Europe

HSBC's global banking and markets division (GBM) plans to invest in Asia and plug more than half its risk-weighted assets (RWAs) in the Apac region and the Middle East by 2022, the bank outlined when reporting its full-year results on Tuesday. Meanwhile, in the final three months of last year, global banking revenues fell year-on-year, but proceeds from equities more than doubled.

The thinking that the additional tier one (AT1) market should go back to trading through its pre-pandemic valuations holds big risks.

The State of Baden-Württemberg will be holding investor calls this week to introduce its new green bond framework ahead of a debut deal in the format.

This week's funding scorecard looks at the progress French agencies have made in their funding programmes at the end of February.

EP Infrastructure, the Czech Republic-headquartered energy infrastructure group, launched a euro bond on Tuesday. By midday, books had almost reached €3bn.

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.