Europe

US Solar Fund, a London-listed investment trust that focuses on US solar assets, has completed a popular raise on the London stock exchange with demand for the deal exceeding its size.

Liontrust Asset Management is launching a new listed ESG fund on the London Stock Exchange.

Green covered bonds no longer have to be reinvented in the face of rising sustainability-linked issuance because banks are now safe in the knowledge that they comply with the EU’s Taxonomy of Sustainable Activities.

European banks began to access the dollar market this week following first quarter earnings, while JP Morgan stole the show on Wednesday with a record low coupon for a preferred note.

Public sector borrowers are looking to follow the EU’s lead and cut underwriting fees in the biggest revamp to the way banks in the market are paid in a decade. Bankers slammed the move as “naive and disruptive” and say that, while it may save a basis point or two in execution, it could cost them far more long term, writes Burhan Khadbai.

Despite paying a chunky new issue premium, Deutsche Bahn was still able to score some attractive arbitrage with its latest Swiss franc deal this week, and with favourable pricing on offer for foreign names, bankers are confident more could follow.

Deutsche Bank scored a blowout book with its first euro additional tier one since 2014 this week, as investors rewarded the issuer for progress on its turnaround plan. Banco Santander then gave the asset class another shake, with a deal split across euros and dollars.

While Greece is nearing a return to investment grade status it still has a way to go before it reaches that summit, according to the major credit agencies.

A big night for the European blocks market on Tuesday took Europe’s equity capital markets by surprise, with almost €2.9bn printed across three accelerated deals. The success of the sales has given the market hope that there are more opportunities to bring big block trades, writes Sam Kerr.

The new governor of Turkey’s central bank, Şahap Kavcıoğlu, kept rates unchanged at his second monetary policy meeting since taking office. Although a rate cut was unlikely, the decision bodes well for next week’s planned dollar bond issue by LimakPort.

A $7bn equivalent nine-tranche bond issued by London Stock Exchange Group in March put the newest generation of bond documentation software through its paces. It was the first deal of its size and complexity to use one of the growing array of automation technology platforms.

DNB Boligkreditt and Sparebank 1 Boligkreditt (Spabol) issued deals flat to their curves with strong demand this week, while Bawag brought the first Austrian transaction through mid-swaps in almost three years.