Europe

Sovcombank, one of Russia's largest private banks, this week raised its debut social bond — still a rare format among emerging markets borrowers in the Europe, Middle East and Africa region. The bond follows an ESG loan the bank raised just weeks ago.

Turkey and Bahrain took to primary markets to raise bond funding on Tuesday. But the appearance of two high yield credits has not driven unqualified enthusiasm for all borrowers in that asset class.

Motability Operations Group, the UK non-profit company that leases cars to disabled people, will only issue social bonds in future, after successfully using the format for the first time last week.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, January 18. The source for secondary trading levels is ICE Data Services.

Investment bank BTIG has hired Neil Roberts and Matthew Austin for its institutional equities division in London.

Moonpig, the online greetings card company, has started its IPO process with a boost, announcing two big cornerstone orders at the beginning of investor education. Meanwhle, Dr Martens, the UK bootmaker, has published its intention to float on the London Stock Exchange without cornerstones, but sources say that either cornerstones or anchors are a strong possibility on that deal.

Immunocore, the UK biotech company, has filed for an IPO on the Nasdaq in New York following a $75m series ‘C’ funding round which concluded last week.

Many EU companies could do with capital beyond debt, according to the Association for Financial Markets in Europe (Afme). The trade body, in a report it produced alongside PwC, suggests encouraging the use of equity-adjacent products to fill balance sheet gaps from the coronavirus crisis.

Even though technical factors are highly supportive for covered bonds, traders say they are unwilling to lift offers, reflecting increased anxiety about limited performance potential and an underlying concern that credit market sentiment is less sure-footed that at the start of this year.

German software company TeamViewer launched an inaugural Schuldschein deal on Monday, with margins linked to its ESG performance. Five new borrowers have entered the Schuldschein market so far this year, almost half as many as appeared throughout the whole of 2020.

Aedifica, a Belgium-based healthcare property investment company, has launched a US private placement, according to market sources.

Lidl, the Germany-headquartered budget supermarket chain, has entered the syndicated loan market to raise cash from Asian lenders for a second time, according to market sources.