Europe

The meat, dairy and fish industries are harbouring grave risks of causing future pandemics, and must radically improve their safety procedures, according to an investor coalition which controls $21tr of assets.

The ECB published its first release of the data showing its purchases under its Pandemic Emergency Purchase Programme (Pepp) on Tuesday, shortly before adding €600bn to the scheme on Thursday. The central bank revealed that it has bought proportionately much less French government debt than the bonds of Italy, Germany and Spain.

The coronavirus pandemic is causing many unintended consequences for working practices in the capital markets. One welcome development could be a shake-up in the way European IPOs are run and managed, which is long overdue.

Italy and the European Union will reboot the euro public sector bond market on Wednesday after announcing syndications of new 10 and 15 year bonds, respectively. The deals will come ahead of the European Central Bank’s meeting on Thursday, in which it is widely expected to increase the size of its Pandemic Emergency Purchase Programme (Pepp).

Barry Callebaut, the Franco-Belgian chocolate maker now registered in Switzerland, launched a Schuldschein on Tuesday offering investors tenors "upon request" alongside two, five and eight year maturities. Robert Bosch did that too, when it reopened the market last month. This is a feature that arrangers say will increase in a post Covid world.

Adaptimmune Therapeutics, the New York-listed UK biopharmaceutical company focused on cancer treatments, has raised $225m to fund further clinical trials for its immunotherapy treatments.

Germany is set to announce extra fiscal stimulus next week, a portion of which will be dealt with at regional level. But one state treasury official does not believe it will affect his Land's borrowing programme.

KommuneKredit has announced that it will begin purchases of two of its outstanding dollar bonds due to mature in 2021. At the same time, investors will be offered the chance to purchase new five year bonds.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 1. The source for secondary trading levels is ICE Data Services.

Estonia’s LHV Pank sold its first covered bond on Tuesday, attracting very good demand for the sub-benchmark deal, which provided it with long term funding from new investors.

Deutsche Bank was on target to launch its first ever green bond on Tuesday. Investors were piling into the deal, which was said to have included a healthy premium at the outset.

Credit Suisse launched its first sterling bonds of the year on Tuesday, moving to within touching distance of completing its annual issuance plan for its total loss absorbing capacity requirements (TLAC).