Europe
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Following a series of investor calls, Sweden has announced the tenor of its debut green bond, which is expected to be issued early next week through syndication. -
The offices of London’s top banks are unlikely to fill up in the coming weeks, as firms are adopting a gradualistic approach to returning staff to their pre-pandemic workplaces.
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Klaus Löber has been selected by the European Securities and Markets Authority as chair of its CCP supervisory committee. ESMA has also picked two other members; all three will be assessed by the European Parliament.
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The European Commission's vast borrowing programme is looming over the public sector bond market as it returns from its shorter than usual summer break. Although deals this week have been successfully executed, the first signs of strain could be starting to show as government bond yields rise.
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International Finance Corp sold the first Kauri bond in more than two months on Thursday, while in the Kangaroo market a pair of European agencies tapped a pocket of demand further down the curve.
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Crédit Agricole’s Swiss subsidiary sold its first structured covered bond in Swiss francs on Wednesday. The bond was issued under a new programme that differentiates it from covered bonds issued by its parent bank under French law in the Swiss market.
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Supply and demand for senior financial institution bonds was lukewarm this week, as issuers and investors favoured higher yielding products amid healthy market conditions. FIG deal arrangers are predicting that the trend is set to continue and that issuers will favour capital trades.
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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.
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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.
