Europe

Finland is unlikely to pay another visit to the syndicated or private placement markets this year and will instead look to round off its long-term funding needs with a tap via auction.

Mediolanum International Funds Ltd (MIFL), the international asset management arm of Italy’s Mediolanum, has extended its hiring streak in Dublin, with the addition of a new senior fund manager.

BPER Banca, the Modena-based banking group, has unveiled the terms for a €800m rights issue to fund an acquisition of hundreds of branches across northern Italy from Intesa Sanpaolo.

Ireland won kudos for the swift economic recovery that followed the sovereign debt crisis, but with a considerable portion of residential mortgage loans overdue or restructured, its housing market was in a terrible state even before the impact of Covid lockdowns, let alone the peril a disorderly Brexit may bring.

Moody’s has changed its outlook for Commerzbank’s issuer rating to ‘negative’ over concerns about a reduction in the bank’s senior debt levels.

French agency Caisse d'Amortissement de la Dette Sociale returned to the euro social bond market on Tuesday, equalling its impressive achievement earlier this month to print another €5bn deal.

Polish e-commerce firm Allegro has priced its historic IPO on the Warsaw Stock Exchange, the largest in its history, to become the most valuable listed Polish company. However, high demand for stock has meant that a substantial slice of investors in the IPO got no shares at all in allocations.

The European Central Bank is considering a proposal to use its Targeted Longer-Term Refinancing Operations (TLTROs) to incentivise green lending. It has said it may also exclude so-called brown bonds from its asset purchase programmes.

The EU has once again postponed the start of its vast borrowing programme for its Support to Mitigate Unemployment Risks in an Emergency (SURE) fund, with a new date set for the second half of October. The deals will be aligned with the EU’s newly established social bond framework.

Three Asian lenders in the Schuldschein market have said they are struggling to lend into specific sectors that have fallen into difficulty during the coronavirus pandemic.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, September 28. The source for secondary trading levels is ICE Data Services

Svenska Handelsbanken found tight pricing for a dual offering of additional tier one (AT1) notes on Tuesday. It became the first European bank to set a dollar AT1 coupon of less than 4.5% for one of its tranches.