Europe

German equity capital markets are set for a strong finish to the year as German companies use the momentum of the DAX to raise capital to finance growth or fund restructuring efforts during the pandemic.

Jakob Groot has left Danske Bank, with Berit Behring taking charge of a newly created division for large corporate and wholesale customers.

Daniel Hunziker has been appointed head of institutional clients at Credit Suisse (Schweiz) AG, replacing Michael Sager.

Financial supervisors and regulators are too preoccupied with collecting research and data on environmental threats to finance and the economy, rather than simply using their own judgement and other tools at their disposal.

The State of North Rhine-Westphalia and Nederlandse Waterschapsbank will be the first two public sector borrowers to test investors’ appetite for euro deals in the long end of the curve following the summer break.

Core covered bond markets still have scope to perform by a few basis points over the rest of this year, said bankers on Tuesday. They argued concerns about the EU recovery fund pushing spreads wider had been overplayed.

UK housing provider Settle Group has raised £75m of private placements to institutional investors. For many investors, the housing sector is one of the few that has continued to provide opportunities throughout the crisis.

The State of Baden-Wuerttemberg only managed to sell around half of its €1bn 10 year bond to investors on Tuesday as it came flat or slightly through its curve alongside competing supply in the tenor.

Intesa Sanpaolo racked up plenty of orders behind an additional tier one (AT1) on Tuesday, showing that investors are hungry for new sources of yield. The deal ended a long pause for sales of subordinated debt in the euro market.

The European Investment Bank re-opened the primary euro public sector bond market with a decent outing in the 10 year part of the curve on Tuesday. Finland is next up, hitting screens for a deal of the same tenor expected on Wednesday.

Doubts about the strength of covered bond investor demand were swept away on Tuesday after Berlin Hyp issued its most oversubscribed Pfandbrief in more than five years. The deal sends a strong signal to other issuers that may have been considering tapping the long end at negative yields.

The European Commission has published proposals for allocating €87.3bn of its €100bn unemployment support programme SURE, the temporary Support to mitigate Unemployment Risks in an Emergency facility. Italy and Spain are set to receive the largest amounts.