Europe
-
-
Emerging markets bond buyers and issuers are regaining confidence as US Treasury volatility falls, with issuance in CEEMEA and Latin America having picked up in recent days and a pipeline building. -
Covered bond bankers were optimistic about the outlook for green issuance after the European Commission published the EU Taxonomy Climate Delegated Act, which as far as real estate is concerned, is broadly in line with the recommendations set out by its technical expert group, current industry standards and a draft circulated earlier this week.
-
The European Commission has torn up the standard SSA fee structure, pushing through its own lower syndication fees for deals under the €800bn Next Generation EU funding programme. The controversial move comes as the borrower opens applications for primary dealerships. Lewis McLellan reports.
-
The European Banking Authority has warned issuers against rushing into the sustainability-linked bond market, as it works on deciding whether the structures conflict with eligibility criteria for capital and other loss-absorbing instruments. Despite the warning, market participants are pushing hard to make sure banks are able to issue SLBs in any format, writes Tyler Davies.
-
-
Aareal Bank and Deutsche Pfandbriefbank (PBB) issued highly successful Sonia linked Pfandbriefe this week, doubling the supply seen so far this year.
-
Bpifrance will be holding calls with investors next week to introduce its new green bond framework ahead of a debut deal in the format with the proceeds to be focused on renewable energy projects.
-
Equity investors continued to show strong demand for follow-on primary deals this week with high take-ups in capital raises for Spain’s Cellnex and UK food and beverage outlet operator SSP.
-
At the press conference following the European Central Bank’s Governing Council meeting on Thursday, Christine Lagarde, the president of the ECB, said it was too early to consider gradually winding down the Pandemic Emergency Purchase Programme.
-
With little end in sight to the worst crisis that the airline industry has faced since 9/11, Europe’s stricken carriers risk becoming like the continent’s banks after the financial crisis, when they went through round after round of equity capital raising to shore up their strained balance sheets.
-
Aareal Bank managed to attract healthy demand for its first Sonia covered bond, enabling it to price the deal in line with fair value, in a large size, with negligible price sensitivity and a high quality order book.
