Europe

Equity capital markets bankers are lining up further accelerated equity sales after a series of successful block trades last week. They are hoping that market optimism persists to allow them to print trades before corporate blackouts prevent insider sales.

Four covered bond issuers from Germany, Austria, France and Belgium have announced deals that are expected to be launched on Tuesday and will be heavily bought by the European Central Bank.

Gradually over the past decade, Asian investors have become more and more important to European corporate private debt markets, to the point where they are now often indispensable. Asian borrowers have been slower to appear, but are now arriving. However, while these arrivals have largely benefited these markets, they have introduced a few complications.

Sandrine Ferdane has been appointed BNP Paribas’s new global head of financial institutions coverage (FIC), replacing José Placido, who has a new role as chief executive of the corporate and investment bank for the Americas.

A lack of supply relative to 2019 and much more aggressive central bank buying ensured that Banco Sabadell, Royal Bank of Canada, Deutsche Bank and RLB Oberösterreich were able to price their respective covered bonds flat to fair value on Monday.

UniCredit has returned to the euro market for a dual-tranche offering of non-preferred senior debt, a matter of days after having completed the sale of a new tier two bond.

Caisse d’Amortissement de la Dette Sociale has a €4bn funding programme lined up for 2020, matching the total it raised in 2019.

Unione di Banche Italiane was close to 14 times subscribed for a €400m additional tier one (AT1) in the euro market on Monday, as it capitalised on expectations of scarce supply in the asset class. The debut deal means the bank will become the fourth Italian issuer of AT1 capital.

Private Russian bank Credit Bank of Moscow announced a roadshow on Monday, mandating banks for the sale of a benchmark five year dollar deal.

The UK government should consider consulting on changes to the country’s listing rules after Brexit to attract more high growth companies to the London Stock Exchange, including allowing dual class share structures on the premium segment, according to Claire Keast-Butler, a partner at Cooley in London

Goldman Sachs is forming a Sustainable Solutions Council for its investment banking division, with four members for the Europe, Middle East and Africa region.

Equity capital markets investors jumped at the chance to buy shares in Nexi, the Italian payments company, as it returned with its first transaction since IPO.