Europe

Deutsche Bank was able to present a successful year for its investment bank when it announced fourth quarter and full year results on Thursday, coming 18 months after the restructuring of the business. The question now is whether it will be able to hold onto its increased profitability when times are less lucrative for investment banks.

Banco Commercial Portugues is planning to build out its debt stack with a preferred senior note, which should have value for the minimum requirements for own funds and eligible liabilities (MREL).

Banco Santander has followed Belfius Bank in launching a very successful new seven year bond this week, as bank treasury accounts lend their support to low yielding preferred senior paper.

Warehouse De Pauw (WDP), the Belgian operator of logistics sites and warehouses, raised €200m in an overnight equity block trade on Wednesday.

A Dutch shell company is vying to become the first European special purpose acquisition company (Spac) to list this year.

The European Central Bank bought more than €5bn of covered bonds in January, even as net euro supply fell by €14bn. As a result, almost €20bn of private sector investments were forced to exit the market.

If he can form a government that holds the demons of Italian politics at bay long enough to drag his country through the coronavirus pandemic, then Mario Draghi will have earned his laurels. But in Rome, glory has always been fleeting.

Shares in AUTO1, a German online marketplace for used cars, were up 40% in their first few hours of trading in Frankfurt on Thursday, capping off a strong fortnight for European IPOs.

The International Development Agency sold a sterling benchmark on Wednesday, raising £1bn with its second benchmark in the currency.

Portugal was awash with demand as it came to the market on Wednesday for a new 30 year euro benchmark, following well-received syndicated deals from Belgium and Finland on Tuesday.

Agence France Locale, the funding agency for French local authorities, is gearing up for its busiest ever year in the capital markets with plans to issue a structured private placement and follow up January’s deal with a second euro benchmark this year.

Great Point Entertainment Income Trust, a UK investment trust engaged in film financing, launched a £200m ($273.54m) IPO on the London Stock Exchange on Wednesday.