Europe
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Lufthansa has issued a quirky Schuldschein this week, according to market sources, in that it was bought by the eight banks that arranged it, rather than being sold to investors. -
Covered bond spreads look set to tighten further over the next few months, traders told GlobalCapital on Monday. But even so, medium term macro-economic uncertainty is curtailing risk appetite as spread potential is limited and a market-wide sell-off may follow in the medium term.
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Swiss pharmaceutical ingredients manufacturing company PolyPeptide Group has filed for an IPO on the SIX Swiss Exchange, which is expected to value the company at around €1.5bn equivalent to €1.7bn equivalent, according to a source close to the deal.
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Hopes for a rapid European economic recovery are pinned in large part on the EU’s Recovery and Resilience Facility, but Italian insurer Generali is concerned that the plan is already behind schedule.
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Segezha, the Russian paper and pulp company, has filed initial paperwork for an IPO on the Moscow stock exchange. The company is hopeful of becoming the first listed Russian company in its sector, but IPO market turbulence and sanctions fears hang over the offering.
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DekaBank’s sub-benchmark Pfandbrief issued on Monday was more than three times subscribed and was priced through fair value, boding well for a follow-on Pfandbrief from DZ Hyp for launch on Tuesday.
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Slovakian lender Tatra Banka is hoping to launch its debut green bond in euros this week, with deal arrangers urging rare issuers to take advantage of quieter markets in the run-up to results season.
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Trustly, a Swedish payments company that allows people to transfer money directly from their bank accounts to make payments, has launched an IPO on Nasdaq Stockholm.
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Turkish lender Akbank has managed to roll over a syndicated loan, which also marks its debut piece of ESG financing. However, pricing widened beyond expectations owing to heightened volatility in both domestic and international markets.
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Cambridge-based cybersecurity company Darktrace has kicked off its long-awaited IPO on the London Stock Exchange, having announced its intention to publish a registration document on Monday morning.
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Deutsche Telekom dialled in to the Aussie dollar market after an almost two year absence this week, extending its curve to 2041.
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