Europe

A director working on debt advisory and structuring at Barclays is leaving the bank to take up a new job on the buy-side.

Russian steel maker Metalloinvest has raised its third syndicated loan of the year, according to bankers. The deal has a fixed rate.

UniCredit’s plan until 2023, revealed in London on Tuesday, involves rewarding shareholders with larger distributions on the back of a growth in revenue. The payment of these distributions will be given greater protection, thanks to the creation of a new intermediate holding company to lessen the bank’s regulatory capital burden. Meanwhile, chief executive Jean Pierre Mustier was clear that large M&A does not form part of the bank’s plans.

Cerberus Capital Management has sold the last of its stake in Austrian bank Bawag, its second trade in two months following an earlier sale in November.

Ocado, the UK online grocer, has made its first foray into the equity-linked market with a £600m convertible bond due in 2025 to finance investment in its technology platform Ocado Solutions, which produces robotic warehouses for foreign partners.

The chairman of UkraineInvest, a body set up to promote investment in the country, castigated the rating agency Moody’s on Monday over its cautious approach to upgrading the sovereign from a C rating, asking if the firm had an institutional bias against Ukraine.

Ellaktor is looking to tempt international investors with a carefully designed green bond that excludes a shaky construction business. The Greek company is looking to replace most of its long-term capital structure, currently heavy on local bank loans.

The UK Debt Management Office (DMO) has announced the timing of the fifth and final syndication of its financial year.

S&P raised Ireland’s debt rating to AA- on Friday, almost nine years to day that Ireland agreed to a bailout programme from the European Troika.

One of Banca Imi's vice presidents of loan syndications in London has joined Commerzbank's international loan origination team in Paris.

Barclays offered investors a rare chance to add exposure to its senior debt in euros on Monday, helping to fill a supply gap from UK issuers in this currency.

Commerzbank took advantage of a rise in yields to launch a nine year Pfandbrief on Monday. With yields rising 6bp overnight amid an improvement in risk sentiment, bankers suggested a positive yielding long seven year can expect a fair reception.