Europe
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The Bank of England's Financial Policy Committee on Thursday said that recent assurances from the European Commission on derivatives clearing were not enough to alleviate hard-Brexit disruption. -
Triple-C rated high yield bond issues had disparate fates this week. While UK private schools group Cognita was pulling its new notes, adding to November’s list of failed deals, German pharma company Stada priced its bonds in line with guidance.
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Finnvera has appointed a new head of treasury to replace Mikael Nordgren, who has retired following a four decade career.
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Dartington Hall Trust, a charity in the UK, is keeping its bond offer open until March next year, amid a slack retail market.
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In this round-up, the China Banking and Insurance Regulatory Commission (CBIRC) published 18 new regulations for foreign banks in China, the People’s Bank of China (PBoC) has not injected money through reverse repo for a number record number of days and Spain and China sign MoU for closer financial collaboration and potential Panda bonds.
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Santander Brasil has tested the country’s Letra Imobiliária Garantida (LIGs) covered bond regime with two privately placed deals.
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UniCredit paid a hefty price for hitting the market this week, but it will also stand to reap the rewards.
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Austrian oil and gas company OMV sold its first senior corporate bonds of 2018 on Monday after it attracted €3.9bn of demand for a pair of €500m notes with five year and 10 year tenors.
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French postal operator La Poste saved the corporate bond market in Europe from registering a blank week when it sold its first green bond last Friday. On Wednesday, Deutsche Post followed its peer’s lead by announcing a deal with the same tenor.
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A pair of socially responsible deals from public sector borrowers failed to set the market alight this week. The order books were only marginally oversubscribed and the spreads did not tighten from the initial price thoughts.
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Shares in Cosmo Pharmaceuticals, the Swiss-listed maker of gastro-intestinal drugs, plummeted by 16% on Thursday after it had launched a €175m convertible bond on Wednesday evening, after market close.
