Europe
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Bank of China sold its first ever bond out of its Djibouti branch on Monday, as Chinese issuers pour into capital markets to make up for time lost to the coronavirus pandemic. -
Lagfin, a vehicle that manages the investments of the billionaire Garavoglia family, has issued a €330m bond exchangeable into iconic Italian drinks maker Campari, as part of a move to shift the historic company’s domicile to the Netherlands.
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Swiss Re debuted in Asia this week with a S$350m ($251.67m) bond that established the European reinsurer in the Singapore market. It also paved the way for more issuance from the firm.
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A worsening in credit conditions has squeezed some borrowers across EMEA out of syndicated loans and into the bilateral market. As syndicated loans bankers face another year of disappointing figures, market players are split over whether this trend will leave a more permanent dent in volumes. Mariam Meskin and Jon Hay report.
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Investors flooded the books for Austria’s latest foray into ultra-long debt, with more than €17bn of orders for a bond maturing in 2120 with a yield of only 88bp. But despite the clear appetite for duration, some are concerned that recent, unprecedented monetary stimulus will lead to inflation, writes Lewis McLellan.
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Minutes of the European Central Bank’s meeting at the beginning of June, released this week, cooled investor worries about the tensions between it and the German Constitutional Court (BVG).
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Soaring prices in bond and equity markets have left investors vulnerable to a crash that could be triggered by an array of risks from corporate insolvencies to Brexit, the International Monetary Fund (IMF) warned on Thursday.
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European banks jumped into the US dollar market this week, with some issuers clocking up huge savings in the currency versus what their home markets could offer.
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Generali agreed to take a large stake in fellow Italian insurance company Cattolica this week. The deal includes plans for a €500m capital increase, which takes the pressure off Cattolica to boost its solvency position and means the firm will no longer seek to access the market for restricted tier one debt.
