Europe

German stocks have continued to be among the best performing in Europe in 2021, fuelling momentum in the country’s equity capital markets.

Deutsche Bank attracted more than €7.5bn of demand for two tranches of non-preferred senior debt on Monday, as investors showed strong support for the credit following a positive set of results for 2020.

Caisse Française de Financement Local attracted strong demand for its 15 year covered bond on Monday, allowing the deal to be priced inside fair value. The strong outcome reflects the expected paucity of supply, giving issuers a compelling advantage, allowing them to “dictate deal terms”.

Auction Technologies Group (ATG), the UK technology company that runs online auctions and produces proprietary software for online auctions, has begun investor education for its IPO on the London Stock Exchange and has secured cornerstone orders for the deal.

Axa Investment Managers' Yo Takatsuki has joined JP Morgan Asset Management as head of investment stewardship for Europe, the Middle East and Africa.

Rating: Baa3/BBB/BBB

Cooperative farm supplier Danish Agro has entered the Schuldschein market, after nearly a fortnight has passed with no new issue.

Huge demand for exposure to biotech companies among US equity investors is continuing to drive UK firms to list on the other side of the Atlantic through an IPO on the Nasdaq. On Thursday, Immunocore, a late-stage biotech firm focused on T-cell technology, priced an enlarged offering on the exchange and, on Friday, UK healthcare investor Syncona announced it was exploring a US IPO for one of its portfolio companies.

Banco Comercial Portugues made a rare foray into the senior market on Friday, enticing investors with a bit of extra yield on its speculative grade transaction.

Hipgnosis Songs Fund, a London-listed investment trust focused on music royalties, has closed its latest share sale, raising £75m.

Yields in the covered bond market are at their highest level this year and some could soon offer a positive return. With banks now starting to emerge from blackout there are high hopes supply will improve next week, not least because recent issuance offers more precise market clearing levels and that should improve execution certainty.

Under its new "Strategy 2024" plan, Commerzbank is considering outsourcing equities services to a partner as several rivals have done. It also wants to focus its equity capital markets and M&A franchises more squarely on existing clients.