Europe

Although Danish covered bond issuance in euros is likely to prove limited, the domestic market continues to provide a rich seam of supply for foreign investors. Confidence is likely to have been bolstered by the limited impact of Covid lockdowns on the country's mortgage market, along with recent proposals to harmonise and update its legal framework.

Ozon, the Russian e-commerce company, has filed its initial paperwork for a US listing that could be squeezed in before the end of the year.

Trading in Banca Monte dei Paschi di Siena’s tier twos has heated up this week, following reports the Italian lender is looking for a new capital raise as well as a merger deal.

Commodities trading company Glencore Agriculture is making its loan debut in Asia, seeking $300m from the syndication market as a way to establish itself in the region and show its independence from its parent. The thin pricing on offer means only banks keen to build a relationship with the company in the hope of getting ancillary business will jump in, writes Pan Yue.

UK biotech firm Synairgen has finished the second leg of an £87m capital increase to fund the next round of clinical trials of a treatment designed to alleviate the respiratory symptoms of Covid-19.

Puma, the sportswear maker, launched Schuldscheine on Monday tied to its sustainability performance.

The London Borough of Sutton hit the market on Monday for £100m, opting to print the deal via European Primary Placement Facility (eppf), a digital bond issuance platform based in Luxembourg.

The European Union will likely go for a big size once again for its second trip to capital markets to fund its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme. SSA bankers expect the sophomore outing to hit screens next week.

Fresh lockdown restrictions added to a sense of anxiety in Europe at the start of the week, with credit markets already on tenterhooks ahead of the US presidential election.

The Association of German Pfandbrief Banks (VDP) has published its opinions on the proposed amendments to the Pfandbrief law. The VDP is calling for a less onerous liquidity reserve, which would be aligned with standard practice for many soft bullet maturity structures used elsewhere in Europe.

A €3.4bn bailout for the Dutch part of Air France-KLM was thrown into jeopardy over the weekend as the country's pilot’s union rejected the terms. Some analysts expect sweeping ramifications for the wider Dutch airline sector.

Piraeus Bank expects to hear from the Single Supervisory Mechanism (SSM) this month about whether it can pay the annual coupon on its contingent convertibles (CoCos) in cash. A failure to honour the payment will result in the Greek state-held bonds being converted into equity.