Europe

Shares in Conduit Holdings, a new London-listed reinsurance company, rose on its first day of trading after a strong IPO, with investors keen on backing the new vehicle.

Ukraine is planning for a lower budget deficit in 2021 but the country is more than confident of its debt issuance abilities and its chances of reaching an agreement with the IMF, the debt management office told GlobalCapital. Another Eurobond issue could be on the way soon.

The US basketball league The National Basketball Association has sold $900m of US private placements, according to market sources, some four months after the National Football League came to the market for $1.7bn.

Credit Suisse gave investors an opportunity to buy new additional tier one (AT1) paper in the dollar market on Wednesday, shortly after receiving a credit ratings upgrade from Moody’s.

IWG, the London-listed operator of serviced offices and co-working spaces, has issued a £350m convertible bond as it prepares to take advantage of opportunities as the UK economy reopens after lockdown.

Nordex, the German wind-turbine developer, has raised €200m from the sale of 10.7m new shares to fund growth.

US direct lender Owl Rock has hired its first employee in London, as it seeks to develop its business in Europe.

The resignation of Jean Pierre Mustier as group CEO on Monday night has laid bare deep fissures between the senior management of UniCredit, which has been focused on serving the interests of shareholders, and members of its board, which want to reposition the bank as a servant of the Italian economy.

There are a lot of positive things to say about the European Union’s draft Taxonomy of Sustainable Economic Activities, but as far as buildings are concerned, its aims are too ambitious. Without a last minute reprieve, it risks killing the nascent market for green wholesale property finance.

Kommunalbanken, the financing agency for Norwegian municipalities, and L–Bank, the development bank for the State of Baden–Württemberg, built well covered order books as they brought what will likely be the SSA market’s final dollar benchmark deals of 2020.

The UK Municipal Bonds Agency on Tuesday withdrew a planned bond sale for Warrington Borough Council as a result of the Public Works Loan Board’s decision last week to cut its lending rate by 100bp. Warrington will have to reconsider what is its best funding option.

Bytes Technology, the UK cyber security and cloud services firm, has set the price range for its IPO on the London Stock Exchange, valuing the company at up to £692m.