Europe
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The European Covered Bond Council (ECBC) has appointed Boudewijn Dierick as deputy chairman where he will help advise on a number of key developments, including the impending implementation of the European Commission’s covered bond directive and the formulation of a legal framework for European Secured Notes which will begin to take form on Tuesday, June 26.
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The Single Resolution Board has been ordered by its appeal panel to publish a fuller version of a number of documents relating to the resolution of Banco Popular, including the initial valuation reports. -
The Schuldschein market will close the second quarter at a busier pace than it closed the first, as international borrowers begin to return to the market, perhaps spurred by rocky public markets.
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Pan-European securities regulator ESMA on Wednesday said that it would not extend the deadline for firms trading on European venues to get a legal entity identifier. The deadline for LEIs will remain July 2.
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Finnvera has become the first European SSA borrower to print a five year dollar benchmark since early March, picking up $1bn with a Reg S/144A benchmark.
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Bayer, the German pharmaceuticals giant, has completed its jumbo €6bn rights issue with 98.3% of shareholders taking up their rights.
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Swiss gear engineering company Klingelnberg traded softly in the aftermarket on Wednesday, despite a heavily oversubscribed IPO in which a third of the investors in the book received zero allocations.
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Bayer’s €5bn four-tranche corporate bond offering on Tuesday not only cleared the way for other issuers to approach the market, but the €22.5bn of demand gave four issuers the confidence to sell a variety of deals in Europe on Wednesday. €3.5bn was issued in the euro market and £1bn in sterling.
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UK financial services advocacy group TheCityUK on Wednesday called for the continuity of cross-border derivatives contracts to be guaranteed after the UK leaves the EU.
