Europe
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Mizuho Securities said on Monday that it plans to establish a new subsidiary in Frankfurt to carry on EU securities business following the UK's departure from the bloc. -
The Moscow Exchange Index Committee this week agreed on changes to the calculation method for the indices that it hosts.
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Shares in Landis & Gyr, the Swiss maker of energy meters, closed 0.5% higher on their debut Friday, after a dip in morning trading, after the company priced its IPO at Sfr78, above the middle of the Sfr70-Sfr82 initial range.
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An otherwise quiet week for block trades was interrupted on Thursday night with a large selldown of shares in Norilsk Nickel, the Russian nickel and palladium mining company, by Metalloinvest, the steel maker and miner.
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The slightly dovish policy statement that followed Thursday’s European Central Bank policy meeting caused the Bund-swap spread to widen, restoring a little value in covered bonds. But the spread is still a long way from the widest levels of last month and, if the spread tightening resumes, covered bond sellers could come out in force just as post-summer supply hits the screens.
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European Central Bank president Mario Draghi may have signed off for the summer by dampening debate around tapering of the ECB’s bond purchasing, but investors are still at their desks with money to spend.
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French jewellery retailer Thom Europe has widened pricing on its bond-to-loan refinancing by 75bp to 450bp, reducing the offering by €60m to €610m in the process.
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The Eastern European sovereign announced the price guidance for its three year debut Panda bond on July 25, after agreeing on a Rmb3bn ($445m) Panda programme with onshore authorities last week.
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The vote are in and the scores have been counted. The GC BondMarker voters have delivered their verdict on two benchmarks from the week commencing July 10: a €1bn 15 year from KfW and a three year dollar note from Municipality Finance.
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