Europe
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Skipton Building Society is looking for approval from investors to convert the interest basis on one of its covered bonds from Libor to Sonia. -
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Deutsche Bahn tapped the Kangaroo and Swedish kronor markets on Wednesday after having spent the first half of 2020 focused on the euro market.
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Guarantor: Federal State of North Rhine‑Westphalia
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Europe’s equity capital markets bankers are preparing for a busy autumn of IPOs and have been meeting with investors to secure early support for these deals. Bankers are hoping the new deals retain some of the features of successful listings in the first half of the year.
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KfW has slashed €10bn from its 2020 funding requirement, and will spend much of the second half of the year focusing on dollars and on green bond issuance.
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NRW.Bank’s inaugural social bond sparked a flurry of 15 year trades this week as a flattening French curve and the positive yields on offer helped spur on demand, with three issuers opting to follow the German agency’s successful trip to the maturity on Wednesday.
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Belgium returned to the MTN market in euros on Tuesday with a 60 year note — its first private placement in the currency for over 18 months.
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SoftBank’s repackaged €900m Argentum bonds exchangeable into Wirecard shares are to be liquidated immediately after the German payments company filed for insolvency in June, having disclosed €1.9bn of cash was missing from its balance sheet. This will offer investors a way out or a seat at the table for the looming bankruptcy proceedings.
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Bank of America hopes that a new management team built on a culture of intensity will enable it to meet its top three goal in Europe, the Middle East and Africa, writes David Rothnie.
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After discussions with US private placement holders, French food services company Sodexo has said it will repay roughly $1.6bn of debt early, in the largest ever early repayment of US PPs. It is a result of tensions that have flared up during the pandemic over covenant protections, which some fear will lead to a drop in corporate PP deal flow.
