Europe
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European equity markets may have rallied since the start of the year but that is not translating into more equity block trades in the region. Low risk appetite among investors and reluctance among sellers to launch trades at wider discounts are to blame, writes Aidan Gregory. -
Russian president Vladimir Putin’s suggestion that he will extend the country’s capital amnesty by a year is good news for the country’s capital markets and a step forward in making the country less dependent on international, and primarily western, investors.
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Green bond issuance has been in hot demand so far this year, with investors allocating ever greater sums to sustainable and ethical mandates. However, it is not just the green labels on deals that are affecting investment decisions.
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UniCredit has hired Richard Burton to lead its corporate and investment banking operations, alongside a host of other changes to its senior staff, as it looks towards a future strategy. On Thursday it revealed results welcomed by analysts.
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Germany’s Berlinovo Immobilien has signed €1.15bn of loans to refinance a large chunk of its bank debt, with the the state-owned real estate firm locking in long term financing.
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France increased the size of its Green OAT for the first time in 2019 on Thursday. The sovereign could follow up with a 30 year syndication as early as next week, said market participants.
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Sparebank 1 SMN is ready to become the first Norwegian issuer of senior unsecured debt that complies with the green bond principles. Other banks, after issuing green unsecured deals are expected to issue green covered bonds.
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On Thursday, Imperial Brands bucked the recent trend of ethical and sustainable corporate bond issuance, but found plenty of demand for its latest deal. The UK tobacco group had not accessed the bond market for more than two years.
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The European Financial Stability Facility will likely issue a euro benchmark in the five or 10 year parts of the curve next week, according to SSA bankers.
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Jefferies said on Thursday that it has appointed Tony White, one of a number of recent hires for its UK investment banking team.
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Spain’s Bankia found a tight pricing level this week for the first benchmark tier two transaction of 2019. The bank is maintaining a higher than average stock of debt in the asset class, having not yet decided to issue non-preferred senior bonds.
