Europe
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In the US, stock exchanges have clashed with proxy advisers. Now, those exchanges' German peer Deutsche Börse has bought a majority stake in one of the major advisers, ISS — but says it will ensure the latter's independence. -
The European Union faces its bitterest internal conflict yet, with member states drawing battle lines over the receipt of EU funds becoming dependent on states adhering to the rule of law. The conflict risks delaying or sinking the EU’s recovery fund, but capitulating would weaken its ability to oversee how the money is used, writes Lewis McLellan.
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By all measures, the first two transactions of the European Union’s arrival as a supersized issuer in the capital markets were tremendous successes. The order books were world beaters, the new issue premiums were tiny despite the huge deal sizes, and the secondary performance has been incredible. But while it has been plain sailing so far, there are bigger tests ahead.
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UK aerospace company Rolls-Royce managed a smooth landing for its mid-pandemic equity raise despite turbulence within its inner circle of advisers. It was a triumph for strong management, writes David Rothnie.
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Italy made a strong return to the dollar market on Tuesday with a deal over three times covered, which came following the conclusion of the sovereign’s second BTP Futura bond sale at the end of last week.
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Erste Group Bank and Société Générale both capitalised on the euro market’s extremely favourable conditions this week, pricing new subordinated deals in line with fair value or even through it.
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Northumberland Estates, the body that manages the interests of the Duke of Northumberland, has sold £200m worth of private placements to US and UK investors, according to market sources. The borrower joins Blenheim Palace, the Duchy of Cornwall and a long list of esoteric credits to tap the private markets.
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Goldman IBD heads: Lemkau out, Esposito in — UBS whistleblower hired by Therium — New Nordic bosses at Citi's BCMA
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NKT, a Danish industrial conglomerate in the power cables industry, has launched a Dkr1.3bn ($208m) rights issue to shore up its financial footing in order to meet orders and to withstand the pressures of the Covid-19 pandemic.
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Rabobank sold the largest 20 year covered bond of the year at the tightest spread it has ever achieved in that tenor on Thursday, illustrating superb market conditions.
