Europe

This week in Keeping Tabs: optimum bank capital ratios, and also that other story everyone's been talking about.

Europe’s convertible bond market has got off to a relatively slow start to the year, with €1.6bn of issuance in January, according to Dealogic data. However, the asset class remains popular with investors looking to gain equity upside but mitigate against valuation risk.

Shares in Dr. Martens, the UK bootmaker, rose above their IPO price on Friday morning despite volatility driving losses in the stock market more broadly.

Liberty Mutual gave US institutional investors their first chance to pick up subordinated paper with a fixed-for-life coupon in the 144A market this week. Bankers say the issuer may have found a new pool of demand for the product, which has traditionally been reserved for retail channels.

Ukraine is facing delays in securing funding disbursements from the IMF, as questions around the authenticity of its anti-corruption drive cloud discussions between the country and the Fund. That may push Ukraine to tap the bond markets again, which last year welcomed it a number of times.

Jason Channell, Head of Sustainable Finance, Citi Global Insights examines the broad understanding of environmental, social and governance factors, how these have become a mainstream economic concern, and how sustainability policy is impacting supply chain finance.

RBI follows a “profit-with-purpose” business model with explicit alignment of its activities with social, environmental and economic responsibility. We help develop sustainable economies and support our customers’ transition to zero carbon activities.

The UK Debt Management Office has picked the banks to lead the launch of a new long-dated index-linked Gilt, which will be the final syndicated transaction of its 2020/21 financial year.

Moonpig, the UK online greetings card company, is increasing the size of its IPO and pricing the deal early after a deluge of orders for stock from investors.

Amendments to the German covered bond law, which are expected to be signed off within the next few months, contain key details on how soft bullet extensions will be triggered, the interest rate that is applied in such an event and the size of the liquidity buffer required.

German politicians are planting their flags, preparing for the leadership tussle that is set to follow chancellor Angela Merkel's departure from the post later this year. Low rates have increased debt's popularity as the means to fund economic stimulus but Germany’s frugality is legendary and now a fight is brewing over relaxing its famous debt brake, writes Lewis McLellan.

Banks and other financial services firms continue to adapt to Brexit, with more than 400 firms estimated to have moved some part of their business to the EU.