Europe
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The Swiss franc market is having a busy year, with a strong showing from corporate and SSA issuers helping the market to its highest year to date volume since 2015, according to Dealogic. -
Invesco changes fixed interest line-up — BofA makes Slowey equities head — NordLB hires two for DCM
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Euro investors are sniffing around further out along the SSA curve, with Euratom returning after a two year absence to print a 10 year bond earmarked to fund power plant safety measures in Ukraine, while the Treasury Corp of Victoria tapped demand past the 30 year point.
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Swedish Export Credit Corporation kept the public sector new issues market open on Thursday as it came with an opportunistic four year dollar trade on the back of a strong week for dollar borrowers.
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Agreement in the EU this week on a €750bn recovery fund should remind market participants of the UK’s newfound vulnerability.
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Ukraine returned to the international bond market on Thursday to issue the Reg S/144A 12 year bond that it pulled just weeks ago when its central bank governor resigned right after it was priced.
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Reform of the US government sponsored enterprises (GSEs) has always been considered a necessary precursor to establishing a US covered bond legal framework. But with the Covid-19 crisis and November’s presidential elections diverting attention, dollar covered bond issuance will remain dominated by foreign banks, with near term supply prospects likely to be determined by the cross-currency basis swap.
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Cellnex, the Spanish telecommunications towers operator, has launched a €4bn underwritten rights issue to fund acquisitions.
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Reports that the European Central Bank (ECB) could ask banks to suspend dividend payments until the end of 2020 sent subordinated debt higher and stocks lower this week.
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Smaller loan loss provisions and high capital ratios have helped Nordic lenders to kick off European bank earnings season in a positive fashion. But analysts are cautious about drawing any conclusions for the rest of the sector.
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Countryside Properties, the UK house builder and urban regeneration company, completed a equity raise on Wednesday evening to repay debt in order to help it grow its business.
