Europe

Crédit Agricole Assurances (CAA) added to the subordinated deal flow in the FIG bond market on Tuesday by launching a tier two bond. The French insurer benefitted from the rarity of its appearances in primary markets, and the large deal size meant that although the issuer paid some premium, it "did not leave much value on the table", according to a lead manager.

Conditions in the primary FIG bond market have improved of late, tempting European issuers to bring subordinated trades. Rabobank made an appearance this week, adding to a flurry of trades in the format.

BBVA became the first financial institution to issue green debt in additional tier one (AT1) format on Tuesday, launching a bond with a 6% coupon. The Spanish lender left no premium on the table, according to some market participants.

The UK has been at the forefront of Europe’s equity capital raising wave, as companies respond to the Covid-19 pandemic. De La Rue, which makes passports and banknotes, became the latest UK firm to do so with a £100m raise on Monday — and sources believe there is plenty more to come.

GlobalCapital will open the poll for its Covered Bond Awards 2020 shortly and welcomes feedback on the award categories and nominations for shortlists.

John Muncey has joined Barclays as vice-chairman of its consumer retail group (CRG) in Europe and the Middle East, while Jamshed Kakalia has been promoted to lead the consumer business in that team.

Apollo Global Management announced on Monday a new private credit unit aiming to provide $1bn direct loans to larger firms, in the first instance of a direct lending fund with its eyes only fixed on big business.

Agence France Locale hit the market with a September 2027 sustainability bond on Monday, raising €500m at a level one of the leads called "punchy" .

Jamie Niven has joined Wells Fargo as head of equities for Europe, the Middle East and Africa.

Cyprus will return to the market with a pair of taps on Tuesday, hitting screens alongside the European Financial Stability Facility’s new five year line, providing an excellent opportunity to compare Cyprus’s cost of funds with the cost of the European Stability Mechanism’s pandemic crisis support facility.

Amco Asset Management is looking to join the list of banks looking to print bonds in the rush to issue before earnings blackouts begin.

The Swiss government has recently approved draft amendments to its Pfandbrief law that will increase transparency and legal certainty, reducing the risk of a fire sale and payment default.