Europe
-
Iberdrola attracted robust demand for a €249m tap of its outstanding equity neutral convertible bonds due in 2022. -
Each week, the very best of what our newsroom have found most useful, interesting and informative from around the web. This week: what being in charge of a leading reserve currency actually means, how business travel might return, and a power play from Warrington Borough Council.
-
MEPs proposed a series of amendments to the Capital Requirements Regulation (CRR) this week, including a couple that could compel banks to stop paying additional tier one (AT1) coupons during the coronavirus pandemic.
-
Poland’s mBank has announced a tender offer for a maximum of €400m of its bonds, as it seeks to manage its MREL requirements.
-
Features in UK covered bond programmes offer limited protection and could lead to a delay in the classification of defaulted loans, Moody’s said this week. Meanwhile in Europe, regulators have muddied the waters on payment moratoria legislation.
-
Shares in JDE Peet’s, the coffee company which priced its IPO on Thursday, traded up by over 13% on their first day on the Amsterdam exchange. The rise vindicated the syndicate's decision to accelerate the roadshow on what is predicted will be Europe’s largest listing all year.
-
Safran is set to sell a large US private placement this summer, as the French aerospace and defence company looks to extend its maturity profile.
-
The UK Debt Management Office has announced the timing and the banks for its upcoming syndication next month, as it continues to plough through its unprecedented borrowing programme.
-
-
The European Commission has delivered its proposal for an EU recovery fund. It may not be full debt mutualisation nor a solution to low European growth, but it is a huge step forward.
-
Neoen, the French solar and wind energy producer, has issued the first green convertible bond in Europe — and investors’ eager reception of the deal suggests these instruments could be as popular in the equity-linked market as they have become in the straight bond market.
-
BBVA surprised market participants by becoming the first bank to issue a Covid-19 response bond in Europe this week. There will be follow-on deals as the format catches on in credit markets — high grade corporates are looking to do deals too — but it is unlikely to be exploited as widely as it has been in the SSA market. David Freitas and Mike Turner report.
