Europe
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European insurance companies were busy raising capital in every major currency this week, as they showed they were not willing to let a strong issuance window pass by them amid Covid-19. -
There was bumper demand for Iceland’s euro deal on Wednesday that saw nearly 200 investors pour into a deal that exceeded expectations to tighten by 30bp.
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Société Générale SFH has issued a second Obligations de Financement de l’Habitat (OFH) deal as a security token using a protocol that can be fully integrated with other blockchains and, for the first time, was settled using the Banque de France’s newly developed digital currency and structured with industry-aligned smart contracts.
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The Belgian region of Wallonne took advantage of the growing demand in the long end of the curve to sell its first social bond on Thursday, although it had to pay a chunky new issue premium to do so. Elsewhere, Bpifrance received plenty of demand to print €1.25bn with a 10 year trade.
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Marshall Bailey will be the next chair of the board of MUFG’s securities arm for Europe, the Middle East and Africa.
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GlobalCapital understands that the European Union has sent a request for proposals (RFP) to banks to fund a macro-financial assistance (MFA) loan to Ukraine.
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Payments start-up RTGS.global has hired Jim Cowles, former chief executive of Europe, the Middle East and Africa at Citi, to be an executive director of the board.
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Shares in IWG, the London-listed operator of serviced offices and co-working spaces, rose by 15% on Thursday after the company successfully tapped investors for £315m to fund growth once the Covid-19 global pandemic subsides.
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Germany would be wise to consider diversifying its colossal funding needs with a syndication in dollars — a currency in which it is no stranger and which has become more attractive for euro-based funders, according to a head of public sector debt capital markets at one of the sovereign’s primary dealerships.
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Axa Bank SCF became the first bank since February to issue a 20 year covered bond — showing investors' growing appetite for risk. It also offered encouragement to eurozone issuers with long term funding needs to return to the market — especially given the strong performance of deals eligible for the ECB's purchase programmes compared with those that are not.
