Europe

Covered bonds issued this week by United Overseas Bank and Raiffeisen-Landesbank Steiermark showed that, for the first time this year, sentiment has turned bearish and suggested that more careful consideration of pricing, timing and maturity is now required.

Wemag, a state-owned electricity firm in Germany, has launched a 10 year Schuldschein through NordLB’s digital platform, Finpair. Wemag follows two Austrian utilities in supplying deals at a longer tenor.

French care homes company Orpea launched a Schuldschein deal on Thursday as the market begins to regain its international allure. A return to the heady heights of pre-Covid deal flow will be a struggle, but Schuldschein market players are optimistic that the next few months will be strong for issuance.

The European Commission on Thursday fined Nomura, UBS and UniCredit for their traders' participation in a cartel in the primary and secondary European government bond markets during the financial crisis.

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.