Europe

The European Union coasts through its €4.75bn 15 year transaction under its European Financial Stabilisation Mechanism programme on Tuesday.

Russian steelmaker Metalloinvest has secured a $350m credit line from international lenders. Metalloinvest is the second Russian corporate to tap international lenders since fresh sanctions were announced against Russia by the United States.

Grünenthal, the German pharmaceutical firm which specialises in painkillers, is looking to refinance its debt with an inaugural high yield bond, just two months after buyers reportedly shunned the company over ESG concerns around opioid manufacturing.

The global head of bond syndicate at Standard Chartered has been placed at risk of redundancy. The bank will divide his responsibilities between two other positions, one of which was vacated just last week.

Etalon, the Russian real estate and construction company listed in London, has launched a rights issue to help fund its investment in new land and development.

One of the shareholders in EQT, the Swedish private equity firm, has provided a rare liquidity event in the stock, which has rocketed more than 326% since its flotation in September 2019.

Deutsche Pfandbriefbank (PBB) issued the tightest ever Sonia-linked covered bond on Tuesday at close to fair value, with little spread sensitivity and a high quality order book. The strong result sent a positive signal to other issuers with natural sterling funding needs.

Bausparkasse Schwaebisch Hall (BSH) was able to price a €500m 12 year mortgage Pfandbrief on Tuesday through fair value and showed that, in the face of mounting negative net supply which is now double last year’s total, investors are increasingly desperate for covered bonds.

The French state has doubled its stake in airline Air-France KLM as part of the €1bn rights issue to recapitalise the company.

Sovcomflot, the majority state-owned Russian shipping company, defied some market participants' expectations on Tuesday by coming to market to raise dollar debt just days after a fresh wave of US sanctions on Russia.

Mark Manduca, a European equity research analyst at Citi, has been appointed as chief investment officer of GXO Logistics ahead of its spinoff from its New York-listed parent XPO Logistics.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 19. The source for secondary trading levels is ICE Data Services.