Europe

The use of exchange-traded funds labelled as addressing environmental, social and governance themes is rising rapidly, as investors believe they allow them to track ESG indices more easily and cheaply, without necessarily having to engage intensively with ESG matters.

Oleg Mukhamedshin, deputy chief executive of Rusal, which produces 9% of the world’s aluminium, tells Mariam Meskin how the company has weathered yet another rocky period in commodity markets. And how its sustainability credentials have been affected by oil spills at its affiliate, Norilsk Nickel, in May and June.

After KfW mandated banks on Wednesday to join the 10 year euro flurry, the question on the minds of market participants is at what level the Germany agency will choose to start at with such a wide differential between relative and fair value.

The State of North Rhine-Westphalia and Nederlandse Waterschapsbank rebooted the long of the euro SSA curve on Wednesday with well subscribed deals and minimal new issue premiums.

Erste Group has changed the reporting on its cover pool in a move that has effectively resulted in a substantial increase in issuance capacity which other borrowers with limited collateral could mimic.

Activity in the financial institutions bond market has picked up this week after a long pause in euro supply. Danske Bank and Belfius Bank were among the names looking to capitalise on the improving market conditions on Wednesday.

Finland was on track to receive its biggest ever book for a syndication as it came to the market with its third euro benchmark of the year on Wednesday.

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.