Europe

The booming IPO market for special purpose acquisition companies (Spacs) is continuing with a new London-based blank cheque company focused on education technology.

Greencoat UK Wind, the renewable infrastructure fund, has completed a £400m equity raise to repay acquisition financing for two offshore wind farms. The deal was popular with investors interested in Greencoat's environmental, social and governance (ESG) credentials as well as its regular dividend.

The European Central Bank's decision to withdraw repo facilities for structured covered bonds from the start of next year may disincentivise issuers from structuring further deals without a law.

Two CEEMEA issuers, Egypt and Hungary's Mol, are in the market this week to raise funding. According to experts, issuers are eager to get their funding in before expected geopolitical and coronavirus-related volatility impacts markets.

Germany’s national debt management agency, the Finanzgentur, has outlined its issuance plans for the fourth quarter, which includes the details of the sovereign’s second ever green bond following its debut deal in the format earlier this year.

Julius Baer returned to the dollar additional tier one (AT1) market on Tuesday, having pulled a transaction last week. It changed bookrunners, shortened its call period and offered a higher coupon to get its deal away this time.

Gabriel Levy will start as Natixis's global head of debt capital markets this week, replacing Michael Haize, who is moving over to the global markets division to become global head of rates and currencies trading.

September’s highly oversubscribed covered bonds meant the European Central Bank’s primary market order was considerably cut, forcing it to scour the secondary market for paper. With October’s supply likely to be lower and redemptions expected to soar, the ECB must become an even more aggressive buyer, or watch its portfolio shrink.

Crédit Agricole has sold a 4% share stake in Banque Saudi Fransi (BSF) to two unnamed investors for around €330m, ending an association which dates back to 1977.

French semiconductor maker Soitec has returned to the equity-linked debt market with a new €325m five year convertible bond, after a rally in its share price since March.

Fédération des Caisses Desjardins du Québec (CCDJ) mandated leads for its first dollar covered bond in a year on Monday. The issuer joins Sumitomo Mitsui Trust Bank, which on Monday crystallised plans to press ahead with its debut deal following a period of soft marketing, while Swedish non-conforming lender Bluestep Bank commenced marketing on Monday.

Caisse d’Amortissement de la Dette Sociale is set to return to the social bond market in euros after setting the size record for the format in the currency earlier this month — a feat it also recently achieved in the dollar market.