Europe

Calisen Group, the UK operator of smart meters, has set a price range for its IPO on the London Stock Exchange, following a constructive investor education process. It will come at a discount to listed peers.

A report commissioned by Autorité des Marchés Financiers (AMF), French financial regulator, concluded that MiFID II regulations damaged research and worsened coverage of SMEs. The report recommends tweaks to the regulation and other measures to boost research.

The European Central Bank (ECB) confirmed this week that it asked two financial institutions to take “remedial actions” to meet guidance levels of Pillar 2 capital.

Issuers across CEEMEA are continuing to soak investors dry, as data indicates this has been the busiest start to the year on record. Bankers have brushed off claims that fears around coronavirus and geopolitical volatility will put an end to the boom.

Equity capital markets bankers are hoping to get back to work soon after a pause in issuance on Monday because of secondary market fears over the spread of the coronavirus.

German supermarket chain Lidl has raised a £515m-equivalent loan from a consortium of Chinese and Taiwanese lenders for two of its European subsidiaries, in the company’s first outing in Asian capital markets.

LBBW has revealed that most investors in its latest green bond were signatories to the UN Principles for Responsible Investment. The novel disclosure offers a ‘more reliable’ way of describing green participation in new bond issues, according to the bank.

Czech lottery firm Sazka ventured into the euro high yield market again this week, issuing €300m of seven-year senior unsecured notes. The deal comes after Sazka made a successful debut in mid-November.

Romanian telecoms giant Digi issued an €800m bond this week, offering investors exposure to risky but fast-growing eastern European economies. Digi is joining the long list of companies taking advantage of exceptionally favourable refinancing conditions in European high yield.

Indorama Ventures, a petrochemicals company headquartered in Bangkok, has mandated banks to raise Schuldscheine via a European subsidiary, according to several people familiar with the situation. The deal is a further sign of the instrument’s growing popularity in East Asia.

Cabot Square Alternatives, a new closed end investment fund focused on alternative infrastructure and property assets with an environmental, social and governance angle, has announced its intention to float on the London Stock Exchange.

Greece and France mandated banks on Monday for new benchmark offerings at the long end of the curve, the former bringing its longest bond since the eurozone debt crisis. The sovereigns are taking advantage of a sharp rally in core and peripheral eurozone sovereign yields, partially engendered by a flight to quality over the coronavirus scare.