Europe

Three of France’s most famous entrepreneurs won acclaim from investors on Monday as they closed books on the IPO of 2MX Organic, a new €300m special purpose acquisition vehicle (Spac) that is seeking to shake up the European organic food sector.

CVC Credit Partners has hired two partners to join its private credit team, one of which will be co-head of private credit.

Tight spreads, low yields and aggressive central bank action make covered bonds a 'low conviction' asset class, according to one major investor. But there is some scope for selective performance in relation to debut issuers and deals from Japan, where a legislative framework is hoped for.

Despite the market volatility and uncertainty that have gripped emerging market bond markets in 2020, green and ESG-linked issuance has continued to grow, and market participants expect further expansion next year.

Bankers and investors are unconcerned by an inquiry by UK members of Parliament into the cost-effectiveness of syndicated Gilt issues.

Whether or not Schuldschein debt is deliverable under CDS auctions is becoming more than an academic discussion, as analysts look to companies like travel firm Tui’s financial future. While the instrument fits the criteria as relevant debt for a CDS auction, the private nature of the contract could prevent the Determinations Committee from ruling.

European banks will have longer than expected to correct the fallback language in their dollar-denominated additional tier ones (AT1s), now that dollar Libor has been given an extra 18 months to live.

This week in Keeping Tabs: attractive credit picks, physical shops adapting to online retail and a new drama about investment banking.

The European Union’s Taxonomy of Sustainable Economic Activities, the cornerstone of its action on sustainable finance, looks set to bless several technologies such as biofuels and hydroelectric power that are not just environmentally questionable but actively harmful, as a result of lobbying by vested interests.

Two of UBS's most senior banker are taking on new responsibilities as Axel Lehmann leaves the firm.

Flutter Entertainment, the parent of bookies Paddy Power and Betfair, has returned to the equity capital markets with a £1.1bn share sale to finance its acquisition of a stake in FanDuel Group, the New York-based fantasy sports and online casino company.

This week's funding scorecard looks at the progress European sovereigns have made in their funding programmes in early December.