Europe

At the press conference following the European Central Bank’s Governing Council meeting on Thursday, Christine Lagarde, the president of the ECB, said it was too early to consider gradually winding down the Pandemic Emergency Purchase Programme.

With little end in sight to the worst crisis that the airline industry has faced since 9/11, Europe’s stricken carriers risk becoming like the continent’s banks after the financial crisis, when they went through round after round of equity capital raising to shore up their strained balance sheets.

Aareal Bank managed to attract healthy demand for its first Sonia covered bond, enabling it to price the deal in line with fair value, in a large size, with negligible price sensitivity and a high quality order book.

Laurentian Bank has received approval from Canada Mortgage and Housing Corporation to establish a C$2bn legislative covered bond programme.

The IPO of Allfunds was covered well in excess of the deal size on Thursday morning, proving that some deals in the European IPO market still attract strong demand.

The Single Resolution Board said this week that it could only get behind a "hybrid model" for the European deposit guarantee scheme (EDIS) if it forms part of a temporary solution on the way to establishing a fuller framework.

Canadian Imperial Bank of Commerce returned to the euro covered bond market for its first deal since March 2020, issuing a highly subscribed €1bn eight year flat to fair value on Thursday.

Commodity trader Trafigura has sold US private placements, according to market sources, in its sixth issuance in the market.

A campaign by a political opposition party questioning the deployment of Turkey’s FX reserves and a snub from the United States has put new pressure on the country’s bonds.

Let history show that even though no one even kicked a ball in the European Super League, it still had a winner: JP Morgan.

Credit Suisse has placed Sfr1.7bn ($1.9bn) of mandatory convertible bonds to repair its balance sheet, following steep trading losses caused by the bankruptcies of Archegos Capital and Greensill Capital. But some predict the bank may need to return for more equity down the line.

The new boss of UniCredit is widely expected to use his deal-making skills to transform the Italian lender, but will he look to revitalise its corporate and investment bank, asks David Rothnie.