Europe

Germany's IPO renaissance is continuing with the flotation of Freidrich Vorwerk, the energy infrastructure construction company, which is due to price later today.

Property developers R&F Group and CC Land Holdings are jointly looking for a dual currency loan of £476.7m ($653.5m)-equivalent to develop a project in London.

Investors put orders in quickly on the first day of bookbuilding for UK food delivery unicorn Deliveroo. The books were covered throughout the initial price range on Monday, the day it opened books for its London flotation.

The Euro private placement market has managed something other private debt markets, including US PP, have struggled with: to integrate sustainability into its core.

In a move that is expected to bolster the market for green covered bonds, the final text of the European Commission’s draft Taxonomy of Sustainable Economic Activities has been revised to accommodate current best practice and include buildings that rank nationally within the top 15% most energy-efficient.

The European Union on Monday announced the mandate for its final Support to Mitigate Unemployment Risks in an Emergency (SURE) transaction of the first quarter, which will raise up to €13bn across the two tranches.

An imminent bond issue from Turkey is looking unlikely, investors say, after the abrupt sacking on Saturday of Naci Ağbal, governor of the central bank, just a day after he had raised interest rates by 200bp. Both hard and local currency bonds have sold off and market participants fear a balance of payments crisis.

Trustpilot, the online review site listing in London, has grown the size of its IPO to meet strong demand for the offering and to give deal-hungry investors a better chance of getting some shares in the listing.

Swedish banks will have to maintain a countercyclical capital buffer worth 2% of their risk-weighted assets during normal times, according to new guidance from the nation’s Financial Supervisory Authority this week.

Shares in London’s listed airlines pulled back on Monday morning after UK transport minister Grant Shapps said on Sunday it was “too early to tell” whether holidays abroad would be allowed once lockdown restrictions end, raising fears of another false dawn for the industry and a fresh round of emergency capital raising.

Supermarket Income Reit, the London-listed real estate investment trust focused on properties let to supermarkets, is gearing up for another buying spree of new assets, having raised £153m of equity from investors.

The UK Debt Management Office on Monday chose the banks to lead the sale of its second sukuk via syndication. Like the sovereign’s debut sukuk in 2014, none of the UK’s Islamic banks are included on the mandate.