Europe
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Jean Pierre Mustier's departure from UniCredit may help Italy in an attempt — shared by governments and supervisors around Europe — to push the banking sector to help solve economic policy problems during the pandemic. -
Green bond specialists have criticised the buildings section of the European Union’s proposed sustainable finance taxonomy as impractical as it creates unhelpful incentives that exclude most bank financing, including green senior unsecured, RMBS and covered bonds.
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Competition among public sector borrowers will be more ferocious than ever when 2021 begins, due to supersized borrowing programmes created to deal with the coronavirus pandemic, the European Union’s arrival as a big issuer and a lack of decent funding windows in January, writes Burhan Khadbai.
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Münchener Hypothekenbank (MunHyp) made use of an impressive spread tightening in the Swiss franc market to follow up Pfandbriefbank’s monthly issue with an even tighter covered deal of its own.
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Credit Suisse took advantage of a ferocious rally in subordinated debt to land its lowest ever coupon for an additional tier one (AT1) in dollars this week. The deal was also the Swiss bank’s debut use of Sofr to hedge interest rate risk on new issuance.
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A new special purpose acquisition company (Spac) founded by three celebrated French investors has prompted hopes that more deals will follow in Europe next year. Spacs have been one of the most talked-about aspects of the global equity capital markets, particularly in the US, where more than $65bn has been raised through Spacs this year, according to Dealogic.
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The EU’s Taxonomy Regulation for sustainable activities regarding property represents a brutal disclosure standard. Though some investors will grapple with the collateral implications, others told GlobalCapital on Thursday that the taxonomy should not bar them from investing. But even so, several bankers and a rating agency specialist predicted that, if left in its present format, the draft would be wholly counterproductive.
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Building a UK green government bond market would take a minimum issuance of about £30bn and “some time” for the UK to establish a benchmark size for the market, according to the head of the UK Debt Management Office.
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Finland has cut the number of its solicited credit ratings from three to two after removing Moody’s, leaving the sovereign with scores from Fitch and S&P Global.
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AIIB's Mills Hagen leaves for Opec Fund — Horta Osório to chair Credit Suisse, replaced by Nunn — Mulderrig to head up European debt syndicate at UBS
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UniCredit chief executive Jean Pierre Mustier upset the Italian establishment but he acted in the best interests of shareholders. But if he moves on, the bank would face an uncertain fate amid a new chapter of domestic and international banking M&A, writes David Rothnie.
