Europe

Instone Real Estate, the German property company, has unveiled plans for a €182m rights issue to finance an acceleration of its growth strategy.

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.

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.

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.

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.

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.

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.

DNB successfully 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 emerges in the wake of a report from Moody’s which highlighted the strength of the Swedish covered bond market.

The Monks Investment Trust, the UK listed investment trust managed by Baillie Gifford, has sold £100m of US private placements.

The Hut Group (THG), the UK e-commerce company, is preparing an IPO on the London Stock Exchange that is expected to value the firm at around £4.5bn ($5.94bn), as it experiences a surge in customers buying goods from its platforms during the Covid-19 pandemic.

Communauté Française de Belgique returned in mid-August after a seventh month absence to print a slew of deals for a combined €404m, according to Dealogic.

Scope for Nordic covered bond issuance in euros is moderately positive, even in Sweden where some issuers could yet make a strategic return to euros despite the higher cost. Danes and Norwegians may also make an appearance in euros, but Finnish supply hopes are considered more limited.