Europe

The European Union will likely issue a jumbo trade of above €5bn with a 10 or 20 year maturity for the first syndicated bond from its highly anticipated Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme, with the maiden deal expected to hit screens next week, according to SSA bankers.

Julia Hoggett, director of market oversight at the Financial Conduct Authority, said that market participants need to be careful about insider information, and that companies should be overseeing staff use of private devices at a time when many are working from home.

Wüstenrot Bausparkasse mandated leads on Monday for a seven year Pfandbrief in sub-benchmark size. The German building society’s transaction is set to emerge ahead of another from Bausparkasse Schwäbisch Hall which is also due soon.

Aquila European Renewables Income Fund, the London-listed investment trust focused on renewable energy assets, has concluded a €127.5m growth capital raising to finance its pipeline of investment opportunities.

Canpack, a Poland-based packaging company, is making its debut in the euro and dollar high yield market this week, as it seeks to shake off the constraints of its private placement-based capital structure and prepare for expansion in the US.

Polish e-commerce firm Allegro has soared in trading on its first day, giving a huge boost to equity capital markets after a difficult period for IPOs.

The Spanish treasury has cut its funding target for the year by €15bn as a result of a better income than anticipated, and said it does not expect to issue any more syndicated bonds before the end of the year.

The European Central Bank has set out a plan for relieving tensions between ‘home’ and ‘host’ countries in the Banking Union. The plan relies on introducing stronger and more enforceable mechanisms of intragroup capital and liquidity support, which could then be linked with earlier intervention powers for the supervisor.

This week in Keeping Tabs: ETFs during the market meltdown and the economics of vending machines.

Unédic will follow up this week’s eight year social bond with another two social bonds to wrap up its 2020 state guaranteed funding programme.

This week's funding scorecard looks at the progress French agencies have made in their funding programmes in early October.

Standard Chartered this week became the first bank to launch a Sofr-linked deal in the 144A/Reg S dollar market, as it looked to introduce the Libor replacement rate to a more global audience.