Europe
-
Open access, the much fought over and delayed section of the second Markets in Financial Instruments Directive (MiFID II), is facing further pushback, according to a European Council document seen by GlobalCapital. -
Banco Santander and Rabobank led senior bond supply in Europe this week, both issuing well-received non-preferred deals while Crédit Mutuel Arkéa went for the preferred format. National champions and other strong banks are lining up to issue while market conditions are conducive for deals, but lesser credits remain on the sidelines.
-
Funding needs of regions across Europe are expected to rise this year as borrowers fund responses to the coronavirus pandemic. Spanish and German regions in particular will face heavier borrowing requirements.
-
-
Swiss franc bond spreads have failed to tighten as much as they have in the euro market, and the lack of price action meant few issuers ventured out this week. A trio of domestic deals comprised the only new supply.
-
The European Investment Bank and the Region of Madrid stood out in the public sector bond market this week, with the former achieving its biggest ever order book for a euro benchmark.
-
The European Commission’s plans for a recovery fund will not be enough to prevent Italy’s public finances suffering a severe fiscal deterioration said Fitch, after the ratings agency downgraded the sovereign on Tuesday night.
-
UK pub chain JD Wetherspoon has sold £141m of fresh equity to keep itself afloat until the UK government lifts the country’s lockdown, which led to the closure of all pubs.
-
Equities have made a stirring recovery since the record coronavirus sell-off in March. Corporates, looking to raise cash by any means necessary to survive the crisis and lower their risk, have taken advantage of the uplift, selling non-core equity holdings. Now, more are being urged to get in on the trade while it lasts, as there are fears that stock markets will plummet again if lockdowns or infections worsen with the pandemic far from over, writes Sam Kerr.
-
Deutsche Bank has regained its number one spot in its home market, but it was its traditional investment banking business that shone rather than investments made as part of the firm’s new Germany-focused strategy, writes David Rothnie.
-
Hargreaves Lansdown fell in trading on Thursday after Stephen Lansdown, one of the co-founders of the UK retail investment platform, sold £160m of shares in the company via an accelerated bookbuild led by Barclays.
