Europe
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This week's funding scorecard looks at the progress European sovereigns have made in their funding programmes as we approach the end of the first quarter of 2021. -
Russian Railways issued a rouble bond on Thursday. Russian companies may steer away from the dollar market as discussions around fresh sanctions on Russia continue.
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Renault, the French car company, has raised €1.14bn from a sale of shares in German rival Daimler, the parent of Mercedes-Benz. The French firm will use the proceeds to reduce debts.
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Volksbank Wien sold its first non-preferred senior deal on Friday, after a week of discussions with investors. The deal benefitted from a stronger tone in the euro market as investors reacted well to the latest meeting of the European Central Bank.
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Aviva was met with strong demand for a tender offer this week, prompting the firm to buy back £200m more bonds than expected and increase the size of its debt reduction targets.
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A $240m equivalent sale of shares in M.video the Russian electronics retailer, was warmly welcomed by investors this week and has more than doubled the freefloat of the company.
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The UK Debt Management Office has published its Gilt operations calendar for the first quarter of its 2021/22 financial year.
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Cellink, the Swedish developer of 3D printing equipment for living cells, rose in trading on Friday morning after the company completed a Skr3bn ($350m) sale of new shares and convertible bonds to finance its acquisition of MatTek Corporation in the United States.
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One big crisis should be enough for anyone's career. But Sir Robert Stheeman, chief executive of the UK's Debt Management Office, has had to face two monumental financial catastrophes in the last 13 years — first the 2008 UK banking crisis and then last year's pandemic.
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Turkey's international bond market access is once again in question. Rising US Treasury yields have put affordable dollar funding beyond the sovereign for now, bankers believe, undoing the good done by a move back to orthodox monetary policy late last year, after months of inflation and a plunging lira. A rate hike next week may help restore issuance prospects, writes Mariam Meskin.
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European banks will exercise extreme caution in dollars after an ill-fated senior deal from Swedbank this week. It could signal the end of a long run of ultra-easy borrowing conditions in US credit markets, with severe volatility stemming from fears of rising interest rates. Tyler Davies reports.
