Europe

Gresham House Energy Storage Fund, the London-listed investment trust focused on energy storage systems, has unveiled plans for a new £200m share issuance programme over the next 12 months as it gears up for a new spree of deals.

German insurer Allianz was met with a wall of demand for its debut restricted tier one (RT1) bond this week — a deal that could play an important role in the development of the asset class.

Yves Mersch, one of the ECB governing council’s staunchest hawks, has a new argument for why the central bank must abridge its purchase programmes: by keeping down the borrowing costs of the eurozone periphery, the ECB is helping countries to “circumvent EU loans”, which he thinks should not be allowed to happen.

Shopping centre group Unibail-Rodamco-Westfield's planned €3.5bn rights issue has been cancelled after a group of activist shareholders convinced investors to reject it ahead of an extraordinary general meeting.

A $204m-equivalent trade in Turkcell, the Turkish mobile telephone operator, reopened Turkish equity capital markets on Monday evening, taking advantage of a boost in the country’s currency following the resignation of its finance minister and dismissal of its central bank governor over the weekiend.

Ukraine is expected to return to international bond markets as concerns mount around the impact the country’s lack of progress with anti-corruption reforms will have on an upcoming IMF disbursement.

The UK will issue its first green Gilts next year, create its own Taxonomy of green activities and oblige large companies and investors to report as recommended by the Task Force on Climate-Related Financial Disclosures by 2025, the chancellor of the exchequer Rishi Sunak said on Monday.

Unédic and Caisse d'Amortissement de la Dette Sociale (Cades) still have sizeable amounts of funding to raise before the end of the year and, with only a few weeks remaining, will look to issue after the EU clears the decks this week.

A number of investment banks have withdrawn from arranging deals in the Schuldschein market, according to data sets seen by GlobalCapital, as international supply shrinks and institutional focus moves elsewhere.

The rise in yields following Monday’s rates sell-off has improved covered bond supply hopes. However, these have been tempered by the fact that most issuers have completed their 2020 funding and are waiting to see the outcome to European Central Bank’s monetary policy meeting in December.

The European Financial Stability Facility made a quick and impressive visit to the euro market on Monday, concluding its funding needs for the year, ahead of the European Union’s second outing under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme, which is expected to be priced on Tuesday.

Professional services firm Alvarez & Marsal has hired a senior figure from Deloitte to help grow its debt advisory business in European private credit.