Europe

A measured reopening of the primary bond markets in the last month has left banks in a good place to launch new deals after first quarter results, according to FIG DCM officials.

Syctom, a French metropolitan agency responsible for household waste management in the Île-de-France region, printed its debut bond at the end of last week, selling a green bond that will go towards funding sustainable waste management projects in the Paris region.

There will probably have been quieter inductions into a new job. Nathan Piper has joined Investec as an equity researcher to cover upstream oil and gas.

Supervisors are encouraging financial institutions to use all of their capital and liquidity buffers as necessary during the coronavirus crisis, signalling that lenders will be given a "significant" amount of time to restore their regulatory ratios to adequate levels.

The Covid-19 global pandemic is not an unmitigated disaster for everyone, as several companies showed on Monday night by selling new shares to take advantage of the unexpected opportunities that the pandemic has created for them.

Market participants have dismissed the viability of Turkey extending its swap line arrangements with the US Federal Reserve this week to enhance the country's access to dollars. They also noted that little has happened to change their bearish outlook on the sovereign.

Agence Française de Développement (AFD) will tap the dollar market this week to become the latest public sector borrower to print a bond in response to the coronavirus pandemic.

Italy mandated banks for a new five year to be sold alongside a tap of a September 2050 bond on Monday as it prepares to bolt on a bigger funding programme in order to fund its effort against the coronavirus pandemic. The sovereign will be joined by Luxembourg in the euro public sector bond market on Tuesday.

US entities of two of the Big Four accounting firms have entered the private placement market. KPMG sold US private placements in early April, according to market sources, while Deloitte is looking to follow suit.

A recent European Central Bank working paper may have underestimated the part a sovereign’s credit plays in the covered bond’s credit risk. But this relationship plays a very important role, a Moody’s analyst said on Monday, referring to a report by the agency assessing how the pandemic will affect covered bond credit quality.

BPCE seized an opportunity to launch €1.5bn of preferred senior funding this week — an asset class that has outperformed all other bank funding products in the market in recent trading sessions.

Credit Bank of Moscow, one of the few Russian banks to frequently tap the international syndicated lending market, has raised a loan from a consortium of international banks. The deal comes amid an increasing number of Covid-19 infections being reported in Russia, which is now one of the emerging markets with the fastest-accelerating growth of cases.