Europe
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Credit is expensive relative to fundamentals, JP Morgan announced this week, yet the actions of central bank policy will ensure that it remains so toward year end as risk premiums are increasingly compressed, and investors remain desperate for paper. -
Five covered bond deals were launched on the Monday preceding last year’s ECBC/Euromoney covered bond conference. The surfeit of supply caused spreads to widen which is unlikely to happen this year. But events away from covered bonds could still send the market wider.
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There was no new FIG issuance in euros or sterling on Monday, but FIG bankers are confident of another busy week in the primary market.
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DBS Bank in Singapore has mandated leads for a roadshow to market its first euro-denominated covered bond, and the second from a Singaporean lender in euros.
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Stoxx has licensed its newly created iStoxx FactSet Thematic Indices to BlackRock’s iShares to provide the underlying for four exchange traded funds.
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Nemat 'Minouche' Shafik, deputy governor of the Bank of England for markets and banking, and the architect of the Fair and Effective Markets Review, is leaving the Bank to become the director of the London School of Economics.
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RWE, the German utilities group, will float its renewables and power distribution business Innogy on the Frankfurt Stock Exchange in the fourth quarter, the company said in an intention to float document on Monday morning.
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The European Central Bank is likely to face increasing challenges maintaining its covered bond purchasing rate over the longer term as it is beginning to run out of bonds to buy. However this should not be viewed as a deliberate attempt to taper, according to analysts at Citi research
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The head of funding and debt investor relations at Deutsche Pfandbriefbank (PBB), Götz Michl, talks to The Cover about why his bank has joined the European Covered Bond Council’s Label Foundation.
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Arvid Svensson Invest has sold a 9.5% stake in Klövern, the Swedish real estate company, for Skr880m ($104m), via an accelerated book-build launched on Thursday evening.
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China National Chemical Corp’s $12.7bn acquisition loan for Syngenta drew commitments from some 17 lenders, with the deal closing well oversubscribed, said bankers close to the matter.
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