Europe

Stocks have hit new all-time highs in the wake of Joe Biden’s inauguration as US president on Wednesday. Barring any shocks, the bullishness in equity markets is expected to translate into a strong blocks market over the coming weeks and months.

RBC Capital Markets has reorganised its European equity capital markets and corporate broking business following the decision of Darrell Uden to step down at the end of this month.

Two Russian gold miners are among a number of Russian companies looking at listing possibilities in 2021 capitalising on a strong 2020 for the precious metal.

Investors have enthusiastically backed a €4.6bn financing package for Ineos Quattro, funding the integration of BP’s aromatics and acetyls business into the chemicals conglomerate. Strong demand allowed the company to raise more secured debt than expected, cutting funding costs, and strip out a bank-targeted term loan ‘A’ in favour of a bigger, cheaper, institutional term loan ‘B’.

The Europe Investment Bank extended the euro short term rate (€STR) floating rate note curve on Wednesday with 2021’s first deal in the format.

The covered bond market is set to experience one of the steepest declines in issuance on record this January. Yet, despite a poor start, bankers still expect a resurgence in the primary market, although extended lockdown restrictions are creating uncertainty.

Hipgnosis Songs Fund, the London-listed investment fund focused on music royalties, is embarking on yet another share sale to finance its bulging pipeline of acquisitions.

InPost, the Polish provider of postal lockers, has set a price range for its IPO on the Amsterdam stock exchange, valuing it at €8bn at the top.

Caisse d’Amortissement de la Dette Sociale (Cades), the agency responsible for financing and amortising French social security debt, printed a £1.5bn social bond on Wednesday — the first ever deal in that currency and format from a public sector borrower.

The decline in international and debut Schuldschein issuance last year had a disproportionate impact on non-German bank arrangers. But this year’s bright start has given them a new lease of life.

The State of Brandenburg failed to reach full subscription for a new 25 year trade on Wednesday as it priced at an exceptionally tight level to its secondary curve.

Gazprom, the Russian state oil and gas company, this week sold a dollar bond amid growing concerns about US sanctions on the controversial Nord Stream 2 pipeline project, a wholly-owned subsidiary of Gazprom.