Europe
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The UK Treasury’s decision to raise the cost of borrowing for local authorities has caused quite a stir in private placement markets, as players realise institutional investors are prepared to offer debt at more attractive rates than the Public Works Loan Board (PWLB). But the more adventurous local authorities may find capital markets a tougher pitch to play on, writes Silas Brown. -
Prosus gets JP Morgan loan for £4.9bn Just Eat order - GoCo switches to bigger loan deal - Schroders adds ESG targets to revolver - AerCap secures revolving debt until 2024 - Nottingham set to be third UK university to sell US PP notes this year
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Deutsche Bank is relying on a tight team of loyalists to revive its corporate finance ambitions, writes David Rothnie.
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JP Morgan changes line-up for energy and utilities, multi-nationals, UK ECM and UK M&A — UniCredit swaps out CEE investment bank head — Pigasse exits Lazard
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The IPO market has had a dreadful October, with a flurry of pulled deals and poor performers. Investors and bankers alike are hoping the last few deals of the year, including the highly anticipated IPOs of Française des Jeux and Switzerland’s SoftwareOne, can end 2019 on a high.
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The African Development Bank returned to its inaugural Norwegian krone social bond to increase the trade to Nkr1bn ($109.4m) this week, as it looks to move its social bond framework into other currencies, including dollars.
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Instituto de Crédito Oficial (Ico) is planning to issue its second green bond in 2020, following its debut trade in the format earlier this year.
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The covered bond market is likely to get its first glimpse of renewed European Central Bank participation in the primary market next Wednesday, which could help crystalise opinions on the spread outlook for the product.
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Air Astana, the flag carrier of Kazakhstan, remains committed to an IPO as part of the Kazakh government’s privatisation programme that is intended to deepen the country’s fledgling capital markets, although the timing of the deal is yet to be determined.
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The KKR-backed Swiss software company, SoftwareOne, has closed the books on its IPO on Thursday at just below the mid-point of its revised price range.
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Investors have been keen to lock in the money they made in the FIG bond market this year, rather than add new risk. This week, Rabobank added a green element to its latest bond in an attempt to encourage investors out of their shelters.
