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Green CSPP, digital banks and negative rates, UK finance after Brexit
This week in Keeping Tabs: how the European Central Bank could decarbonise its corporate bond book, how digital banks would suffer if the Bank of England goes negative, and what UK financial services policy could look like after Brexit.
23 Oct 2020 -
Greece looking to capitalise on Pepp to complete curve
Greece hit the market this week with a €2bn tap, neatly threading a needle between the EU’s jumbo debut and a hefty 30 year from Italy. But unlike other sovereigns, the exercise was not a scramble for cash to mitigate the impact of the pandemic.
23 Oct 2020 -
MTN investors on hold ahead of election
A number of MTN investors are waiting for the result of the US election before committing themselves to the market, meaning next week is set to be a quiet one.
23 Oct 2020 -
Markets expect EBA guidance will force action on legacy bank capital
European banks could be set for a wave of calls and tenders on legacy debt instruments, after the European Banking Authority demanded a clean-up this week. Action may not be immediate, however, with markets still seeking clarity on a number of key issues.
23 Oct 2020 -
Bank supply to be muted ahead of US election
Despite a recent deal surge, investors and issuers are set to pull away from the primary market with just one full week left to go before the US presidential election.
23 Oct 2020 -
Goldman, BofA take most of mammoth mortgage bond bidlist
Cerberus Capital Management drew strong demand for its 48-line item bidlist of mezzanine mortgage bonds on Thursday, with winning bids for most of the bonds in the nearly day-long sale going to Goldman Sachs and Bank of America, sources tell GlobalCapital.
23 Oct 2020 -
Aedifica rights issue attracts 84% take-up
Aedifica, the Belgian real estate company that specialises in care homes for the elderly, has secured an 83.7% take-up for its €459m rights issue.
23 Oct 2020 -
Greencoat Renewables takes term loan in leverage strategy shift
Greencoat Renewables, the Irish renewable infrastructure company, has signed a €200m term loan, as it looks to manage its longer duration leverage.
23 Oct 2020 -
Barclays boasts of share gains in markets
Barclays enjoyed a record quarter in equities, but in its advisory and equity capital markets it lagged behind competitors, it showed in third quarter results on Friday.
23 Oct 2020 -
Funding scorecard: European sovereigns
This week's funding scorecard looks at the progress European sovereigns have made in their funding programmes towards the end of October.
23 Oct 2020 -
China policy and markets round-up: Fiscal revenue returns to growth, Sweden bans Huawei, S&P expands to exchange bond market
In this round-up, China’s fiscal revenue growth turns positive in the third quarter, Sweden becomes the latest to ban Huawei Technologies from its 5G plan, and S&P Global Ratings’ onshore unit secures a licence to rate domestic bonds in the exchange market.
23 Oct 2020 -
China issuers sneak into closing bond window
A host of Chinese issuers found one of the last windows to sell bonds on Thursday ahead of the US presidential elections at the beginning of November and a public holiday in Hong Kong early next week.
23 Oct 2020 -
Fosun-backed Gland Pharma gets Sebi nod for Rp60bn IPO
Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has won approval for its IPO from India’s securities regulator, according to a source close to the deal.
23 Oct 2020 -
Vedanta returns loan, redeems bond after failed delisting
Metals and mining company Vedanta Resources has returned the full amount of a $1.75bn loan and redeemed a $1.4bn bond after its plan to delist its Indian subsidiary failed to get enough support.
23 Oct 2020 -
Lufax launches roadshow for $2.36bn US IPO
Lufax Holdings, a personal finance services platform, has opened books for its offering of American depositary shares (ADS). It is aiming to raise up to $2.36bn.
23 Oct 2020 -
HSBC nabs Citi veteran Keefe
HSBC has poached a senior banker from Citi to run banking in its Americas business.
23 Oct 2020 -
Suriname to miss coupon payment, engage IMF amid liquidity squeeze
Suriname’s new government said on Thursday that it would not make a coupon payment due next Monday on its $550m of 9.25% 2026s as it prepares for restructuring discussions. But with the Surinamese economy capable of generating high levels of hard currency, the focus could be on liquidity relief rather than principal haircuts.
23 Oct 2020 -
Country Garden wraps up $1.5bn loan with 16 banks
Chinese property developer Country Garden has closed a $1.5bn-equivalent dual currency loan, attracting seven participants during syndication.
23 Oct 2020 -
Millicom, BRF find bid but Lat Am lull begins
Two corporate deals on Monday and a tiny tap from a Paraguayan beef exporter on Wednesday were all investors had to choose from in Latin American primary bond markets this week as issuance remains light ahead of the US elections next month.
22 Oct 2020 -
Petrobras continues debt reduction with $2bn buy-back
Brazilian oil company Petrobras this week announced it will spend $1.95bn on repurchasing existing bonds via a tender offer, as the rapid pace of its reduction continues.
22 Oct 2020 -
Science-based targets could help banks wrestling with climate risk
UK banks and building societies are struggling with difficult aspects of incorporating climate change into their risk management, as demanded by the regulator, a PwC survey has found. The answer to some of their problems could be a non-risk initiative: science-based targets.
22 Oct 2020 -
T-Mobile calls for yet more bond cash
T-Mobile brought its bond issuance this year above $30bn this week, when it printed its second jumbo deal in a month.
22 Oct 2020 -
Neuquén creditors turn down improved restructuring offer
A group of Neuquén’s bondholders swiftly rejected an improved debt restructuring offer this week, saying any reduction in interest payments on the Argentine province’s senior secured bonds cannot be justified.
22 Oct 2020 -
Middle East issuers print rapid flurry of paper as election nears
A sudden rush of deals from Middle East issuers hit the screens this week, giving the region its busiest week since early September.
22 Oct 2020 -
UK moves early to dispel fears about bank capital buffers
Markets rejoiced this week after the Bank of England proposed policy changes that will make it harder for UK lenders to run into automatic restrictions on their additional tier one coupons and equity dividends. The move was seen as a way of addressing concern about ‘buffer usability’, which has come to the fore during the Covid-19 pandemic.
22 Oct 2020 -
A friendlier face for UK bank supervision
Prudential rules will become more supportive for UK banks after Brexit.
22 Oct 2020 -
La Banque Postale EUR500m 0.875% Jan 31 10.25NC5.25 tier two
22 Oct 2020 -
UnipolSai EUR500m 6.375% PNC10 RT1
22 Oct 2020 -
Insurer to pay $338m for stake in credit manager Crescent Capital
Canadian insurer Sun Life Financial said it has agreed to buy 51% of Crescent Capital Group for up to $338m to expand its asset management business into mezzanine debt, middle market lending, high-yield bonds and broadly syndicated loans.
22 Oct 2020 -
EU big fish breaches at last with historic SURE splash
After months of waiting as even the great whites of the SSA oceans kept clear of primary bond sales in anticipation, the EU — now a bond market megalodon by comparison — cruised into a bait ball a quarter of a trillion euros big this week to take a €17bn bite out of its enormous pandemic recovery borrowing programme. Lewis McLellan and Bill Thornhill report.
22 Oct 2020 -
Will the Next Gen loans be needed?
Europe’s bevy of recovery lending packages is undoubtedly a welcome gesture, but it may remain just that — a gesture. If trends continue as they are, some countries may prefer market lending to concessional loans from Europe.
22 Oct 2020 -
A2A breaks long end yield record for Italian corporates, Blackstone prices
A2A, the Italian multi-utility, pre-funded for 2021 with a €500m trade on Wednesday, getting what the lead manager said was the lowest yield for a deal of its type. The company is preparing a new business plan that will see it printing more green and sustainability-linked debt.
22 Oct 2020 -
Ico EUR500m 0% Apr 26 green bond
22 Oct 2020 -
CFTC and BoE tie up clearing agreement
The US Commodity Futures Trading Commission and the Bank of England signed a memorandum of understanding on Tuesday regarding the oversight of derivatives clearing.
22 Oct 2020 -
EU EUR10bn 0% Oct 30 social bond, EUR7bn 0.1% Oct 40 social bond
22 Oct 2020 -
ESM EUR2bn 0% Dec 24
22 Oct 2020 -
AFD EUR2bn Oct 27 sustainable bond
22 Oct 2020 -
World Bank USD6bn 0.5% Oct 20 sustainable development bond
22 Oct 2020 -
LendingPoint closes first revolving consumer loan ABS
Online consumer lender LendingPoint has closed its first ever revolving loan ABS backed by non prime loans in a move to expand its presence in the securitization market.
22 Oct 2020 -
CLOs with AMR option reach $4.4bn with latest deal from HalseyPoint
HalseyPoint Asset Management has priced its second CLO with the applicable margin reset (AMR) feature embedded, broadening the use of the alternative method of repricing CLO securities to over $4.4bn of CLOs since 2017.
22 Oct 2020 -
JP Morgan and Capula execute Sonia trade on Tradeweb
JP Morgan and Capula have executed a Sonia swap against a Gilt future on Tradeweb, in what the trading venue provider says is the first electronic execution of such a trade for institutional investors.
22 Oct 2020 -
Raiffeisen prints Swissie bail-in bond
Raiffeisen Schweiz brought a rare Swiss bail-inable bond to the market on Thursday, issuing Sfr325m ($358.3m) across two tranches to help replenish its capital structure.
22 Oct 2020 -
World Bank seizes ‘perfect’ timing for $6bn jumbo deal
The World Bank sold its second supersized bond of 2020 as it capitalised on a calm market and a lack of competing supply in dollars this week, as well as leaning on the strength of its name, which continues to attract new investors looking to make an impact investment.
22 Oct 2020 -
Two EM deals pulled in a week, but last chance market open, say investors
Two EM bond issuers beat hasty retreats from the primary market this week. But despite the challenges the pair faced, bankers and investors believe the market is open for borrowers looking to pick up a bit of funding ahead of what is expected to be a tortuous US election. Lewis McLellan reports.
22 Oct 2020 -
Upstart broker rocks up in Schuldschein to spur secondary trading
The secondary market in Schuldscheine is rudimentary, partly as the arranging banks have never wanted to encourage it. But a little known brokerage firm is quietly acting as a go-between, helped by its contacts with non-traditional investors, writes Silas Brown.
22 Oct 2020 -
Senior trio make most of opportunistic window
Three banks rode out a volatile bond market this week, printing senior deals amid positive sentiment caused by talks making it seem an agreement about a new US Covid-19 stimulus package was closer on Tuesday.
22 Oct 2020 -
IG secondaries spur records but fears grow about reckoning
High grade corporate bond spreads face a rocky few weeks after six months of consistent tightening, as coronavirus lockdowns and corporate earnings blackouts contribute to increased short term volatility.
22 Oct 2020 -
Cerberus challenges market to digest flood of mezz
Cerberus Capital Management auctioned off one of the largest ever portfolios of UK mezzanine mortgage bonds on Thursday, following a deterioration in the terms available in the ABS repo market after the Covid crisis made it uneconomic to continue to hold the deeply subordinated and risky positions.
22 Oct 2020 -
Indian dual recourse flies as covered bond hopes build
Dual recourse structures have become increasingly popular in India after last year’s debut from Kogta Finance. And with the sanctity of bankruptcy remoteness successfully tested in the courts, sentiment towards such structures has improved further. This could help pave the way for a national champion bank to test appetite for Indian covered bonds, which would offer the country's lenders a source of long-term diversified funding that they can't get from deposits.
22 Oct 2020 -
Italy takes €90bn book for 30 year
The strong momentum in the euro public sector bond market continued on Thursday with Italy receiving a huge reception for a new 30 year line, which was sold alongside a tender of various outstanding Italian government bonds.
22 Oct 2020 -
A2A breaks Italian long maturity yield record
A2A, the Italian multi-utility, pre-funded for 2021 with a €500m trade on Wednesday with what the lead claims is the lowest yield for a deal of its type, as the company prepares to unleash its new business plan that will see it printing more green and sustainability-linked debt.
22 Oct 2020 -
People moves in brief
Makinson Cowell joins Lazard — Vikas Seth moves into vice-chairman role at HSBC — Fernando Vicario picked as CEO of BofA's EU bank
22 Oct 2020 -
Permira splashes cash on Lowell rescue ahead of 2021 NPL splurge
Permira opted to rescue its debt purchasing portfolio company Lowell from the restructuring that many thought was imminent, with the largest slug of equity support any sponsor has injected in Europe since the coronavirus pandemic began. Covid-19 has crushed cashflows for some debt purchasers, but next year should be a bumper year for NPL buying — for those firms with cash to do so, writes Owen Sanderson.
22 Oct 2020 -
Meissner takes charge of Credit Suisse’s new ‘A-team’
Christian Meissner has an exciting new position at Credit Suisse. But how far can he improve the Swiss bank’s offering to wealth management clients while also handling its culture, asks David Rothnie.
22 Oct 2020 -
Enel doubles down on funding linked to 60% renewable target
Enel has signed a sustainability-linked loan (SLL) days after printing a bond using the structure. The Italian energy company has doubled down on its sustainability plans by pinning both trades to the same goal.
22 Oct 2020 -
Unibail cash call threatened as rebel alliance swells stake
Unibail-Rodamco-Westfield’s rights issue is under increased threat from a group of rebel shareholders that disagree with the company’s vision to reset its business. These shareholders have rapidly surpassed the 5% threshold, according to a filing with the with the Autorité des Marches Financiers, after which they have to disclose their holdings.
22 Oct 2020 -
Ulker pulls off ‘cheeky’ five year benchmark
Ülker Bisküvi Sanayi scored an impressive $650m with a five year benchmark on Wednesday, surprising some investors with an unexpected increase to the size.
22 Oct 2020 -
Window closing for euro ABS primary
Most euro ABS issuers are holding off on new deals until the results of upcoming US presidential election, according to sources, with about only a one month window of opportunity in November between the election and intensifying Brexit headline risk.
22 Oct 2020 -
Soltec Power rides ESG momentum with €150m IPO
Soltec Power Holding, the Spanish maker of solar trackers for renewable energy generation, has narrowed the price range for its IPO on the Spanish Stock Exchange, after the deal was covered shortly after the launch of bookbuilding earlier this week.
22 Oct 2020 -
DZ hits covered bond sweet spot with well-timed Pfandbrief
DZ Hyp returned to the covered bond market for the fourth time this year on Thursday to issue a €1bn eight year mortgage Pfandbrief. The deal showed that any uncertainty over the relative value of covered bonds has been firmly swept away after the European Union’s blow out debut earlier this week.
22 Oct 2020 -
Canal+ Polska launches Warsaw IPO
Emerging market IPOs have been one of the hottest themes in EMEA equity capital markets this year and issuance is set to continue as Canal+ Polska, the Polish television network owned by French TV service Canal+, launched its IPO on Thursday.
22 Oct 2020 -
Bank bond investors focus on primary as spreads widen
Bank debt investors are still piling into the primary market, even as deals struggle to perform in secondary trading.
22 Oct 2020 -
Ant comes closer to jumbo listing as investors vie for $35bn deal
China’s Ant Group kicked off marketing for its Hong Kong and Shanghai dual listing on Thursday, the last stage before launching a possible $35bn IPO, set to be the world’s largest to date. The combined offering is already more than a third covered by onshore investors, with global buyers lining up for the rest. Addison Gong and Jonathan Breen report.
22 Oct 2020 -
Updated: HK regulator fines Goldman $350m for 1MDB failures
Hong Kong’s securities watchdog has fined Goldman Sachs $350m for regulatory failures in its work on bonds issued by the scandal-hit Malaysian state investment fund 1MDB, part of a multi-billion-dollar settlement with global regulators.
22 Oct 2020 -
When a rose by any other name is asked to leave
The theory of nominative determinism states that people tend to take jobs that fit their names: John Baker becomes a baker, Ted Milk becomes a dairy farmer, Fakey McBlowhard becomes a politician. But there are also names that are valuable, not so much because they affect your career choices but because there’s a good chance you might get confused for someone else.
22 Oct 2020 -
Rabo finds a way to reward its Certificate holders
Rabobank intends to make an exceptional distribution on its equity-like Certificates and will avoid breaching the European Central Bank’s dividend ban by paying its investors in more Certificates rather than in cash.
22 Oct 2020 -
eBay Classifieds underlines strength of final market window
The €2.6bn financing for Adevinta’s purchase of eBay Classifieds looks set to be a blowout success, with sharp tightening across all tranches underlining the bid for quality credits enduring limited pandemic impact. The deal’s double-B rating helps attract rating-sensitive investors who have seen their portfolios pummelled this year by Covid-related downgrades.
22 Oct 2020 -
Advisory shop moves over from KPMG to Lazard
Makinson Cowell, a company that advises on equity capital markets and investor relations, has joined Lazard, in a move that the investment bank says strengthens its UK financial advisory business.
22 Oct 2020 -
Dim sum market surprises as ADBC sees hot demand for rare 10 year
Agricultural Development Bank of China returned to the offshore renminbi market this week with a Rmb5.7bn ($854m) triple-tranche transaction. The deal featured a rare 10 year tenor in the dim sum market, showing the potential for more long-dated CNH funding. Addison Gong reports.
22 Oct 2020 -
Euronav gets $713m in loans as tanker outlook turns sour
Euronav, the Belgium based crude oil tanker company, has signed a $713m loan package, as the sector outlook turns bleak after a strong start to the year because of an overproduction of oil.
22 Oct 2020 -
Meituan makes ‘stunning’ debut with $2bn bond
Meituan, a Chinese e-commerce platform and food delivery company, sold its first dollar bond on Wednesday, netting $2bn on the back of an order book that reached $16bn at its peak.
22 Oct 2020 -
Asian bond issuers set frenetic pace
Asia’s dollar bond market has seen a big bump up in volumes this month, as issuers rush to get ahead of the US presidential elections and take advantage of still supportive markets. DCM bankers are expecting a much quieter year end — but they admit anything can happen. Morgan Davis reports.
22 Oct 2020 -
Levfin bankers optimistic as liquidity returns
Leveraged finance bankers coping with a slump in deal flow in Asia this year are gearing up for a bumper start to 2021, as a return of liquidity and growing interest from institutional investors for loans set the stage for a market revival. Pan Yue reports.
22 Oct 2020 -
Ukraine central bank strips reprimanded deputy of supervisory role
The National Bank of Ukraine has stripped deputy governor Kateryna Rozhkova of her responsibility for banking supervision. The move follows the NBU’s official reprimand of Rozhkova and a colleague over a media interview.
22 Oct 2020 -
London landlord Shaftesbury taps investors for £300m
Shaftesbury, the UK real estate investment trust that owns swathes of London’s West End, is tapping its shareholders for almost £300m ($392m) amid a severe downturn in the theatre district because of the Covid-19 pandemic.
22 Oct 2020 -
JW Therapeutics opens $300m Hong Kong IPO
JW (Cayman) Therapeutics set its IPO in motion on Thursday, opening the order book for the up to HK$2.3bn ($300m) deal.
22 Oct 2020 -
ESM’s pandemic credit lines ‘will be used’ says CFO
The European Stability Mechanism’s Pandemic Crisis Support credit lines will eventually be drawn on by euro area member states, according to the institution’s chief financial officer, Kalin Anev Janse.
22 Oct 2020 -
UOB goes tight in Aussie dollars
United Overseas Bank achieved the tightest spread for a five year floating rate bank issue in Australian dollars in over 10 years this week, issuing A$750m ($532.0m) to prove that there is still demand at decade-low levels.
22 Oct 2020 -
Panama bonds head lower on third negative outlook
Panama’s bonds traded lower on Wednesday, a day after Moody’s became the third agency to place the sovereign’s rating on negative outlook. Moody’s highlighted, however, that Panama’s broad bond market access remained a key credit strength.
22 Oct 2020 -
Paraguayan protein company taps for $40m
Frigorífico Concepción, the Paraguayan beef exporter, raised $40m in bond markets on Wednesday after a three-day sales process.
22 Oct 2020 -
Tightening spreads revive middle market CLO issuance
The middle market CLO segment is slowly regaining momentum, with more managers coming back to the market to take advantage of tighter spreads and a clearer picture of the financial impact of coronavirus on middle market companies.
21 Oct 2020 -
Pimco, GECAS launch aircraft investment platform
Pimco is teaming up with GE Capital Aviation Services (GECAS) to create an aircraft leasing investment platform to support up to $3bn in aircraft asset financing. Sources say it will provide a new funding option and inject liquidity into the aviation industry at a time when it is badly needed.
21 Oct 2020 -
Loss mitigation loans make their way into euro CLOs
A common feature of the US CLO market known as the loss mitigation loan has begun to make its way into European deals for the first time, continuing the trend of European managers borrowing features from US peers to deal with the effects of the Covid-19 crisis.
21 Oct 2020 -
Coventry takes Godiva to covered bonds
Coventry Building Society (CBS) has set up a second covered bond programme that is secured exclusively on the mortgages originated under its buy-to-let Godiva platform, which had previously been funded through its Mercia RMBS programme. Although the covered bonds require more collateral to reach the same rating, they offer greater funding flexibility as they can be pledged for repo and are eligible for the liquidity coverage ratio.
21 Oct 2020 -
Bunzl sees 4.5 times oversubscription for sterling trade
Bunzl, the distribution and services company, topped off a strong few days by printing a £400m from bulging order books a week after announcing growth in its third quarter trading statement.
21 Oct 2020 -
World Bank snags $6bn with SDB
The World Bank blew the cobwebs out of the dollar market on Wednesday, raising $6bn with a five year Sustainable Development Bond.
21 Oct 2020 -
Italy and Québec jump into strong euro SSA market
Italy and the Province of Québec will add to the euro public sector supply on Thursday, hoping to capitalise on the strong momentum in the currency following the European Union’s record order book earlier in the week.
21 Oct 2020 -
Iberdrola electrifies hybrid market with €3bn trade as jumbo hybrids in vogue
Iberdrola, the Spanish energy utility, launched a €3bn dual tranche hybrid capital bond on Wednesday, as syndicate bankers say the hunt for yield is encouraging issuers to push boundaries on the amounts they raise in hybrid issues.
21 Oct 2020 -
Dairy producers Glanbia, Müller milk private placements
Bavarian dairy group Müller is marketing US private placements, according to market sources, alongside nutrition group Glanbia.
21 Oct 2020 -
EM banker Seth joins HSBC
HSBC has hired Vikas Seth for a vice-chairman position, where he will be tasked with serving the firm's emerging markets clients.
21 Oct 2020 -
Back to the Futura part two: Italy to sell second Covid-19 retail bond in November
The Italian Ministry of Economy and Finance will issue a second BTP Futura next month, following its debut bond in the format earlier this year, as part of its plans to seek greater participation from retail investors to fund its additional borrowing needs resulting from the coronavirus pandemic.
21 Oct 2020 -
Janus Henderson launches new ABS fund
Janus Henderson Investors has launched a new ABS fund, named the Janus Henderson Asset-Backed Fund, to be offered to institutional investors in a UCITS structure.
21 Oct 2020 -
CCP Sofr switch gives needed boost to Libor move
The transition from Ibor benchmarks passed a major milestone this week, when LCH joined CME in switching its discounting rate for dollar referencing derivatives from the Fed Funds Rate to Sofr.
21 Oct 2020 -
Singapore slings old 4% covered bond limit
The Monetary Authority of Singapore (MAS) has substantially increased its covered bond issuance limit which had stood at 4% of assets on an issuer’s balance sheet. This, along with very strong market conditions, should help to induce the country’s borrowers, which have not printed in euros for more than two years, to make an appearance before the year is out.
21 Oct 2020 -
Idorsia completes rights issue for drug commercialisation
Swiss biotechnology company Idorsia has completed its Sfr575m ($629m) at-market rights issue to fund the commercialisation of insomnia drug daridorexant.
21 Oct 2020 -
Bank of America switches leadership at new EU bank
Bank of America has appointed Fernando Vicario as chief executive of its EU bank, replacing Bruce Thompson, who worked to establish the new entity ahead of Brexit. It has also given new roles to Richard King and Simeon Stevens.
21 Oct 2020 -
FBN demonstrates African banks still have market access, despite local volatility
First Bank of Nigeria became the first African bank to print a eurobond in 2020 on Tuesday, raising $350m despite a turbulent backdrop in Nigeria.
21 Oct 2020 -
Aareal prices inside curve in show of Pfandbrief strength
Aareal Bank issued a short six year Pfandbrief on Wednesday at a deeply negative yield and with a negative concession. Investor demand was impressive, illustrating that Pfandbriefe, twinned with Aareal’s loan origination standards, were sufficient to offset any concern over the hotel and retail exposures in its collateral pool. At the same time DZ Hyp has mandated leads for an eight year Pfandbrief.
21 Oct 2020 -
Turkey: sovereign wealth fund pulls as biscuit maker presses on
Ülker Bisküvi Sanayi, a Turkish biscuit manufacturer, is set to come to market for a benchmark bond on Thursday, attempting to print a deal in a market that the country’s sovereign wealth fund deemed too hostile to make its debut in.
21 Oct 2020 -
Bank pair taps 'rollercoaster' euro market
A pair of banks made opportunistic moves into a euro market buoyed by positive headlines around a potential US stimulus bill on Wednesday. France’s Crédit Mutuel Arkéa and Japan’s Sumitomo Mitsui Financial Group each tapped for senior paper, raising €500m a piece.
21 Oct 2020
