Europe

Equity capital markets bankers are preparing for a busy autumn of rights issues as companies prepare to weather a long period of Covid-19 disruption. Because of the uncertainty over the the length and severity of the pandemic, businesses are said to be looking at larger capital raises than before.

The Bank of England will open a new consultation on the way the leverage ratio works in the UK after it has finished reviewing the framework through its committees.

CEEMEA bond bankers are pinning their hopes on the EU's €750bn recovery fund to spark green issuance once again. The market has been moribund since Covid-19 drew issuers' attentions elsewhere, with a debut deal from Georgia Global Utilities (GGU) — a portfolio company of London-listed Georgia Capital — one of very few recent highlights.

FIG deal arrangers predict the dollar market could come alive again in early August, as European banks exit earnings blackouts and weigh up their funding options.

Société Générale will make its structured products less risky, it said, after a difficult first half of the year in its equities business.

The UK Debt Management Office has chosen the maturities and issuance windows for its two planned syndications in September. One of the syndications will be a new 15 year Gilt, which divided opinion among investors at a consultation last week.

The airline sector has become one of the biggest “deep recovery” trades in the equity capital markets following a wave of issuance in recent months.

Credit Suisse has given staff including Jeff Cohen new positions and is also creating a new energy and infrastructure group.

Great Portland Estates, the UK real estate investment trust, is looking to close a set of private placements next week, according to market sources.

Each week Keeping Tabs beings you the most interesting and entertaining reading from around the web that we have uncovered. This week, the perils of the EU recovery fund through the lens of the subject of Broadway's hottest show, a menacing whiteness of swans and a grim view of Hong Kong's future in finance.

International investors hoping for reform in Ukraine were again disappointed on Friday when the deputy governor of its central bank, the National Bank of Ukraine, resigned from his post.

Covered bond issuers using programmes containing a special purpose vehicle (SPV) have more guidance on the treatment of bad loans and protect bondholders further compared with those using integrated templates, Fitch said this week when assessing the risk coronavirus era mortgage payment holidays pose to the asset class.