Europe
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Société Générale was two times subscribed for a new €1.25bn preferred senior bond on Monday, showing that investors still have plenty of appetite for the lower-yielding asset class. -
Santander Consumer Bank AS was well supported for a rare offering of preferred senior debt at the beginning of the week, as market participants suggested that spreads on Norwegian bank bonds could have room to tighten further.
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The UK Municipal Bonds Agency has chosen a syndicate of three banks to arrange a series of investors meetings starting on Tuesday for its first bond, a five year Sonia-linked floater for Lancashire County Council.
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A pre-IPO investor in Just Eat, the UK takeaway delivery service, has sold a chunk of its stake in the company via an accelerated bookbuild led by UBS. The sale follows Just Eat's takeover by Dutch rival Takeaway.com.
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Royal Bank of Scotland — or NatWest Group, as it plans to rebrand itself later this year — is set to cut back risk-weighted assets in the investment bank, particularly in rates. The bank also committed to stricter lending and underwriting criteria for fossil fuel companies.
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JP Morgan was the only financial institution tapping the euro market for senior paper on Friday, looking to make use of the sentiment rebound after some indigestion on Thursday.
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Deutsche Bank’s ability to issue a new additional tier one bond illustrates the lesson of investing in European banks over recent years: bet on bonds, not equity.
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Barclays posted another strong set of returns from the corporate and investment bank (CIB) on Thursday, but the disclosure that UK regulators are investigating chief executive Jes Staley’s relationship with the late sex offender Jeffrey Epstein was described as a “red flag”.
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EU member states plan to agree on a common candidate to succeed the UK’s Suma Chakrabarti as president of the European Bank for Reconstruction and Development after his term ends in May. France, Italy and Poland have each put a name forward.
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Negotiations may involve a degree of posturing, but as demonstrated with the plan to demand “permanent equivalence” with the EU over financial regulation, it is not clear what future the UK government wants for one of its most important industries.
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