Europe
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Efforts to deepen RMB liquidity in offshore markets have struggled so far, despite the currency’s growing popularity for trade and investment purposes. Yet, it is clear that the success of the currency on a global scale will rely on deepening liquidity and the financial infrastructure that supports it. -
Veneto Banca’s IPO bookbuild will begin on June 8, but hopes of it achieving its flotation in Milan are dim. “At the bottom of the price range, there are cheaper Italian banks,” said one banker on the deal, encapsulating the problem.
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A highly unusual exchangeable bond won an enthusiastic reception on Thursday, as Glanbia Co-operative Society, owned by 16,000 Irish farmers, raised €100m to shield its members from volatile milk and grain prices. Jon Hay reports.
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TBC Bank, Georgia’s second largest London-listed bank, is to follow its bigger rival Bank of Georgia by swapping its global depositary receipts for a full premium listing on the London Stock Exchange.
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The wave of rights issues and capital raisings in the market this summer is so far going smoothly, with good news this week for Banco Popular Español, as its shares and rights perked up in trading.
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European Council president Donald Tusk this week told European Union leaders their “utopian” illusions were tearing Europe apart. They may end up doing the same to its banking sector.
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Credit Suisse launched its second opco level euro senior unsecured deal of the year on Tuesday, and appeared to suffer little ill effect from a Fitch downgrade last week.
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Central and Eastern European corporate issuers have been quietly benefitting from the game changing cash injection set to be unleashed by the European Central Bank on June 8, as ravenous yield hunters search further afield for value.
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Prudential attracted a $12bn book for a $1bn Reg S tier two bond on Tuesday, after successfully targeting yield-hungry Asian investors.
