Europe
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Europe’s equity investors finally have some IPOs to consider again, after the volatility caused by the spread of Covid-19 scuttled most deals in the first half of the year. But they remain selective: only companies in sectors that are either immune to the pandemic or have benefited from it will get a hearing. Aidan Gregory reports. -
Municipality Finance will be holding a series of investor calls next week as it looks to issue its inaugural social bond following the publication of a framework earlier this year.
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DNB issued a Swedish krona covered bond on Thursday in a size large enough to qualify for the best treatment under the liquidity coverage ratio (LCR) and at a more competitive funding level than was available elsewhere. The deal was issued amid renewed hope that Nordic issuers will stay active in euro covered bonds this year.
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Instone Real Estate, the German property company, has unveiled plans for a €182m rights issue to finance an acceleration of its growth strategy.
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Nomura has cut jobs in its investment banking business in Europe over the summer, following losses in leveraged finance, as its new chief executive eyes up other regions for growth, writes David Rothnie.
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A softer backdrop on Thursday was not enough to deter financial institutions from entering the euro market, with Deutsche Bank set to sell a new non-preferred senior bond and Finnish insurer Sampo welcoming plenty of demand for a tier two.
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FIG bankers say that market conditions are ripe for capital deals, but that issuers are starting to run out of room for more subordinated debt.
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European banks spied further opportunities in the dollar market this week, even as many in the sector turned their attentions back to their home currency.
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Mediobanca has been speaking with a 'high' number of investors in the euro market this week, as it gears up to sell the first ever deal from its green and sustainable bond programme.
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The primary euro public sector bond market continued its busy week on Thursday with KfW and KommuneKredit issuing new 10 and 20 year deals, respectively.
