Europe

A pipeline of deals is building in the Swiss franc bond market for when the US election is concluded. Among those circling the market is Caisse des Dépôts et Consignations, which could finish its 2020 funding with a public benchmark.

Credit Suisse has created a new post of head of investment grade capital markets, EU.

Germany found lacklustre demand for its second ever green bond on Wednesday. The sovereign had to contend with a big drop in Bund yields following uncertainty over the US election result.

The eventual result of Tuesday's US presidential election could have a monumental impact on the position of key emerging markets states like Russia and Turkey in the international arena.

Net covered bond supply is set to shrink further next year against what was an already dismal outlook for new deals. Expectations that the ECB will bring further monetary stimulus in December will only exacerbate the trend.

Moody’s gave Deutsche Bank a ‘stable’ outlook for its ratings this week, helping the issuer feel more positive about its funding costs.

Uncertainty over the outcome of the US presidential election is threatening to delay deal plans in the bank bond market, with issuers having lined up new transactions in the aftermath of a successful results season.

German dairy group Müller has sold €250m of US private placements across five, seven and 10 years maturities.

Aerospace and defence supplier Meggitt has sold $300m US private placements at three and five years, according to market sources, with leverage step ups to further protect investors.

The ECB calmed investors’ fears last week, promising more stimulus to compensate for pandemic-related shocks. But despite this, purchasing under the Pandemic Emergency Purchase Programme (Pepp) is at its slowest rate ever.

Quadgas, a gas asset and infrastructure investment consortium that sits above UK utility Cadent Gas, has sold $600m-equivalent of US private placements, in the first UK utility deal for more than six months.

The group of activist shareholders working to derail retail real estate company Unibail-Rodamco-Westfield’s €3.5bn rights issue powered up their attack on Monday.