Europe

After several quarters of strong performance among European investment banking businesses, there are signs that firms are satisfied with cost cutting measures and are prepared to resume investment instead.

Convertible bonds are expected to remain a popular financing tool for European companies once the market reopens in September, as long as the bull run in stocks continues.

Aligning with a global commercial bank has been on Jefferies’ agenda for several years, but its alliance with SMBC signals an intent to join the investment banking big league. By David Rothnie.

Lloyds Bank has formulated a succession plan to prepare for the departure of Allen Appen, its head of bond financing, as another senior figure prepares to leave its debt capital markets group.

Idorsia, the Swiss biotech company, has turned to the convertible bond market to finance looming product launches and the development of its late-stage drug pipeline.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid yields from the close of business on Tuesday, July 27. The source for secondary trading levels is ICE Data Services

Alfa Bank, Russia’s largest privately owned bank by assets, loan portfolio and equity, this week sold a Euroclearable bond in roubles.

Barclays has made several further promotions across its capital markets and M&A teams in London and New York, a week after rolling out a new global investment banking management structure.

The extremely dovish tone struck by the European Central Bank last week means there is no end in sight to the Pandemic Emergency Purchase Programme (Pepp). Given the uncertainty around the course of the pandemic, that is as it should be.

Standard Chartered has launched an apprenticeship programme that is open to school leavers without academic qualifications as it seeks to bring more diversity to financial markets.

US-style Spac IPOs will soon be possible on the London Stock Exchange following a review by the Financial Conduct Authority, although the changes come at a time when the vehicles have fallen increasingly out of favour with investors.

Mid-market investment bank Liberum has brought in the co-founders of corporate finance boutique Bullfinch Corporate Finance as co-heads of M&A as it looks to raise its profile in takeovers.