Europe
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A new UK national infrastructure bank, announced by the government on Wednesday, is set to be up and running quickly, although details remain thin on the ground. While framed around infrastructure, a big part of its mandate could relate to the country's net zero carbon plans. -
European banks are running out of ways of selling senior bonds at positive yields. A near-miss from Svenska Handelsbanken this week was enough to convince the market that it’s only a matter of time before an issuer breaks the 0% barrier, write Tyler Davies and Frank Jackman.
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UK government borrowing is rocketing, with the country intending to borrow £485.5bn in its 2020/21 financial year. This has already pushed up its debt to GDP ratio over 100%, but the announcement of next quarter’s £92bn remit caused scarcely a ripple in the Gilts market on Wednesday. Market participants believe that any problems of debt sustainability or spiralling inflation are too distant a prospect to trouble them, writes Lewis McLellan.
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MUFG is overhauling personnel and its business model to try to escape a cycle of low returns, writes David Rothnie.
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The green bond market is set to grow in Swiss francs, as domestic investors turn towards the product. This week, Swiss Prime Site, a local real estate developer, made use of this demand to sell one of the largest Swissie real estate bonds in over six years.
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The European Union impressed once again this week as it sold the third and final bond of the year under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.
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The UK government said that it will not compensate holders of index-linked Gilts following the reform of the Retail Price Index (RPI) measure of inflation, which is expected to be enacted no earlier than 2030.
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Deal arrangers expect that next week will be the last real window for issuance in 2020, with investors set to close down activity from the middle of December.
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MSCI picks up Nick Mihic — Algomi co-founder Stuart Taylor joins MUFG — Vinod Vasan changes roles at UBS
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Spanish pharmaceutical bank specialist, Bancofar and its parent, Banco Caminos, which provides finance to civil engineers, have set up small covered bond programmes that have been assigned an Aa1 rating by Moody’s.
