Europe
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The European Commission is considering a way to proceed with its €750bn coronavirus recovery fund that will exclude Hungary and Poland. The two countries have stood firm in their opposition over the idea that receipt of EU funds will depend on states adhering to the rule of law. -
Sub-investment grade Italian lenders Banco BPM and Illimity Bank were well-supported in the euro bond market on Thursday, as investors showed they were more than happy to look at riskier names in their search for yield.
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Marcel Göldner has been picked as the successor to Andreas Petrie, the retiring head of primary markets at Helaba.
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Peruvian billionaire Eduardo Hochschild has sold a chunk of his stake in Hochschild Mining, the London-listed gold and silver mining company, raising £123m.
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Germany’s Volkswagen ended an absence of almost seven years from the offshore renminbi bond market this week, braving a year-end dip in liquidity to seal a Rmb1bn ($153m) deal. It offered yet another diversification opportunity for the carmaker, which is already a well-established name in China’s onshore securitization market. Addison Gong reports.
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Equity capital markets deals have come thick and fast this year and even December has proved no exception, with issuance every day so far. But investors are warning of deal fatigue, meaning issuers and banks need to be careful not to push too hard on trades that have only a marginal chance of success.
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The newest recruit to the ranks of large supranational issuers is also the bulkiest. Responding to Covid-19, the EU has created the €100bn SURE fund, active already, and a €750bn Next Gen EU programme, coming next year. Both are bond-financed, requiring a huge increase in the EU’s until now modest issuance, especially in the next two or three years.
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Shares in Fugro, the Dutch geo-data specialist, rose by over 7.5% in trading on Wednesday after the company set terms for a €197m rights issue. The cash call is part of a comprehensive refinancing package that finally resolves longstanding issues around debt maturity.
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Investors holding the covered bonds issued by NordLB in Luxembourg said on Wednesday that they were concerned about prospective rating downgrades after the bank said it would be wound down and in the wake of Fitch’s announcement on Tuesday that it had withdrawn its covered bond rating.
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Turkey's largest city, the Istanbul Metropolitan Municipality, hit markets on Wednesday, seeking to raise dollars in a rare debt-raise. The deal is one of three major bonds from Turkish issuers in the last week.
