Europe

The spread outlook for covered bonds is likely to remain positive over the summer period, said traders, even though yields are negative. The main risks to that prognosis are likely to emanate from the possible course of inflation.

Equity markets were reeling this week as investors became more defensive in the face of rising Covid-19 cases across the world. Sources say that despite some countries, such as the UK, lifting Covid-19 restrictions, equity capital markets investors are bedding in for the pandemic to drag on.

Raben Group, the Dutch-Polish logistics firm, closed its first sustainability-linked syndicated loan for €225m on Friday.

Covered bond investor demand has suffered over the past few months with the onset of competing supply from the EU in the SSA market. Despite that, investors have been broadly optimistic on the outlook, particularly in intermediate maturities.

A pair of SSA borrowers are set to squeeze a pair of benchmarks in on Tuesday just before the summer holidays period commences in earnest.

European direct lender Pemberton is making a push to sign up wealth and asset managers in a bid to grow the private credit market's investor base.

As it integrates Deutsche Bank's prime brokerage business, BNP Paribas has announced that the head of the unit, Ashley Wilson, will be staying on as global head of prime services.

Three new Spac IPOs priced in Europe at the end of last week raising a combined €675m, suggesting that there is still some meaningful investor appetite for the product in the region. However, sources are warning that pricing a Spac is far from easy.

Credit Suisse has filled six roles in its sustainability strategy, advisory and finance (SSAF) group, headed by Marisa Drew, including a global head of net zero strategy.

The IPO of Bridgepoint Group was set on Monday to be priced at the top of its range — a boon for Europe’s equity capital markets ahead of an expected dip in activity over the summer.

Aydem Yenilenebilir Enerji, a Turkish renewable energy generation company, is seeking to sell a green bond in its debut international debt offering. It joins a string of Turkish corporates that have stepped into sustainable finance in the past few months to tap into a diverse investor base.

FIG bankers were heralding the start of the summer on Monday, with a soft opening in the euro market giving issuers yet another reason to hold back on their deal plans.