Europe
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A pair of German sub-sovereigns had the primary public sector bond market to themselves this week, with each taking €500m at tight levels to their secondary curves. -
Credit Suisse chief executive Thomas Gottstein has brought its investment bank back together but threatens to leave it with a diminished corporate finance business, David Rothnie reports.
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Institutional investors in private placements (PPs) have signalled their appetite for borrowers beyond their typical stables throughout the coronavirus pandemic. But this week’s transaction from Vanguard Group — the largest in the market’s history — showed the size of funding available, as buyers demand bigger deals. Silas Brown reports.
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Smaller UK lenders are hoping the Bank of England will limit the scope of the minimum requirements for own funds and eligible liabilities (MREL) this year, relieving them of the potentially challenging task of raising new bail-inable debt in the capital markets.
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Equity capital markets bankers are hoping that global markets maintain the extraordinary bullishness of the last few weeks in what should prove a busy final quarter of the year for issuance. But an unholy trinity of risks are causing concern, particularly for IPOs.
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Investors appeared positive on Natixis's prospects after Nicolas Namias replaced François Riahi as chief executive. Meanwhile, the bank has said it will reposition its equities division after it endured another tough quarter.
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The State of Lower Saxony was the sole borrower active in the primary public sector bond market on Thursday as it raised €500m with a 10 year at a negative yield. The deal ended up comfortably subscribed in spite of a slow start to the book-build.
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UniCredit returned to profit in the second quarter with a larger pool of excess capital to reward shareholders from next year, if the European Central Bank gives its permission.
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Solid financial results are encouraging Dutch insurance companies to resume dividend payments and share buyback programmes after getting the green light form the national regulator.
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Hammerson, the UK property company, launched a £550m rights issue on Thursday morning, becoming the latest firm to come to market with a large capital raise to offset the damage of a long Covid-19 pandemic.
