Europe
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The UK government said that it will not compensate holders of index-linked Gilts following the reform of the Retail Price Index (RPI) measure of inflation, which is expected to be enacted no earlier than 2030. -
Deal arrangers expect that next week will be the last real window for issuance in 2020, with investors set to close down activity from the middle of December.
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MSCI picks up Nick Mihic — Algomi co-founder Stuart Taylor joins MUFG — Vinod Vasan changes roles at UBS
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Spanish pharmaceutical bank specialist, Bancofar and its parent, Banco Caminos, which provides finance to civil engineers, have set up small covered bond programmes that have been assigned an Aa1 rating by Moody’s.
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The European Central Bank has warned that some banks face a sharp spike in the cost of their bond funding, as the economic fallout from the coronavirus pandemic begins to translate into credit rating downgrades.
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Turkish lender Garanti Bank has raised a syndicated loan, as the country’s top-tier banks continue securing funding at competitive rates.
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BNP Paribas took advantage of the thirst for duration in the euro bond market on Thursday, offering investors a chance to get hold of long dated non-preferred senior paper.
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Equity bankers have predicted a strong end to 2020 for primary issuance as more companies seek to raise capital to take advantage of bullish market conditions in preparation for 2021.
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More airlines are expected to issue new shares and convertible bonds over the coming months as the industry prepares for a recovery in 2021, spurred by the widespread availability of Covid-19 vaccines.
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The European Securities and Markets Authority (ESMA) has sent three names to the European Council and the European Parliament as candidates to be its next chair, replacing Steven Maijoor.
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Covered bond traders are paring back inventory as they approach the end of the year, though there are a few sectors of the market where they intend to hold positions. High redemptions in the first half of the year will support spreads but January’s issuance glut may not see a rise in new issue premiums.
