Europe
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“The Hungarian economy is performing very well and its vulnerability to external shocks has declined,” notes a recent IMF report. At the GlobalCapital Hungary roundtable, representatives from the public and private sector exchanged views on what recent indicators mean for the longer term performance of the economy, and on the country’s banking industry and capital market. Participants in the roundtable, which was hosted by the Ministry of National Economy in Budapest in early May, were: -
The Government of Hungary has been committed to an economic policy that has been promoting the success of enterprises on domestic and foreign markets.
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After a bumper week in dollars, euros will be back on the CEEMEA table this week with PKN Orlen and Croatia wrapping up meetings on Tuesday. But the European Central Bank meeting on Thursday and US data on Friday is expected to keep issuance limited this week.
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Philips Lighting and Maisons du Monde’s IPOs have run precisely along the same timelines, with many similarities in how the sales went, and today their debut trading performances also ran in parallel, as both stocks jumped. Philips Lighting closed up 10% and Maisons du Monde 5.9%.
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Catalonia’s finance minister will describe a Moody’s downgrade of the region as “artificial and irrelevant” later on Friday, according to GlobalCapital sources.
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German and Austrian covered bond issuers are expected to benefit if the Austrian government’s most recent offer for partial repayment of Heta Asset Resolution’s senior and subordinated debt is accepted by its creditors. Despite the more positive outlook, the loss of trust may take years to repair and for the time being Austrian covered bonds are unloved.
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Banque Fédérative du Crédit Mutuel (BFCM) became the latest bank to print floating rate senior unsecured notes on Friday, as tightening fixed rate spreads make floaters more attractive to buyers.
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In this round-up, the Shanghai-Hong Kong Stock Connect see steady volumes on its southbound channel, the Sino-German exchange in Frankfurt marks its first six months and HKEX offers new details on its expanded RMB futures. Plus, a recap of GlobalRMB’s top stories this week.
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Siem Industries, a Cayman Islands-based holding company with diverse interests, issued on Thursday its third exchangeable bond into shares of Subsea 7, the underwater construction company listed in Oslo.
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Banco Popular Español is using an unusual syndicate structure for its rights issue after tense discussions over the deal’s terms with some of its closest relationship banks.
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International institutional investors showed no signs of ‘Brexit’ jitters this week as the last of the sovereign's syndication before the European Union referendum drew a record book of more than £15bn.
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