Europe
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The Bank of England this week signaled that it is changing its stance and considering bringing its base rate into negative territory. But with the UK Debt Management Office (DMO) issuing three year paper with a negative yield for the first time, as well as printing £7bn ($8.56bn) of 41 year bonds, there are few worries for the SSA market. -
The IPO of JDE Peet’s, the coffee business owned by JAB Holdings, is the first true test of investor appetite for European IPOs since the Covid-19 crisis began. There have been small listings already but nothing on this scale, yet the company is confident that it will succeed, write Sam Kerr and Aidan Gregory.
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A supranational and a Nordic bank paid rare visits to the Swiss franc market this week. The North American Development Bank (NADB) printed its first deal in two years — its second green bond — while Nordea returned after a five year absence.
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Dollars was the favoured currency for public sector borrowers for the second week running this week, giving attractive funding conditions for euro borrowers amid strong investor demand, particularly in the 10 year part of the curve.
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Italy completed the sale a five year BTP Italia on Thursday for a record breaking size of €22.297bn to finance measures related to the Covid-19 pandemic. Demand for the product was boosted by the Franco-German EU recovery fund proposal.
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A Pln700m ($168.9m) selldown of stock in Play Communications, the Polish telecommunications company, has shown that investor appetite towards some emerging market stocks is still alive, despite the asset class being hit hard during the Covid-19 pandemic.
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Credit Suisse’s plan to launch a private credit opportunities fund has been undermined by a spying scandal, the departure of Jim Amine, and Covid-19, writes David Rothnie.
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Nick Darrant, JP Morgan's head of CEEMEA debt capital markets syndicate, is leaving the bank after five years to join Citigroup as co-head of EMEA syndicate.
