Europe
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French renewable energy producer Neoen, the largest French IPO of the year, is up by over 8% in trading joining a number of new listings, which have survived volatile markets to stay above water. -
Italy replaced €3.8bn of a short dated BTP Italia with longer dated conventional BTPs on Thursday, but against a backdrop where its bond yields were once again on an upward trajectory.
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Santander did well to attract an oversubscribed order book for its €1bn 10 year Cédulas on Thursday — even as Spanish bank debt and equity was sold off after the country's supreme court ruled that banks are liable for mortgage documentation taxes.
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The Europe, the Middle East and Africa (EMEA) IPO market suffered during the sell-off that hit equity markets hard last week. But amid the wreckage of pulled flotations and weak aftermarket performance, two exciting listings from Kazakhstan and Belarus are underway and equity capital markets bankers and investors are beginning to see the promise in the markets in, and beyond, Europe’s eastern fringe, writes Sam Kerr.
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NatWest has become the first bank to integrate with a new blockchain-based platform that the UK lender says will “dramatically transform and streamline” the £3.5tr global syndicated loans market.
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Zur Rose, the Swiss online pharmacy that went public last year, plans to raise Sfr200m via a rights issue to fund its takeover of the e-commerce operations of Medpex, a competitor in Germany.
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This week the Netherlands took a major step towards becoming the latest European country to introduce a law enabling banks to issue senior non-preferred debt. And earlier this month the UK government closed a consultation for its own law to introduce the instrument.
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CPI Property Group, which owns real estate in Berlin and central and eastern Europe, printed an inaugural Swiss franc bond on Thursday in a size bigger than the minimum originally touted to investors.
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Debt buyers piled into the first high yield bond deal from UK supermarket chain Tesco, which increased its offering by half and reached investment grade pricing as order books swelled to eight times the initial benchmark size.
