Europe

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.

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.