Europe

Even though technical factors are highly supportive for covered bonds, traders say they are unwilling to lift offers, reflecting increased anxiety about limited performance potential and an underlying concern that credit market sentiment is less sure-footed that at the start of this year.

German software company TeamViewer launched an inaugural Schuldschein deal on Monday, with margins linked to its ESG performance. Five new borrowers have entered the Schuldschein market so far this year, almost half as many as appeared throughout the whole of 2020.

Aedifica, a Belgium-based healthcare property investment company, has launched a US private placement, according to market sources.

Lidl, the Germany-headquartered budget supermarket chain, has entered the syndicated loan market to raise cash from Asian lenders for a second time, according to market sources.

Spreads have moved away from their tightest levels, but issuers do not seem put off. France will extend the flood of long end deals with its first 50 year OAT syndication in almost five years on Tuesday.

The European Union has sent banks a request for proposals for its first bond of the year under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.

Anthony Attia has been appointed as global head of primary markets and post trade at Euronext, where he will supervise the market infrastructure firm's equity, debt and fund listing business and will work on the integration of Borsa Italiana Group.

Credit Suisse issued a two-part covered bond in Swiss francs on Monday, choosing to limit the deal sizes in order to ensure a tight spread and low yield.

BPCE found good demand for a two-part covered bond on Monday with the bonds pricing almost flat to its curve. Even so, the near term outlook has become less certain as German lockdowns are expected to be tightened amid renewed concern over the impact on commercial mortgages secured in some Pfandbrief.

Supreme plc, the Manchester-based maker of vaping liquids for e-cigarettes, is preparing to go public on London’s alternative investment market (AIM).

Huuuge, the Polish social and mobile gambling company, revealed on Monday that it is seeking to list on the Warsaw stock exchange. The deal will be the latest in a long line of digitally focused companies to announce IPO plans.

Banca Monte dei Paschi di Siena has published a new business plan for the next four years, targeting a return to profit in 2022. The plan relies on the bank receiving a capital injection of at least €2bn, which is still under discussion with authorities in Italy and the EU.