BPCE found good demand for a two-part covered bond on Monday with the bonds pricing almost flat to its curve. Even so, the near term outlook has become less certain as German lockdowns are expected to be tightened amid renewed concern over the impact on commercial mortgages secured in some Pfandbrief.
Saudi Arabia’s National Commercial Bank (NCB), the largest financial institution in the kingdom, has mandated banks to arrange a tier one dollar sukuk. The deal may act as a prelude to a potential bond sale by the sovereign, which bankers say could happen as early as this week.
Banca Monte dei Paschi di Siena has published a new business plan for the next four years, targeting a return to profit in 2022. The plan relies on the bank receiving a capital injection of at least €2bn, which is still under discussion with authorities in Italy and the EU.
Huuuge, the Polish social and mobile gambling company, revealed on Monday that it is seeking to list on the Warsaw stock exchange. The deal will be the latest in a long line of digitally focused companies to announce IPO plans.
This week in Keeping Tabs: a key weekend for Germany's future, and Biden's stimulus plan.
Agora, the end-to-end debt capital markets start-up, has appointed Filippo Mattia Ginanni as its head of structured products and EMTNs.
A number of top staff at Natixis's corporate and investment banking division have started new jobs, the latest moves in a bout of seat hopping at the top table in this part of the bank.
Anyone who thought the culmination of a trade deal between the EU and UK would provide a shining ray of clarity for financial services as to the level of market access between the two has been proved wrong. Little progress on regulatory equivalence decisions has been made, and while this points the way towards divergence, it is still unclear how exactly the UK would go about this.
A senior funding manager at KfW who was responsible for leading the borrower’s sterling and dollar deals, has left the German agency.
Amélie Darrort, co-head of the euro medium term note desk and head of French public sector debt capital markets at JP Morgan, will be relocating from London to Paris in the summer as part of a post-Brexit relocation, GlobalCapital understands.
This week’s burst of covered bonds was exceptionally well received and boosted supply hopes.
Bankers are betting on a strong year for the UK — Europe’s biggest fee pool — but the overlapping concerns of Brexit, Covid-19 and regulation make for an uncertain outlook, writes David Rothnie.
With Asia’s sustainability-linked bond (SLB) market thrown wide open with the first transaction, there is a case to be made for the opportunities offered to both issuers and investors by this nascent asset class.
Italia Viva has withdrawn its ministers from the support of the Italian government, sparking a political crisis in the country. However, Italy’s sovereign bonds are trading within a comfortable range versus Bunds thanks to the support of the European Central Bank.
Credit Suisse issued a two-part covered bond in Swiss francs on Monday, choosing to limit the deal sizes in order to ensure a tight spread and low yield.
Navient is issuing the first student loan securitization of 2021 as the sector continues to battle political headlines and a decline in student post-secondary enrollment.
The dollar corporate bond market has a more subdued feel this week, after its stellar start to the year, as US issuers are moving into earnings blackouts. But even as politics took centre stage as Congress moved to impeach President Donald Trump for the second time, ahead of Joe Biden’s inauguration on January 20, corporate borrowers quietly churned out deals.
Credit Suisse has promoted Ted Michaels, its head of North America renewables in New York, to a new global position overseeing investment banking in renewables and sustainable energy technology.
Eurostar, the majority French owned train service between the UK and Europe, has asked the UK government for bailout loans. The request came as 28 senior businesspeople in the UK wrote an open letter warning that the rail service is fighting for its survival.
One of the world’s largest commodity traders, Trafigura, has launched a Schuldschein which, due to its credit profile and intended yield, is a clear outlier. While some see the borrower as too risky for this market, others see it as a sign of the Schuldschein's growing ambition.
Saudi Arabia’s National Commercial Bank (NCB), the largest financial institution in the kingdom, has mandated banks to arrange a tier one dollar sukuk. The deal may act as a prelude to a potential bond sale by the sovereign, which bankers say could happen as early as this week.
Peter Enns, most recently global co-head of advisory and investment banking coverage (AIBC) at HSBC, is set to be the next chief financial officer at insurer Chubb.
In this round-up, China’s coronavirus-hit economy grows 2.3% year-on-year in 2020, the securities regulator plans to introduce more bans on those who break rules in the onshore capital markets, and the vice central bank governor says Ant Group will give a timetable for the shakeup of its businesses.
Supreme plc, the Manchester-based maker of vaping liquids for e-cigarettes, is preparing to go public on London’s alternative investment market (AIM).
Some €700m of CDS contracts referencing Europcar’s debt have been rendered worthless thanks to a technical squeeze in the CDS auction on Wednesday, in a blow for investors who thought they’d hedged their exposure to the troubled car rental firm. The controversial result threatens to reignite debates about whether the CDS market is fit for purpose, ahead of an expected wave of restructurings in the year to come.
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