Europe
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The double whammy of coronavirus and a crisis at the top of the bank makes the most testing of times for the new head of Commerzbank’s corporate clients division to make his mark. But Roland Boekhout has a broad vision for the firm’s corporate and investment bank and ideas for how to implement it, writes David Rothnie. -
BioNTech, the German biopharmaceuticals company, is selling 5.5m American Depositary Receipts (ADRs) on the Nasdaq through a share sale and a rights issue. The company, which is working with Pfizer to develop a vaccine for Covid-19, is the latest issuer to hit the market in a wave of biotech ECM issuance — but buyers are being warned against being too eager, reports Sam Kerr.
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Deutsche Bank has taken advantage of the addition of more collateral to its Pfandbrief mortgage pool following the merger with the former Postbank entity to issue more than €2bn of retained covered bonds.
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Investors turned out in force as KfW brought its first benchmark green bond of the year this week. The strong demand allowed the German agency to print its joint biggest ever green bond on the back of its largest ever order book for such a deal along with an attractive pricing advantage over a conventional bond.
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The Swiss franc market is having a busy year, with a strong showing from corporate and SSA issuers helping the market to its highest year to date volume since 2015, according to Dealogic.
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Invesco changes fixed interest line-up — BofA makes Slowey equities head — NordLB hires two for DCM
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Euro investors are sniffing around further out along the SSA curve, with Euratom returning after a two year absence to print a 10 year bond earmarked to fund power plant safety measures in Ukraine, while the Treasury Corp of Victoria tapped demand past the 30 year point.
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Swedish Export Credit Corporation kept the public sector new issues market open on Thursday as it came with an opportunistic four year dollar trade on the back of a strong week for dollar borrowers.
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Agreement in the EU this week on a €750bn recovery fund should remind market participants of the UK’s newfound vulnerability.
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Ukraine returned to the international bond market on Thursday to issue the Reg S/144A 12 year bond that it pulled just weeks ago when its central bank governor resigned right after it was priced.
