Europe

Sixteen banks have made the most concerted effort yet at defining how to do scenario analysis on climate change — the core risk management exercise called for by the Task Force on Climate-Related Financial Disclosures.

Apple’s announcement this week that it would launch an extra $100bn share buy-back left European markets poised for the higher yields that an exodus of American cash might bring.

Contractual features aligning newly issued senior bonds with as yet unsigned rules on bail-ins are likely to prove popular in the coming months, as financial institutions look to accelerate their bond issuance for the minimum requirement for own funds and eligible liabilities (MREL). Tyler Davies reports.

Lloyds Banking group had the dollar bond market to itself on Tuesday as it exploited the continuing strong appetite for short-end paper from investors.

UK financial institutions have issued record volumes of debt so far in 2018, and there is likely to be plenty more to come, as issuers look ahead to the risks posed by the UK’s exit from the European Union.

BBVA said it paid no new issue concession for a €1bn green bond it issued on Thursday, the largest in the format so far from a European bank.

The gloom over Russian capital markets was lifted a little this week as the US Treasury softened its stance towards sanctioned aluminium behemoth Rusal, giving hope to markets that the announcement of new sanctions against Russia at the beginning of April may not have been a knockout blow, write Sam Kerr, Francesca Young and Mike Turner.

A solitary syndication from KfW broke the otherwise placid waters of the public sector debt market on Wednesday.

A syndicate of 17 banks was mandated to help French shopping centre operator Unibail-Rodamco raise €3bn with four tranches of senior bonds this week. The deal came two weeks after the company sold €2bn of hybrid bonds and completes the funding for its takeover of Australian shopping centre operator Westfield.

The International Organization of Securities Commissions on Thursday scolded central counterparties for not doing enough to implement policies to ensure their stability.

German car company Daimler raced from one side of the Atlantic to the other this week to raise €6.7 equivalent from 10 tranches of bonds with tenors from two to 10 years.

Nordic Capital has sold the last of its stake in ConvaTec, the UK medical supplies manufacturer that floated on the London Stock Exchange (LSE) in 2016, ending a decade long investment.