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As part of MiFID II, the European Securities and Markets Authority is soliciting comment on debt instruments with embedded derivatives. The outcome could restrict retail customers’ access to such products.

That some international investors still have appetite for Russian risk was made clear again on Monday night, when Lenta, the hypermarket group, raised $225m of new capital to finance expansion.

Spain hit the euro market on Tuesday to sell its second 15 year syndication of 2015, following up a conventional deal earlier in the year with its third ever syndicated linker.

Air France KLM may have to offer a yield of up to 6% on its unrated hybrid bonds, according to market participants.

French government agency Agence France Locale has launched its first ever bond and found enough demand to tighten its final spread by 3bp.

Greece’s euro-denominated future hangs in the balance. Greater integration and less sovereignty is needed to save the European project, but the ideological gap between Greece and Germany shows it will be nearly impossible to achieve.

A loan backing Danube Foods’ buyout by Mid Europa Partners is finding good demand in syndication, say bankers on the deal.

International Bank of Azerbaijan and AccessBank are progressing well in their pursuit of international loans, say bankers, and are on course to close deals soon.

Centrica, the UK energy company, is to launch its first hybrid bond, and has hired banks to arrange a four day roadshow for a the deal, set to be in sterling and euros.

Veolia Environnement, the French water and waste management company, has announced a global investor call for a new bond issue as it tenders for three existing notes.

French property management firm Foncia has allocated its €270m add-on to acquisition loans after tightening pricing on the deal.

Touax Group, the French container leasing company, on Tuesday began marketing a €200m secured bond as it refinances its balance sheet.