Europe
-
As capital markets bankers gradually start to spend more time back in the office, a nuanced debate is playing out over how much flexibility they can expect to enjoy with regard to remote working when pandemic restrictions are finally lifted. -
-
The European Central Bank announced the results of its strategic policy review on Thursday, some two months ahead of schedule. The changes to its monetary policy were reminiscent of a watered down version of those implemented by the US Federal Open Markets Committee earlier this year.
-
Two public sector borrowers hit the primary euro market on Thursday, with the International Development Association selling its biggest ever bond in the currency and France’s Action Logement Services extending its curve with just its second ever trade.
-
-
Novem Group, the German car parts supplier, is targeting a valuation of up to €830m in ts IPO on the Frankfurt Stock Exchange, it revealed on Thursday.
-
Muenchener Hypothekenbank took the unusual decision of stretching execution over two days for its fixed rate sterling Pfandbrief, the first to be issued this year. The measured approach paid off with the issuer managing to tighten the spread by 3bp and achieve a larger than expected size.
-
Banco BPM found less demand than expected for its inaugural social bond on Thursday, as market conditions soured after the Italian lender opened books.
-
DZ Hyp pulled in a solid order book for its €750m no-grow Pfandbrief that was almost positive yielding. Demand for Credit Mutuel CIC’s more negative yielding seven year was much slower to grow and smaller, making execution less certain.
-
The Single Resolution Board has argued in favour of using contractual guarantees to establish how parent banks will deal with losses at their subsidiaries, suggesting the approach could offer a neater solution for internal bank capital arrangements.
-
Mike Lamb, a senior investment banker covering the insurance sector, has left Barclays to join Citi in a chairman role in London.
