Europe
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Tracey McDermott, acting head of the UK's Financial Conduct Authority, told a City audience at the Mansion House speech that “the intensity and volume of regulatory activity over recent year is not sustainable”, signalling a less combative approach to the financial industry. -
Credit Suisse won praise from equity capital markets bankers this week for a neat two-step plan to raise Sfr6bn of new capital, as part of a complete new strategy for the bank, announced by CEO Tidjane Thiam in a marathon series of conference calls on Wednesday, writes Jon Hay.
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The internationalisation of the Schuldschein market, Germany's answer to private placements, has been widely hailed, with foreign issuers and investors increasingly prominent. But even the banks that arrange the deals now include some surprising non-German names, writes Elly Whittaker.
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Capital markets issuance from higher education institutions has surged since government funding dried up, challenging lending from the European Investment Bank, while more selective participation from private investors means that universities may struggle to keep investing.
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Covered bonds worth almost €7bn were issued this week but, by virtue of its size, oversubscription ratio and breadth of demand, Nationwide Building Society’s €1bn deal stood out.
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Dutch residential property company Vesteda issued a €300m unsecured bond — its second ever — on Tuesday, the same day as Hammerson, another real estate company, was issuing in sterling.
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With the year's end fast approaching, SSA issuers are jostling for space after a summer blighted by volatility. Investors are rewarding pragmatic borrowers with large order books but it seems there is little room for opportunism.
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Poste Italiane, the Italian state-owned post office, looks set to raise €3.058bn in its IPO, which has been completed against an uneasy market backdrop. Final pricing has not yet been announced, but looks highly likely to be €6.75 a share.
