Europe

Shares in Marel, the Icelandic meat processing machinery maker, rose by more than 8% on its first morning of trading in Amsterdam after a popular IPO which attracted a broad range of investors, including environmental, social and governance funds.

Mitsubishi UFJ Financial Group has appointed a banker from Santander to lead its sector coverage for the technology, media and telecommunications (TMT) industries in Europe, the Middle East and Africa.

Europe’s peripheral banks are likely to make most use of the third Targeted Long Term Refinancing Operation (TLTRO III), but covered bond issuance's prospects look strong, said bankers after the European Central Bank’s meeting on Thursday.

Swiss Re, the Swiss reinsurance business, has come to market with the IPO of its UK life insurance business ReAssure, potentially one of the largest London IPOs of the year if it successfully completed.

The list of companies that have declared their support for the Task Force on Climate-Related Financial Disclosures has grown to 671, with a combined market capitalisation of $9.3tr. This is up from 457 worth $7.9tr in September. The TCFD Secretariat issued its second status report on adoption of the recommendations this week.

Ask anyone how they feel about the economic outlook, and the answer is likely to be glum. That is certainly the way bond traders and central bankers feel, to judge by the inverted US Treasury yield curve — a traditional harbinger of recession — and dovish gestures by the Fed and European Central Bank.

A new section of the Schuldschein market is emerging, thanks to a virtuous circle. Property companies, until recently largely absent from the market, have begun to issue Schuldscheine, and these are attracting insurance companies, which rarely invest in the product because yields are too low.

The European Central Bank’s cheap lending programme for European banks will prolong the lives of some, but not cure them.

DZ Bank launched InGen this week. The new medium term note (MTN) trading platform aims to simplify the reverse inquiry process.

Italy’s parliament stunned the capital markets this week when it waved through a radical motion to explore issuing securities that resemble a parallel currency to the euro, in a development that has been met with almost universal derision. Frank Jackman, Lewis McLellan and Mike Turner report.

BlackRock, KKR loan for ADNOC 'close to signing' — Uralkali signs as lenders prepare for EuroChem —Redexis joins Spanish trend to ESG borrowing — French Ipsen debuts in US PP market — Turkish banks close refi season, with wider secondaries

Eutelsat, the Baa3/BBB- rated satellite company, launched a benchmark eight year euro bond on Thursday, into a market kept empty by the European Central Bank's press conference. Bilfinger and Cabot were the only other corporate issuers.