Banks
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New chair at MUFG's EMEA arm — Jim Cowles turns up at ambitious fintech firm — Citi picks Sansen for trading team -
HSBC Holdings is the latest European financial institution to have looked at launching a new deal for the minimum requirements for own funds and eligible liabilities (MREL) while simultaneously announcing tender offers on existing bonds.
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Denmark has made public the mandate it had given earlier this year to three banks to help it prepare to issue the world’s most unusual green bond, as the work is getting to a more advanced stage. A political decision to issue might come towards the end of this year.
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Corporate bond investors piled into the three environmental, social and governance trades on screens this week, as bankers said the focus in the high grade market is shifting from crisis mode back to socially responsible debt.
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Bank Nederlandse Gementeen (BNG) this week became the latest public sector borrower to hit the 10 year part of the dollar curve with its first such trade since 2016. While demand seems to be starting to slow down for 10 year dollar bonds, SSA bankers say there is still room for more issuers to follow.
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France impressed as it received a record €51bn order book and paid a small new issue premium with its first syndication since the outbreak of the Covid-19 pandemic. The sovereign was joined in the long end of the curve this week by two sub-sovereign borrowers as investor appetite for duration grows, with more supply expected to follow.
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European insurance companies were busy raising capital in every major currency this week, as they showed they were not willing to let a strong issuance window pass by them amid Covid-19.
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Firmenich, the Swiss fragrances company, reopened Europe’s corporate hybrid market on Wednesday, as similar deals lined up from companies including Dutch utility firm Tennet.
