Europe
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Bank Nederlandse Gementeen (BNG) this week became the latest public sector borrower to hit the 10 year part of the dollar curve with its first such trade since 2016. While demand seems to be starting to slow down for 10 year dollar bonds, SSA bankers say there is still room for more issuers to follow.
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France impressed as it received a record €51bn order book and paid a small new issue premium with its first syndication since the outbreak of the Covid-19 pandemic. The sovereign was joined in the long end of the curve this week by two sub-sovereign borrowers as investor appetite for duration grows, with more supply expected to follow. -
JDE Peet’s, the coffee business owned by JAB Holdings, closed the books on its IPO after an accelerated roadshow that lasted only three days. The transaction still attracted huge demand from investors eager to buy into the only sizeable IPO in the market.
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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.
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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.
