on Thursday a €200m convertible bond at a 0.875% coupon and 32.5% conversion premium.

Bluefield Partners, the UK investment adviser focused on solar power infrastructure, is pressing on with its bid to float a fund, Bluefield European Solar Fund, despite the failure of a similar deal today.

Greater stability in European credit spreads has brought a big reversal of iTraxx index options, say traders, after the volatility skew reached an all time record inversion during the recent Greece debt negotiations.

J Sainsbury, the UK supermarket chain, raised £500m of hybrid capital on Thursday with twin issues of a convertible bond and a regular hybrid bond.

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