Europe
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Large pricing advantages for green bonds are becoming not just common, but normal. -
If UBS’s reported exploration of a merger with Credit Suisse actually leads to a tie-up at some point, it would create a formidable European investment bank.
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As political tensions rise over the UK-EU trade negotiations, concerns in the derivatives market are growing as the lack of equivalence between trading venues causes jitters once again.
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Guarantor: Federal Republic of Germany
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Banks and insurance companies were falling over one another to issue green bonds this week, with deal arrangers seeing ESG labels as near infallible ways of bringing pricing through fair value, write Tyler Davies and David Freitas.
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García and Gutman given new roles at Goldman — Mizuho hires in convertible bonds — Smida and Coudray handed coverage leadership at Natixis
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Belgium and Ireland both tapped the ultra-long end of the curve this week to continue a record breaking year for euro-denominated MTNs of 50 years or more, as insurers look for returns amid low rates.
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Caisse d’Amortissement de la Dette Sociale (Cades) and the International Development Association set new size records this week, with the former bringing the biggest ever social bond in dollars and the latter issuing its biggest ever bond since entering the capital markets in 2018.
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Rentenbank made an impressive entry to the green benchmark bond market this week with its biggest ever order book in euros by overall size and number of accounts. Head of funding Leopold Olma, who has spent 20 years with the German development agency’s funding team, called it the “ultimate transaction”.
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Bank Austria UniCredit (Baca) and Bawag issued tightly priced and exceptionally well subscribed covered bonds this week, reflecting the scarcity of issuance from the region and in their chosen tenors.
