Europe
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Barclays’ corporate and investment bank exceeded profit expectations in the third quarter, the bank showed on Friday, helped by a mix of better performance across markets and banking, the devaluation of sterling, and income from treasury sales. -
The IPO market ended the week on a high, bringing to an end a miserable fortnight, as Swiss firm SoftwareOne traded up in Zurich and Italian food company Newlat managed to attract enough investors to cover the books of its restructured Milan listing.
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Berlin Hyp announced on Friday that it intended to sell a preferred senior bond in green format. It is the second German bank this week to disclose intentions to market a bond, following LBBW.
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This week's funding scorecard looks at the progress European sovereigns have made in their funding programmes as we approach the end of October.
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Russia's VTB Bank has signed an agreement with African Export-Import Bank (Afreximbank) to boost trade finance cooperation between the two in Africa. The announcement comes on the heels of the inaugural Russia-Africa summit held this week in Sochi, during which a number of trade deals were said to have been signed.
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Emerging markets issuers enjoyed supportive market conditions this week as a variety of deals gave low new issue premiums and attracted healthy order books. But with investors talking about downing tools for the year, it is not clear how much longer helpful conditions will last.
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A UK government body providing cheap debt to local authorities increases its lending margins, so in step nimble institutional investors to capture a slice of a new asset class. It sounds poetically simple. The reality will be more prosaic.
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NatWest Markets made just £2m from its rates business in the third quarter, the bank said on Thursday, helping to push Royal Bank of Scotland’s investment bank back into the red. Some are uncertain over the future of the business.
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One of the main aims of the European Distribution of Debt Instruments Initiative (EDDI) is to achieve greater harmonisation across eurozone bond markets. But if there is no incentive to use it, EDDI will become just another platform.
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The short end of the euro curve is becoming the new sweet spot for public sector borrowers, according to SSA bankers, despite the deeply negative yields in these maturities. The European Stability Mechanism (ESM), Instituto de Crédito Oficial (Ico) and Investitionsbank Berlin (IBB) are all enjoying strong outings with three or five year tenors this week.
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