Europe

On Wednesday, UK contract catering company Compass Group joined the euro corporate bond market rush with a new 10 year tranche as well as selling a seven year sterling tranche.

The corporate bond market started at a frantic pace on Tuesday with five deals pricing. But on Wednesday French tyre manufacturer Michelin found its patience was rewarded with a chance to dominate investors’ attention.

Aston Martin, the UK maker of luxury cars, has launched one of the most highly anticipated London IPOs in recent years, having announced its intention to float on Wednesday morning.

Tobias Rihs, the son of the late Swiss billionaire Andreas Rihs, has sold Sfr314.9m of shares in Sonova Holding, the Swiss maker of hearing aids, from the estate of his father.

After a plethora of small deals, the covered bond market look set for a proper test of appetite as Royal Bank of Canada prepares to issue a seven year euro denominated covered bond.

Durham University has raised £225m in a triple tranche US private placement, as competitive pricing and the range of available tenors lured the unrated credit to the private market.

Ireland’s Dalata Hotel Group is due to acquire the long leasehold interest of a London hotel for £91m, with debt financing the purchase.

Demand for a new Credit Agricole €500m public sector seven year covered bond this week was weak, but bankers are confident that sentiment is set to remain broadly constructive.

Banco de Sabadell appeared to struggle to get much traction in the euro market on Wednesday, when it offered the first unsecured bond from a Spanish bank in more than three months.

Potential IPO issuers from across emerging markets are waiting for investor sentiment to calm so that they can sell new deals, but many fear that there is little chance of a renaissance for EM this year.

mBank, a Polish financial institution, has hit the market with what will be the first euro benchmark from a CEEMEA borrower in over a month, taking what some investors believe is a cautious approach to reopening the market.

Markets are not prepared for climate change, which is expected to have severe economic consequences. Event risk, leading to credit risk and political action, will spur dramatic change, that could create a new low carbon economy. Climate change mitigation will eventually come to bear on all aspects of society, in the form of regulatory and fiscal incentives and disincentives. Having a green and sustainable action plan is therefore likely to become core to the strategy of every financial institution.