Europe

After taking an aggressive approach for its last syndication in January which resulted in a shocking loss of over €75bn of orders, Spain returned to a more moderate and conventional pricing process as it came to the market for a new 50 year bond on Tuesday.

The European Covered Bond Council is to launch its energy-efficient mortgage label on Friday with a virtual event. The label will act as a “lighthouse” for all stakeholders, marking a clear way towards a green housing renovation revolution, the ECBC’s Luca Bertalot told GlobalCapital on Tuesday.

A senior ETF manager at Invesco says it has become much harder for active funds to beat additional tier one indices, with the market having grown increasing homogenous in recent years.

Hydrogen Refueling Solutions, a French company that designs and manufactures refuelling stations, has priced a popular IPO on the Euronext Paris exchange, the latest sign that hydrogen technology is gaining mainstream enthusiasm among green investors.

Shurgard, one of Europe’s largest self-storage companies, has returned to the US private placement market for the third time, according to market sources. The company is only the second from Europe to launch a PP deal this year.

Autolus Therapeutics, the UK biopharmaceutical company focused on T cell therapies for cancer, is raising additional capital on the Nasdaq.

A number of smaller European banks are trying to buy Schuldscheine on the secondary market, according to sources with knowledge of the situation, in order to post it as collateral to receive cheaper funding from the ECB ahead of a March 31 deadline.

The lack of covered bond issuance this year and further European Central Bank buying has depleted dealer trading inventories, causing a short squeeze in bonds eligible for its purchase programme (CBPP3). This has diverted real money interest to higher yielding bonds and those that are not eligible for the programme.

Equity investors have maintained a focus on gaining exposure to tech stocks so far this year in the primary market, dispelling fears that high-growth digital companies might lose out to cyclical, value stocks that might benefit from the reopening of economies from the Covid-19 pandemic.

KfW is set to make a return to the Canadian dollar bond market on Tuesday, marking its first appearance in Maples since February 2019, when it sold a C$1bn three year.

Spain will lead the public sector borrowers' charge into the primary bond market this week with its second ever 50 year benchmark syndicated deal ahead of the Chinese New Year holiday.

Lombard Odier has made two senior hires to help cultivate sustainable private credit strategies.