Europe

Aedifica, the Belgian healthcare real estate investment company, which owns a portfolio of care homes, has launched a €459m rights issue to fund an acquisition and to grow its development pipeline. Sources close to the deal are confident that the cash call will be popular given investor demand for exposure to speciality real estate businesses.

Wilhelm Beier, the German billionaire founder of Dermapharm Holding, has trimmed his stake in the pharmaceuticals company.

Bernicia, a housing association in the northeast of England, has sold long-term private debt to Legal & General. Housing associations have been a bright spark in an otherwise bleak picture for private market deal flow.

Credit Suisse has hired Bank of America's former investment bank boss Christian Meissner to link its wealth management business with the investment bank.

Barclays has hired Gauthier Le Milon as head of M&A for France, Belgium and Luxembourg.

Covestro, the German chemicals company, priced a €447m capital increase on Tuesday night to partially refinance an acquisition. Investors supported the deal in large numbers, despite a rough night for secondary markets and an incredibly tight discount.

The Baltic covered bond market is expected to take another stride forward with the advent of Latvia’s draft law, which currently is being debated in parliament. At the same time, the European Bank for Reconstruction and Development (EBRD) has been working closely with the Bulgarian, Croatian and Ukrainian authorities to help develop the basis for their own covered bond laws.

Morphosys, the German biotech company, has tapped the equity-linked market with a new €325m convertible bond, adding to the flood of issuance from the sector during the pandemic.

Caisse d’Amortissement de la Dette Sociale (Cades) will add a new point on its dollar social bond curve with a 10 year trade on Wednesday, where it will be joined by two other public sector issuers in the currency.

The coronavirus crisis will continue to lead to divergence in economic fortunes, and that will play out in European capital markets as well.

KfW and Ville de Paris grabbed the attention of investors at the opposite ends of the euro curve on Tuesday in what has been a thin week for issuance in the currency by public sector borrowers ahead of the expected arrival of the EU’s first syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme next week.

Kaspi, the Kazakh fintech and e-commerce company, will price its IPO at the top of its price range. It will also grow the deal to around $1bn to meet high levels of investor demand.