Europe

Market participants agreed the US could have imposed far harsher sanctions on Turkey this week, which helped to fuel a slight rally in local risk assets on Tuesday morning.

Pirelli, the Italian tyres company, has issued its first convertible bond since its re-IPO on the Milan Stock Exchange in 2017, raising €500m.

The lack of clarity over whether the UK and the EU will clinch a trade deal before the end of the year also makes it harder for those in financial markets to know whether equivalence decisions will be granted for the trading obligations for derivatives (DTO) and shares (STO).

Kommuninvest, the Swedish local government funding agency, is hoping to issue its much delayed debut green bond in euros next year after initial plans to bring the deal this year were put on hold.

The Russian IPO market reopened in 2020 with a number of new listings, giving equity capital markets investors a chance to once again back new listings from EMEA’s most important emerging market. The most impressive of all these listings was Ozon, the Russian e-commerce company, which listed on the Nasdaq to acclaim from global tech funds. Sources are hoping more Russian tech unicorns will follow it to public markets in 2021.

Gaurav Arora has joined Credit Suisse to work in its emerging markets sales team.

The European Banking Authority has warned the market to expect a sharp deterioration in asset quality next year, after publishing a wealth of new information on provisioning practices.

Romania will need to make progress towards fiscal consolidation once a new government is formed, according to rating agencies, as it is now dangerously close to slipping into speculative grade territory.

Gore Street Energy Storage Fund, a UK energy storage infrastructure investor, has completed a £60m capital raise, to buy new energy storage projects.

Travel and leisure companies are expected to be active issuers in the equity capital markets in 2021, as they ride out a difficult winter next year.

Bank of America will become a primary dealer for the Netherlands' government bond market next year, but ING has quit, as part of its strategy of scaling back its dealerships to relieve pressure on its financial markets business.

The EU Summit on Thursday swiftly produced agreement on the bloc’s multi-annual financial framework, including the €750bn coronavirus recovery fund. Though the news is good, particularly for the European periphery, the move in spreads has been muted.