Europe

NN Bank took advantage of rising yields to issue a 20 year covered bond on Tuesday which was priced inside fair value.

An undisclosed pre-IPO shareholder sold €935m of shares in Adyen on Monday, after the Dutch payment company’s share price reached an all-time high last week following its 2020 results announcement. But a run on tech stocks saw the shares’ price quickly drop.

Auction Technology Group, the UK developer of proprietary software for online auctions, has surged by more than 30% in the aftermarket after completing its £273m IPO on the London Stock Exchange on Tuesday.

HSBC has shifted responsibility for its regional businesses and given chief financial officer Ewen Stevenson a broader remit, ahead of updating investors with results on Tuesday and amid its overhaul of operations.

Expectations of increased demand for emerging market local currency bonds are starting to wane, as the macroeconomic backdrop and interest rate volatility point to a stronger dollar in the short term.

Listed real estate firm CPI Property is repaying a portion of its Schuldschein early at par, taking advantage of favourable legal conditions in Germany regarding early prepayments of floating rate loans. Sources say other companies may use this option if funding conditions remain so attractive in public markets.

ECB president Christine Lagarde said the ECB is “closely monitoring the evolution of longer-term nominal bond yields” in her speech at the opening plenary session of the European semester. The rise in eurozone government bond yields subsided during her speech.

HSBC has reorganised the management of its public sector debt capital markets business following the departure of Frédéric Gabizon at the end of March after a 35 year stint at the bank.

Bankers expect the European Union to come with its second Support to Mitigate Unemployment Risks in an Emergency (SURE) transaction of the year next week with the issuer planning to raise up to €20bn more in the first quarter.

Bank Nederlandse Gemeenten hit the market for a sterling trade on Monday, securing its cross-currency swap hedge in advance to minimise volatility.

Bond Origination Technologies (Bots), a new tech company that aims to automate pricing indications in the primary debt capital markets, has made two hires as it prepares to launch its first live pilot in the second quarter.

NN Bank has mandated leads for a 20 year covered bond amid improved hopes of an increase in supply, as banks emerge from blackout to take advantage of the recent rise in yields.