Europe

Segezha, the Russian paper and pulp company, has completed its IPO on the Moscow exchange. The conclusion of the listing was a relief for the company, given fears that it could have been derailed by political tensions between Russia and the US.

A Sfr1.1bn jumbo block trade in Barry Callebaut, the Swiss chocolate maker, by Jacobs Holding, has attracted strong demand from investors eager to add defensive exposures to their portfolios.

The IPO of PolyPeptide Group, the Swiss pharmaceutical ingredients company, is set to be priced at Sfr64, above the midpoint of the initial Sfr57 to Sfr68 range, according to sources close to the deal.

Commodity trader Trafigura has closed a $203.5m US private placement. It is the largest sustainability-linked issue on record, according to GlobalCapital analysis, and signals the PP market is taking ESG financing more seriously.

Standard Profil, the auto supplier which makes sealing for cars, was in the bond market on Tuesday looking to sell €275m of five year notes.

The first quarter results for UBS’s investment bank looked much like a repeat of rival Credit Suisse’s earnings last week, with strong underlying performance marred by a loss stemming from former prime brokerage client Archegos Capital.

HSBC is mulling bolt-on acquisitions in wealth management, primarily in Asia, after capital was freed up by a favourable reassessment of credit losses stemming from the coronavirus pandemic.

Swedish property website Hemnet has succeeded in a difficult IPO market, its shares rising 50% on its first day of trading in Stockholm.

Italy sold new three and 30 year dollar bonds through syndication on Tuesday as it continues to build out a curve in the currency.

There is a golden opportunity for banks to set a precedent by issuing sustainability-linked bonds across the capital stack, rather than waiting for regulators to finish fretting over the guidance.

The UK Debt Management Office raised £6bn with its first syndication of the financial year. Although one investor said the spread was more generous than he expected, the trade drew praise for the smoothness of its execution.

A wave of Russian equity capital markets activity has broken this week, taking advantage of a rise in optimism that geopolitical tensions between Russia and the US are decreasing.