Europe

Nykredit Realkredit did not need a premium to launch a new non-preferred bond in euros on Thursday, with spreads in the asset class having now returned to where they were before the start of the coronavirus pandemic.

HSBC Canada plans to issue its inaugural deal in euros and though the bond is not expected until next year at the earliest, there is a possibility that other Canadian banks could pre-fund before Christmas if strong market conditions last.

UK pub chain and brewer Marston’s asked some of its noteholders for fresh covenant waivers on Wednesday, as a measure to help mitigate the impact of a second lockdown.

The Kingdom of Sweden will come to market on Wednesday for a new 25 year Swedish krona benchmark, coming on the heels of a green bond from the City of Gothenburg.

Austrian lender Bawag has taken advantage of the sell-off in rates markets to mandate leads for a 15 year covered bond which, like de Volksbank’s recent deal, should also deliver a positive yield.

Round Hill Music Royalty Fund has raised $282m in a London IPO, becoming the second listed fund focused on music royalties.

Unédic, the French unemployment agency, will look to complete its €15bn funding programme on Thursday, coming to market in the footsteps of the EU’s second outing.

De Volksbank took advantage of a sell-off in the rates market to issue a 20 year covered bond on Wednesday and, thanks to the extra yield it offered enjoyed good demand, albeit quite sensitive.

Russian equity capital market bankers are preparing to reactivate the country’s IPO scene with a number of deals lined up for next spring, though some may even be priced this year.

AllianceBernstein has launched a €1.2bn European real estate debt fund alongside Lacarne Capital, in the hope of exploiting a moment where the sector’s traditional sources of funding may be less forthcoming.

BTIG, a capital markets trading, research and brokerage services firm, has hired Hugo Clark, the latest in a series of London-based hires it has made.

US banks have fared well in the Financial Stability Board’s latest assessment of firms' systemic importance, with JP Morgan no longer standing out as the riskiest bank in the world.