Europe

Innogy, the German utility split off from RWE in April 2016, on Wednesday announced it would be holding investor calls about a new benchmark 10 year debut green bond issue. Later in the day, Standard & Poor’s upgraded the issuer to BBB.

The UK's Financial Conduct Authority needs all hands on deck. It faces an iceberg of approaching regulation, Brexit, an asset management review and its day-to-day business. Plus, it is moving to Stratford, east London, in April.

More and more companies are recognising the principle that the atmosphere’s ability to absorb greenhouse gases from combustion cannot remain a free resource forever.

Germany’s general election has put the Green party in a strong position to push for bolder policies on sustainability, and possibly to gain control of the energy ministry.

FIG bankers say that Germany’s Commerzbank is unlikely to remain a standalone entity forever. But a tie-up for the bank is firmly in the realm of fantasy M&A for now, writes David Rothnie.

Citi has promoted Cecile Ratcliffe to markets head of France, Belgium and Luxembourg.

Empark, Vallourec and Dufry met strong demand for their new high yield bonds this week as investors opened their deep pockets.

The European Investment Bank shrugged off any concerns over the divisions between the governments of Spain and Catalonia and the skinny spreads on offer, printing $3bn at one of the tightest spreads of the year.

After a successful two week investor education process, Bawag, the Austrian bank, has unveiled the terms for its IPO on the Vienna Stock Exchange, which could value it at up to €5.2bn if it is priced at the top of the range.

ABN Amro came to the sterling market for the fourth time this year, issuing a £450m senior deal at a spread of 80bp over Glits.

Russia’s Renaissance Capital has hired Petr Molchanov as head of investment banking for its home market.

Romania reopened its 2.375% April 2027s on Tuesday for a further €1bn, pricing the tap 12bp inside the “very attractive” initial price thoughts.