Europe

Political turmoil in the US led to the country's stock markets falling on the first trading day of 2021 on Monday. For Europe’s equity bankers the US markets are an important marker of global investor sentiment, meaning the next few days in US politics will determine what accelerated placements they can bring to market in Europe.

Berenberg has strengthened its investment banking division with two senior hires, the latest in a series of appointments it has made.

Italy is at an advanced stage with its green bond framework with a highly anticipated debut deal in the format expected to arrive this year, according to the Italian Treasury.

Despite mounting evidence of a second more fatal wave of Covid-19 infections and longer lasting, tighter lockdowns, it seems that very little can unhinge the positive outlook for covered bonds as liquidity is set to remain king.

Vincenzo de Falco has joined Credit Suisse as a member of a recently formed function that seeks to serve privately-owned companies and high-net-worth clients with investment banking products.

Shard Capital, the London-based brokerage, is expanding into equity capital markets by hiring an entire team from Mirabaud Securities.

The European Investment Bank became the first borrower to tap the sterling market in 2021 on Monday, while KfW is set to follow on Tuesday. While the opening deal went well, the issuers had to contend with some sharp volatility.

Public sector borrowers wasted no time in getting back to business in the euro market in 2021 with one live deal and four mandates all hitting screens on Monday as issuers look to take advantage of an almost full trading week and a supportive market to make a dent in their brand new funding programmes.

The US private placement market rarely gets going until after its main conference in Miami in January, typically restricting deal flow to February. Restrictions on travel mean the event is on ice until September, offering a rare opportunity for early movers. But many in the market still do not see a strong pipeline of deals.

Ex-UBS banker Leonardo Doser has joined Deutsche Bank as head of markets distribution for Switzerland.

Equity markets opened on a high on the first day of trading in 2021 and there are hopes that positive macro headwinds will provide strong momentum for equity capital markets deals. This is despite the Covid-19 pandemic still causing concern as cases rise and governments introduce tough restrictions to fight it.

Rising equity markets, new lockdowns and a pick-up in M&A are expected to lead to a busy first quarter for convertible bond issuance in Europe, according to bankers.