Europe

The coming months are crucial in determining how ambitious the European Union will be in decarbonising its economy to fight climate change over the next decade.

Popular discontent could well rise in many countries as the coronavirus crisis hits the poorest worst of all. In the past, unrest may have only worried government bond investors to the extent that it damaged creditworthiness. But, as market participants become ever more socially conscious, DBRS Morningstar’s Nichola James says that we can also apply an ESG (environmental, social and governance) lens to it.

French dairy cooperative Sodiaal has entered the Schuldschein market, according to market sources, on the hunt for at least €100m.

Agence Française de Développement is looking to become the second European agency to head to the dollar market this week following an impressive result by Municipality Finance on Tuesday.

The European Parliament reached a quicker than expected agreement on central counterparty clearing house recovery and resolution on Tuesday night, settling on a framework for second skin in the game requirements and also pushing open-access rules out for another year.

Austria returned to the 100 year part of the curve — a tenor it has made its own — receiving its strongest ever order book for the maturity.

The UK government and regulators are looking at ditching some of the specifics of EU financial regulation — encompassing banks, insurers and capital markets — as the country looks ahead to its post-Brexit future.

Yandex, the Russian internet company, has raised $800m through a sale of new shares to US investors and a private placement to a consortium of Russian oligarchs and VTB Bank.

With Adam Bagshaw heading to HSBC, Deutsche Bank has turned to two of its senior investment bankers for Germany to take charge of corporate finance for Europe, the Middle East and Africa.

Adam Bagshaw, up until now a senior figure at Deutsche Bank, is joining HSBC to co-lead advisory and investment banking coverage.

Skipton Building Society announced on Wednesday that it was looking to buy back one of its senior bonds. The tender offer will give investors a premium over secondary market and help the issuer optimise its liability base.

Royal Bank of Scotland and ING were set on Wednesday to add to a recent run of dollar bond issuance from European banks, with some issuers having clocked up huge savings in the currency versus what their home markets can offer.