Europe
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The European Central Bank has indicated that it is looking into how to mitigate the costs that years of negative interest rates have exacted on banks. That has led some in the market to bet that it will introduce tiered interest rates at some point. But analysts are not convinced that tiering deposit rates will help weak lenders — or make any difference at all. Mike Turner reports. -
ASR Nederland is planning a 30 year non-call 10 tier two bond issue, it said on Wednesday, as looks to finance its recent acquisition of disability specialist Loyalis.
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ABN Amro tapped into bank investors’ thirst for yield amid low interest rates this week with a 20 year covered bond. The Dutch deal followed a previous 20 year from MünchenerHyp (MuHyp) and comes as European investors are increasingly under pressure to reach for yield.
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Greek government bond yields rallied to near record levels this week after it emerged that a deal was imminent for Greece to repay a portion of its outstanding loans to the International Monetary Fund. Burhan Khadbai reports.
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Gaab retires from Deutsche — Bank of America nabs FIG banker from Morgan Stanley — Credit Suisse bumps up IG trading team
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German airline Lufthansa took a daring step in mid-March and decided to launch a Schuldschein transaction exclusively via the digital platform VC Trade. It has proved a shrewd move and will likely be game-changing for VC Trade in the battle for digital dominance.
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The European IPO market has shut for Easter after over €6bn of issuance last week boosted volumes, but the year’s largest deal so far has disappointed in trading.
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Former senior executives at the World Bank have warned incoming president David Malpass that he must use his first 100 days to make clear to staff he is prepared to distance himself from the agenda of Donald Trump.
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Despite coming from a tough sector, and having some risks of its own, the UK clothing retailer Next got an order book nine times oversubscribed on Wednesday, on a £250m six year corporate bond issue.
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A bid by VC Trade, an emerging technology platform for the Schuldschein market, to overcome resistance and cement its position in the market appears to have paid off this week, as a deal for Lufthansa executed solely via the platform succeeded handsomely. This could prove a turning point for the use of tech in the Schuldschein sector and perhaps other corporate debt markets. Silas Brown reports.
