Europe
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Republic of Macedonia has named three banks to arrange investor meetings for a combined buyback and new euro-denominated bond as the Southeast European sovereign looks to extend its maturity profile. -
The People’s Bank of China announces new rules to promote cross-border RMB transactions, HSBC plans to launch a new service in Poland to capture business opportunities related to the Belt and Road Initiative, and Agricultural Bank of China obtained approvals for new branches in Southeast Asia.
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HM Treasury has appointed Charles Randell as the chair of the UK's Financial Conduct Authority and chair of the Payments Systems Regulator.
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As the first trades of the new year hit the screen this week, one new line stuck out in the deal announcements — a specification that the target market for the issue would only be eligible counterparties and professional clients, a piece of boilerplate to comply with the new MiFID II rules.
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Guarantor: All Danish municipalities and regions
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Banks have been pushed by new regulation to reveal their new issue bond fees for the first time, potentially shaking up competition in European DCM. But confusion over the rules has meant no consensus on how to share the information, leaving underwriters and issuers alike to improvise in the first week of MiFID II.
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Arif Hussein, a former rates trader involved in the Libor rigging scandal at UBS, faced the Upper Tribunal this week to argue against his ban from working in the City, saying he had just been following orders. Following the UK’s introduction of the Senior Managers Regime in 2016, any similar scandal would play out very differently today.
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Banca Monte dei Paschi di Siena announced a mandate for a benchmark tier two bond on Thursday, its first since its recapitalisation last year. It is a crucial deal for the bank, but it will have to offer a high coupon to tempt investors back.
