Citi

There was bumper demand for Iceland’s euro deal on Wednesday that saw nearly 200 investors pour into a deal that exceeded expectations to tighten by 30bp.

Payments start-up RTGS.global has hired Jim Cowles, former chief executive of Europe, the Middle East and Africa at Citi, to be an executive director of the board.

Insurance company Phoenix Group Holdings launched a tier two in the dollar market on Thursday in a refinancing exercise, making use of favourable conditions across the board with a "well received" trade. But the issuance raised some concerns regarding the company’s plans to deleverage after its acquisition of ReAssure.

Citigroup’s new architecture to make its banking, capital markets and advisory (BCMA) group a fitter competitor in sustainability and ESG issues emphasises two channels of communication, according to Manuel Falcó, co-head of BCMA, through the most senior rainmakers and a cadre of younger enthusiasts.

Bank Nederlandse Gemeenten scored a 10 year dollar benchmark bond on Wednesday — its first at the tenor for four years. A fellow European issuer hit the short end of the dollar curve.

Siemens, the German machinery maker, found plenty of demand for a multi-tranche bond issue on Wednesday, though the inclusion of a two year fixed portion strongly suggests that floating rate notes have become unpopular among corporate issuers.

France received its biggest ever order book as it came to the market for a 20 year syndication on Tuesday. SSA bankers say that investors are looking for duration after previously sticking to defensive maturities as the Covid-19 crisis eases.

Citi was the sole bookrunner and underwriter on a Sfr2.55bn block trade in Sika, the Swiss chemicals company, sold by Saint-Gobain on Tuesday night — but the deal was not covered.

Aviva was set to raise £500m of tier two capital on Wednesday, fuelling speculation that the UK insurer would be looking to call one of its outstanding perpetual bonds.

European emerging market names have bulked up deal flow during the Covid-19 crisis and The Republic of North Macedonia continued that trend on Wednesday with a six year euro benchmark deal.

Firmenich, the Swiss fragrances company, reopened Europe’s corporate hybrid market on Wednesday, as similar deals lined up from companies including Dutch utility Tennet.

Alex Neumann has been named head of markets and securities services for Switzerland and Liechtenstein, the latest in a series of appointment at Citi’s markets franchise.