Europe
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One of the last two substantial European IPOs of 2016 looks set to be completed on Friday, when RussNeft, one of Russia’s 10 largest oil companies, floats in Moscow for at least $495m.
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Corporate treasury teams continued to pump supply into the primary euro bond market this week as they accepted elevated new issue premiums and braved rates volatility. -
The European Commission’s package of bank regulation measures, released on Wednesday and now dubbed ‘CRD V’, will ease regulations that threatened to mean ‘game over’ for the European repo market.
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European and UK issuers have driven the US Private Placement (US PP) market to near record highs, despite concerns around the Brexit vote and US presidential elections. Now, the prospect of the end of an era of record low rates could push volumes to unprecedented levels, writes Elly Whittaker.
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A new swathe of asset managers will be caught by rules on how they use benchmarks, after the European Securities and Markets Authority broadened its planned clampdown.
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Rising jitters around the approaching Italian referendum and ECB meeting in early December are keeping European credit spreads elevated, say traders, but many see the potential for a big rally given the extent of underperformance versus the US in November.
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The UK Debt Management Office will have to raise an additional £20.6bn this financial year, including through an extra syndication, but SSA bankers are confident that there will be enough demand to meet the supply.
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RussNeft, the Russian oil company controlled by Mikhail Gutseriev, looks set to complete its IPO on Friday, after the bookbuild reached its end on Thursday afternoon, at a valuation of at least $2.5bn.
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UBS had no trouble getting involved in the nascent trend for one year callable senior bonds this week, joining an already long line of similar deals from US banks. It won’t be the last we see of the TLAC-friendly structure, as Standard and Poor’s, regulators and investors all seem to be giving their approval. The new format is set to become a mainstay in Europe’s constantly shifting senior bank debt market.
