Europe

Poland has become the first CEEMEA country outside the eurozone to sell a bond with a negative yield since the onset of the coronavirus pandemic.

Uniqa Insurance has become the first European insurance company to take advantage of a change in the way in which S&P looks at capital quality, pricing a new short call tier two in euros on Thursday.

Syndicate bankers are scrambling to make sense of the covered bond market, where sentiment has been changeable in recent weeks. Amid volatility and small issuance windows, sustainable bonds have proven a safe strategy to ensure successful deals.

ADO Properties, the commercial and residential property developer in Germany, launched a €450m capital raising on Thursday, to pay off the debts of its peer, Consus, in which it will take a controlling stake.

Exchangeable bonds are emerging as a key coronavirus tool for corporates — one they can use to monetise stakes in companies they own without having to concede large discounts by selling shares.

The shock resignation of the governor of Ukraine’s central bank on Wednesday night led the sovereign to pull its much-anticipated Eurobond, which had priced just moments before. As investors grow more unsettled, experts fear for the sovereign’s access to institutional funding and capital markets, writes Mariam Meskin.

Cboe Global Markets intends to launch a new equity futures and options exchange in the first half of next year, following the completion of its purchase of EuroCCP.

For its European operations Berenberg has named a new head of investment banking, new heads of markets and a new head of equities.

The 15 year tenor is the flavour of the week in the SSA market. Three issuers have mandated for deals at the tenor so far, following on from NRW.Bank’s successful trip to the maturity on Tuesday.

Crédit Agricole has appointed Mariano Goldfischer, formerly in charge of global syndicate, to be head of global markets for the UK.

Samantha Huggins has joined BTIG, in the latest hire by the firm for its equities team in Europe, the Middle East and Africa.

Ukraine was set to issue a highly anticipated bond on Wednesday, having started pricing with what some experts called "impressive" initial price thoughts. The deal follows one from Poland, which secured three year money at a negative yield in euros on Tuesday.