Europe
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UK chancellor of the exchequer Rishi Sunak announced a stimulus package totalling up to £30bn on Wednesday, driving a wedge between some bankers and investors about how big an impact the measures will have on the capital markets. -
Philip Hertlein, the former head of SSA origination and syndication at LBBW, has joined BNP Paribas’s public sector debt capital markets desk.
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Unédic came to the market for its third social bond on Thursday after making its debut in the format less than two months ago. The deal extends the French agency’s social curve out to 15 years and completes its €10bn explicitly guaranteed funding allowance for 2020.
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Insurance companies saw a favourable window of opportunity this week to sell subordinated debt. Assicurazioni Generali, Crédit Agricole Assurances and CCR Re benefited from the supportive backdrop to raise tier two bonds.
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Italy's AMCO Asset Management capitalised on strong investor demand to launch a dual tranche deal in senior format on Thursday, attracting a wide range of investors, according to one of the lead managers.
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Investors’ search for yield in covered bonds is growing more challenging by the day, as the market looks set to become more squeezed than ever because of aggressive central bank buying, soaring redemptions and diminished supply.
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Emerging market corporate bond supply grew on Thursday, with a strong showing from the Central and Eastern European region added to by Czech Gas Networks.
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Bankinter continued the additional tier one (AT1) supply spree on Thursday, becoming the third issuer to launch this type of bond this week and receiving praise for the 6.25% coupon it achieved.
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Hansa Biopharma, the Swedish pharmaceuticals company, raised Skr1.1bn ($121m) through a sale of new shares on Wednesday evening to fund the launch of a new drug for patients undergoing kidney transplants.
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François-Louis Michaud was approved as the next executive director of the European Banking Authority on Wednesday. The EBA’s previous choice was rejected by parliamentarians, and this nomination faced scrutiny too over gender balance.
