Europe
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Portugal syndicated a new 10 year bond on Wednesday, and drew parallels to deals from Italy and Spain deals earlier in the year as it aimed for a small new issue premium and an high quality order book rather than one of colossal size. But in order to avoid huge drops in the book by slashing the spread, as Italy and Spain had done, Portugal began the price discovery process at a tight level. -
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European banks face tough conceptual and regulatory barriers as they enter the market for sustainability-linked debt. But DCM bankers hope that they can find a simpler solution for issuers by focusing on covered bonds, write Tyler Davies and Bill Thornhill.
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KfW and CPPIB Capital achieved super tight pricings in the short end of the US dollar market on Thursday, with the former bringing the first deal with a negative spread to mid-swaps in the currency by a public sector borrower this year.
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With European stocks on a tear ahead of the expected post-Covid economic reopening of the continent later this year, the convertible bond market is expected to be active as companies seek to raise capital to position themselves for the recovery.
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IPO sellers are keen to revive the market in Europe after Deliveroo’s disastrous debut last week. But investors, with the food delivery company’s share price collapse still fresh in their minds, are pushing banks on valuations for new listings, reports Sam Kerr.
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A group of BNP Paribas bankers in Spain have jumped ship to join boutique firm Beka Finance, according to market sources. One person familiar with the situation said that the French bank will refill these roles in due course.
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Lansforsakringar Bank (LF Bank) enjoyed the sole attention of the market on Thursday as it placed the day's only senior bond in euros. With market conditions constructive, bankers expect more esoteric names could follow.
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The European Central Bank's covered bond purchases remained weak in March and, with issuance expected to stay anaemic for the foreseeable future, it will struggle to prevent its portfolio from shrinking. While this is positive for spreads, returns this year have been abysmal and, in the absence of supply, investors are being squeezed out.
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NN IP has launched the world’s first green bond fund dedicated to sovereign, supranational and agency bonds. GlobalCapital spoke to Douglas Farquhar, client portfolio manager at NN IP, about the SSA green bond market.
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HSBC is relocating the regional head of its leveraged and acquisition finance (LAF) business from Hong Kong to London to help implement its UK strategy.
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Hemnet, the Swedish online property marketplace, has launched the marketing process for an IPO on the Nasdaq Stockholm exchange.
