Europe

Nexi, the Italian payments company, launched its long-awaited flotation on the Italian stock exchange on Monday — and investors are already eager to take a slice of the listing.

Lloyds Bank and National Westminster Bank issued exceptionally well subscribed covered bonds respectively in euros and sterling on Monday as Virgin Money announced roadshow plans for its debut deal. The three borrowers took advantage of the UK Parliamentary vote to avert a ‘no deal’ Brexit.

BNP Paribas opened books on a new additional tier one in dollars on Monday, having told the market that it would be looking to raise an equivalent of €3bn of subordinated debt in 2019.

Bankia used €6bn of demand on Monday to launch a new senior bond at a spread that was tighter than the fair value implied by on-looking bankers. SpareBank 1 SR-Bank was also active in euros at the beginning of the week, as credit markets got off to a flying start on the back of a recent rally.

Credit Bank of Moscow (CBM) opened books on Monday for its return to the dollar market, taking orders for five year loan participation notes.

After completing a roadshow, Slovak Vseobecna uverova banka (VUB), a subsidiary of Intesa Sanpaolo, is set to issue its first euro-denominated covered bond in benchmark size.

The European Commission proposed earlier this month tweaking the capital requirements for insurance companies, through the creation of a new “long-term equity investments” class in the Solvency II regulation.

US Solar Fund, the new investment trust focused on US solar power assets, has extended the bookbuilding period for its $250m IPO on the London Stock Exchange, citing political and economic uncertainty caused by the Brexit process in the UK.

BMO Global Asset Management has hired new staff for its responsible investment team, as it focuses on client demand in Europe.

Francisco González has temporarily resigned from the BBVA board until an investigation into spying is completed.

Shares in Just Group, the UK life insurance and annuity provider, have stayed above water in the aftermarket after it completed a £75m daytime capital increase on Thursday to strengthen its balance sheet. The deal was to meet stricter capital regulations imposed on equity release mortgage lenders by UK regulators.

Interserve, one of the largest outsourcing companies in the UK, plans to file for administration after shareholders rejected a proposed debt for equity swap at a general meeting on Friday.