Europe

Montea, the real estate investment trust in Belgium, has sold €235m of green US private placements. The deal is the latest in a succession green trades to hit the market.

Investors wasted little time placing orders for NIBC Bank’s €500m 10 year conditional pass-through covered bond that was issued on Wednesday, reflecting that it offered the highest spread of any covered bond issued this year by any bank in core Europe. This is also likely to be a very rarely issued structure.

Trans-Oil Group, a Moldova agriculture company, was in the market on Wednesday for a dollar bond. The issuer has a rocky history in debt markets, following a failed attempt at a debut bond in 2018.

The Slovak Republic entered bond markets on Wednesday, seeking to sell a bond in euros. Though volatility in global markets has dampened primary markets in CEEMEA, emerging European sovereigns have continued to tap investors this year.

Aviva has asked investors to agree to a change in the terms of three of its tier two bonds, to try and make sure they revert to spreads over Sonia rather than Libor if they live on past their first call dates.

German venture capital company 468 Capital has launched an IPO of a new special purpose acquisition company on the Frankfurt Stock Exchange.

Anna Vasilenko, a former managing director at the Moscow Exchange, has joined EM, the strategic advisory and communications firm for clients in Russia, China and other emerging markets, as its CEO.

Although UK covered bonds are trading at their tightest levels for the last year, they still offer a decent pick-up versus some international peers. With the UK’s vaccine rollout and growth expectations showing promise, spreads may well tighten. But there is a lack of fresh supply. Some is needed to improve price discovery and catalyse performance.

UK specialist insurer Pension Insurance Corporation has appointed Macquarie to manage money on its behalf, focusing on private placements from US borrowers.

UniCredit swept away the Landesbanks in the Schuldschein market last quarter to claim pole position so far this year, with an arranging market share of nearly 20%.

Renewable energy has been one of the hottest sectors in Europe’s equity capital markets in recent times but investors are no longer just buying companies for their verdant hue. Issuers must now prove they have the financial strength to back their environmental credentials.

A pair of European sovereigns hit the market on Tuesday, raising a combined €12.5bn. Austria launched a four and 50 year dual tranche, but it was the short leg that raised eyebrows, demonstrating demand exists even below the ECB deposit rate.