Europe

BW Energy, the oil exploration and production company, has priced its Oslo IPO after lowering its valuation target and shrinking the deal, having encountered resistance from investors as the coronavirus outbreak in China knocked 20% off the oil price.

Gazprom has released initial price guidance for a 10 year dollar benchmark at 3.625% area. A US investor said the deal was a “buy”.

Regulators are helping those banks most at risk of failing to meet their minimum requirements for own funds and eligible liabilities (MREL) by giving them extra time to prepare, a report from the European Banking Authority said this week.

HSBC’s new strategic plan involves numerous changes to its investment banking division, including shifting resources to Asia and the Middle East, reducing the scale of many operations in the European markets business, and combining product functions with commercial banking.

The European Commission has opened a public consultation on MiFIR/MiFID II, as it takes stock of two years of the sweeping regulations.

Britvic, the UK soft drinks company that owns brands Robinsons, Tango and Purdey’s among others, has issued £150m-equivalent of US private placements in sterling and euros.

Citigroup has picked Miguel Gabian to be head of its Spain and Portugal markets franchises.

Ninety One, the asset management division of Investec, has announced its intention to float on the London Stock Exchange, formally launching what is likely to be one of the largest UK IPOs this quarter.

Two public sector borrowers hit screens with new issues on Monday, with Belgium choosing a 20 year and Madrid opting for a 10 year sustainable bond.

Italy is considering the sustainability-linked bond format pioneered by Italian electricity and gas company Enel, but Davide Iacovoni, head of Italy’s debt management office, thinks the structure may not suit the sovereign’s priorities of ensuring liquidity and maximising reach.

C&C Group, the Irish drinks manufacturer and distributor behind brands like Magners, is set to debut in the US private placement market in the coming weeks, according to market sources.

SR Boligkreditt issued a euro covered bond on Monday and, for the first time in its history, was able to price in line with Sparebank 1 Boligkreditt (Spabol). However, its hopes of issuing more than its usual €500m size were dashed.