Europe

KfW, the European Investment Bank (EIB) and, in the medium-term note (MTN) market, a German region and a Finnish agency have kicked off the Norwegian krone market for SSAs. Bankers are hoping to extend krone’s impressive form from last year into 2020.

Vincent Barea has joined Société Générale as a credit trader covering financial bonds.

Investors piled into the euro public sector bond market on Wednesday, allowing borrowers to achieve well subscribed order books and minimal new issue concessions for a range of maturities.

Faber-Castell, the German manufacturer of office supplies, was the second borrower to enter the Schuldschein market in 2020, offering five and seven year notes with a sustainability-linked ratchet on Wednesday.

RBC Capital Markets has continued the development of its leveraged finance business by hiring Craig Campbell from HSBC.

ABN Amro made its first ever sale of non-preferred senior debt on Wednesday, as European banks give investors plenty of opportunities in add exposure in the asset class at the beginning of 2020.

Government bond yields have moved fast this week as investors adjust to the risks posed by escalating tensions between the US and Iran. That is having a knock-on effect on swap spreads and the two factors are combining to add complexity to new issue pricing in the SSA market. Nonetheless, issuers are pulling off aggressive and successful deals.

BNP Paribas and UniCredit were each more than twice subscribed for new tier twos on Wednesday, as banks launched into sales of subordinated bonds more quickly than usual at the start of the new year.

UBS is ramping up collaboration between its investment bank and its wealth management unit, as it seeks to find more revenue opportunities from its client base of wealthy individuals and family offices.

Danske Mortgage Bank, Santander UK, Raiffeisenlandesbank Hypothekenpfandbrief and UniCredit Bank AG were marketing covered bonds on Wednesday, steering well clear of negative yields by tapping into healthy demand for long dated assets.

Barclays has appointed Christian de Haaij, formerly of Goldman Sachs, for its European banking business.

Citi has said it is still committed to equity trading after the departure of Murray Roos, co-head of its global equities business.