Europe

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

Banca Popolare dell'Emilia Romagna’s (BPER) and Banco Popular Español’s (BPE) five year bonds enjoyed equally good receptions, even though BPER’s Italian covered bond came at half the spread and with a much lower rating than BPE’s Spanish deal.

Berlin Hyp (BHH) priced a €500m three year Pfandbrief on Tuesday, of which nearly half was sold to international investors. The broad distribution, which came as a positive surprise, suggests an overriding investor need to shorten duration, which in turn implies fear of further volatility this year.

Cellnex Telecom, the broadcasting tower business floated by Abertis Infraestructuras in May, marketed and sold its first bond issue on Monday, raising €600m.

German debt collector Garfunkelux issued a €365m high yield bond on Monday, becoming the first in the mainstream, public euro high yield market since June 24.

Ado Properties relaunched its €400m initial public offering in Frankfurt on Monday, less than a month after postponing the deal because of the Greek debt crisis.

The chief executive and other top officers of Merlin Properties, the acquisitive Spanish real estate company, have been on the road this week, for the company’s second rights issue in three months, as it seeks €1.034bn to buy Testa, another property firm.

Swiss travel retailer Dufry began roadshowing on Monday its €500m high yield bond, part of the financing package to support its buyout of World Duty Free.

Cinven has appointed Bank of America Merrill Lynch and Morgan Stanley to lead the public sale of one of its largest assets, CeramTec, the German high performance ceramics manufacturer.

Citi has hired a high yield and distressed salesperson from Barclays to its Europe, Middle East and Africa loan sales business in London.

A French agency is the latest SSA issuer preparing to tap a dollar market that is in good health — although not every point on the curve may be open for borrowers wishing to follow this week.

French railway operator SNCF Réseau has more than doubled the length of its outstanding maturity curve with a century long medium term note.