Europe

Belgium dropped into the long end of the euro curve to place a 100 year bond this week – its first private placement for seven months.

Allen & Overy has hired two leveraged finance partners from rival Linklaters in London.

UBS has revamped its management of sustainability and appointed Michael Baldinger as chief sustainability officer. Last month it named Suni Harford, president of UBS Asset Management, as group executive board sponsor for sustainability and impact.

The Warsaw IPO of Canal+ Polska, the Polish satellite TV network, has been postponed. The deal is the latest victim of Europe's binary IPO market.

French steel parts and distribution company Jacquet Metal Service has launched a further Schuldschein, according to sources. The market is gearing up for somewhat of a renaissance after a moribund 2020 and GlobalCapital understands that 10-15 more transactions are set to be launched in May.

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.