Europe

The UK is set to come to market this week with a syndication of an index-linked bond — its first of the financial year.

Taylor Maritime Investments, a new investment trust, has priced its IPO on the London Stock Exchange, raising $253.7m to invest in a portfolio of ships.

A draft amendment to the Hungarian covered bond regime, that brings it into line with the European Union's Covered Bond Directive, is likely to be a positive for the product's credit and should improve prospects for issuance in euros.

The euro market has been markedly calmer than last week after ECB president Christine Lagarde made remarks interpreted as dovish — but investors are still split on the direction of interest rates and bankers are concerned this could hurt demand for primary bonds.

Digital 9 Infrastructure, the UK investment trust focused on digital assets, has launched its first follow-on offering of stock since its £300m IPO on the London Stock Exchange in March.

Investors have turned against Belarus after an opposition blogger and journalist was arrested by authorities on Sunday in extraordinary circumstances, with the country's dollar bonds dropping sharply on Monday morning.

UBS was set to issue three tranches of dollar debt through its operating company on Monday, as it sought to tap into a strong pool of demand for short-dated bank issuance.

Volatility subsided amid a series of public holidays in Europe on Monday, raising hopes for a busier week of bank bond supply.

UniCredit will skip a coupon on one of its legacy capital instruments this month, after stating that a net loss in 2020 means it no longer needs to make the payment. Investors were surprised by the decision, which many saw as a U-turn.

Brussels jumped into the long end this week, printing the longest MTN in over a month.

The city of Moscow is set to issue green bonds within the week, following the sovereign’s return to the Eurobond market on Thursday. The issuer is seeking foreign investor interest in its rouble-denominated green debut.

Kartesia, the alternative asset manager known for financing small to mid-cap companies, has raised its fifth private debt fund mandated to look for deals beyond private equity sponsors.