Europe

An unorthodox government is now in charge in Italy, but this should not prevent investors from backing Italian corporates as they prep initial public offerings.

The European Investment Bank has printed a new Climate Awareness Bond — its sole euro green bond for 2018 — opting for an aggressive price and falling short of full subscription. A French agency will follow the supranational’s lead, mandating for a deal with the same tenor.

Gilt investors and market makers have offered a broad range of views on the form that the UK’s next syndication should take during a meeting with the country’s Debt Management Office. The meeting was without Scotiabank, which last week quit as a Gilt-edged market maker (GEMM).

Rainbow Group, the Italian media firm best known as a producer of children’s television, has decided to pull its listing on Borsa Italiana.

UK waste management company Renewi has amended and extended its main bank debt to convert it into a €550m green loan, just months after bankers said this market was due to grow following the release of standardised guidelines.

Aktia Bank attracted strong demand for its tightly priced covered bond on Tuesday, the issuer’s first since March 2015, and the first from its restructured mortgage business.

ING Belgium has mandated leads for its first covered bond deal since September 2015 and, after being 150 years in operation, Berlin Hyp has announced plans for a ‘jubilee’ transaction in the form of a mortgage backed five year.

After the Whit Monday holiday in Europe, Deutsche Telekom boldly reopened the corporate bond market. Having seen compatriot Bertelsmann pull a deal on Thursday, Europe’s largest telecoms provider showed no fear when it sold a four-tranche offering.

Delaware-based chemicals group Chemours added to the surge of reverse Yankee issuers with a new euro deal this week, as sources report growing interest from non-European bond investors in the currency.

The UK's foreign affairs committee report, released on Monday, holds the US Treasury’s sanctions strategy in high regard, because of the immediate impact on financial markets. But it misunderstands the reason for the US-driven sell-off, and so its recommendations are faulty as well.

UBS has promoted Javier Martinez-Piqueras to head of global equity capital markets, replacing Sam Kendall, who will now lead corporate client solutions in the Americas.

The covered bond primary market picked up sharply on Tuesday, with three core European issuers launching deals across a range of tenors, while another announced a mandate.