Europe

Caisse d’Amortissement de la Dette Sociale (Cades) is setting up a social bond programme to help finance an increasing deficit in France’s social security system.

The European Securities and Markets Authority (ESMA) has said that making sure staff could work remotely hindered the ability of financial firms to work on regulatory and IT projects, in a final report calling for the implementation of a set of rules on settlement discipline — including on mandatory buy-ins — to be delayed until 2022.

Based on an analysis of 470,000 real estate valuations and 72,980 Italian mortgages, the European Covered Bond Council has published a report showing that energy-efficient mortgages present less credit risk than normal mortgages.

Erste Group Bank kept the tap open on subordinated supply in the euro market this week with a €500m 11-year non-call six deal.

Sweden’s long gestating green bond debut came to fruition this week as the sovereign scooped Skr20bn ($2.3bn) at a discount to its conventional curve.

Mediobanca was able to attract demand seven times the size of its new €500m senior bond on Tuesday, which was its debut green deal. The high demand allowed the issuer to launch with a negative new issue premium based on its conventional curve.

A former sovereign, supranational and agency bond trader at Commerzbank has joined NordLB after an almost two year hiatus from the capital markets.

MünchenerHyp (MuHyp) attracted swift and strong demand for its 15 year Pfandbrief on Tuesday, reflecting the rarity of its appearances in the primary market and the scarcity of 15 year Pfandbrief supply this year.

Norilsk Nickel, the Russian metal and mining company which has found itself under heightened scrutiny in recent months after a series of major oil spills, is set to raise a dollar denominated benchmark bond this week. Russian telecom major Veon was also in the market for its second rouble offering in recent months.

Ireland's Dalata Hotel Group was in the market with a 19.9% accelerated share placing on Tuesday, a move the company said would give it the firepower to take advantage of growth opportunities stemming from the Covid-19 pandemic.

The UK Debt Management Office has chosen the banks to lead the first ever 15 year Gilt to be sold via syndication, which will hit the market next week

From next year, Berenberg’s investment bank boss David Mortlock will take over management of the overall bank alongside Christian Kühn and Hendrik Riehmer.