Europe
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A 10 year deal from JP Morgan on Friday showed US banks are finding more opportunities for Swiss franc funding than their European peers. -
In this round-up, South Korea RMB deposits picked up, while Macau and Taiwan saw a slight contraction, BRICS NDB approved its first loans, Chinese and Russian regulators are expanding their co-operation agreements, and Euronext started providing market data directly to onshore investors in China. Plus, a recap of GlobalRMB's top stories this week.
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Among the four smallish equity block trades launched in Europe on Tuesday afternoon, after a strong day for stocks, was an important trade in Romgaz, the Romanian state-controlled gas company.
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Bookbuilding has begun for three Nordic IPOs, continuing a strong run from the region, which has produced 12 completed IPOs so far in 2016, out of 51 altogether in EMEA.
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Investors threw more than €6.5bn at a perpetual non-call five year additional tier one trade from Rabobank on Tuesday, the bank’s first such deal since it revised its governance structure.
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The European IPO market’s busy spring season received further encouragement this week, when its second and third major deals, for Forterra and Mediawan, were both completed — though Forterra’s was priced at the bottom of the range and edged down in trading.
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The two IPOs under way in Prague are both garnering good interest in investor education, bankers said this week. Both companies seeking to float, GE Money Bank and EP Infrastructure, are solid, high quality assets, and the Czech economy is seen as stable and attractive.
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The UK’s Debt Management Office is to sell an additional £2.1bn of Gilts for the year to March 2017. The increase comes as the government’s net cash requirement rose by £2.9bn compared with the forecast published in the 2016 budget.
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Italy wowed the market on Tuesday with the second blow-out 20 year sovereign benchmark in as many weeks, as bankers tipped other issuers to try out the unconventional maturity.
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