Europe

Trading volatility in US tech stocks is filtering through to European IPOs, making it difficult or even impossible for banks to price new listings. Sources said sellers should hold back as investors reel from the heightened market turbulence.

The German parliament has voted to remove a legal obstacle that had prevented the issuance of bonds that were not tied to a physical sheet of paper, as issuers across Europe increasingly look to offer fully digital securities.

Oversea-Chinese Banking Corporation is seeking investors' consent on Thursday to convert a sterling covered bond from referencing Libor to Sonia amid what Fitch described as an improved outlook for Asian covered bond issuance. Covered bond bankers agreed with the sentiment but noted issuers were hesitant and clearing levels have shifted wider after this week’s supply.

A group of Italian insurance executives have teamed up to launch a new special purpose acquisition company on the Alternative Investment Market of the Borsa Italiana. The €200m IPO is due to close later today.

Deutsche Bank is bringing in Daniel Ross from Barclays to oversee its investment banking activities in the UK and Ireland, taking over from Scott Bell, who is moving into a chairman post.

Financial institutions will have a tough time issuing sustainability-linked bonds (SLBs), according the head of BBVA’s corporate and investment bank, who said at a conference on Thursday that she expected banks to focus more on debt with a dedicated use of proceeds.

The Polish oil refiner and petrol retailer PKN Orlen launched its debut green bond on Thursday. The trade is one of the very first of its kind from an oil company.

Credit Suisse equity capital markets veteran Stephane Gruffat is set to join Deutsche Bank, according to an internal memo seen by GlobalCapital.

Crédit Agricole asked holders of its sterling additional tier one (AT1) to exchange their bonds for new notes on Thursday, which will recognise the regulatory order after Brexit and will reset the debt to pay to a rate based on Sonia rather than Libor.

Russia launched its first international bond of the year on Thursday, which some have labelled as a show of strength by the sanction-hit country. Market participants are now debating which investors will end up buying the trade.

French hotel landlord Convivio Hotels has launched a €250m rights issue ahead of the reopening of EU countries to foreign tourists this summer.

Spreads in the European sovereign, supranational, agency sector moved wider on Wednesday in the wake of the European Union’s deal with the Street accounting for most of the flows.But with Bund yields expected to stabilise soon spreads should consolidate, believed several traders.