Europe

Gazprom is asking for consent to modify the terms and conditions of its £500m 5.338% loan participation notes due 2020.

Spain’s Instituto de Crédito Oficial has raised over $100m equivalent with a private medium term note in Brazilian reais, and is keen to print more MTNs in the currency.

Rustavi Azot released price guidance for its $180m five year non-call three notes and now expects to price the bond on Monday.

Akbank AG, the Frankfurt based subsidiary of Turkey’s Akbank, has completed a $205m refinancing and increased the syndicate to 19 banks.

Nationwide stood out on another busy day in the covered bond market, shaking off three euro-market rivals to print a €1bn mortgage backed bond on Thursday in line with Lloyds and BNS.

Little more than a week after its successful initial public offering, the reprivatized Deutsche Pfandbriefbank issued a €500m five year Pfandbrief that was priced closer than ever to its highly regarded peers, LBBW and Helaba. At the same time, WL Bank issued one of the tightest and most oversubscribed Pfandbriefe of the year.

Bankinter has priced the fourth peripheral covered bond of the week, the longest from a peripheral issuer since mid-April, and the most oversubscribed in the seven year tenor since early March. The evident success removes any lingering doubt over peripheral banks’ access to capital markets following the re-emergence of the Greek debt crisis.

Credit traders and strategists report growing interest among investors to trade iTraxx Crossover “tranchelets” — slices of the index’s 0%-10% equity tranche — amid a heightened focus on jump-to-default risk for European high yield names.

Banca Popolare di Vicenza, the 150 year old Italian bank, has picked three banks to lead its initial public offering in Milan.

Thames Water (Kemble) Finance Plc, the subordinated holding company vehicle of the Thames Water group, issued a £175m bullet bond on Tuesday, joining the dense flow of deals in a high yield market relieved of the eurozone’s recent tensions.

A European issuer is about to bring the first three year Maple bond in two years, after several moving parts moved into place to make the deal possible.

Portugal overshot its maximum target at a dual tranche auction on Thursday, and was also able to reduce its borrowing costs on the shorter of the two tenors on sale.