Europe
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Argenta Spaarbank’s trade this week was a warning to smaller banks about the importance of good pricing and roadshows in selling bonds. But even for those issuers willing to heed those lessons, it may already be too late to issue debt, writes David Freitas. -
The next economic downturn will be much more severe than the last financial crisis because firms have twice as much outstanding debt as they did in 2008, said a leading academic this week.
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The new European Commission has its work cut out if it wants to relaunch efforts to create a single market for capital in Europe. The easy wins were banked by the previous administration, while Brexit is complicating an already highly complex initiative.
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Nomura’s Cicchine heads for Deutsche — Macquarie finds head for new lending group — Citi promotes ECM bankers.
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Finnvera stormed through its second — and probably final — syndicated trade of the year on Wednesday as it received a twice subscribed order book that allowed it to tighten the spread by 2bp.
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Investors jumped on the opportunity to buy euro bonds with a positive yield in the public sector market this week as KfW and Kommunalbanken sold 15 and 10 year bonds respectively, with the latter returning to the currency for a benchmark for the first time since 2017.
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A surprise agreement between the UK government and the European Union has led to renewed optimism for the country's capital markets. There is hope that an orderly Brexit, or even a long extension, will lead to an increase in investment from UK companies, particularly in the form of M&A. Investors are more than willing to finance these deals, write Sam Kerr, Jasper Cox and Mike Turner.
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Mann+Hummel struggles in Schuldschein market amid splurge in auto trades — Bureau Veritas returns to USPP market — Seplat turns to loans for Eland buy — Endava swaps to syndicated sterling borrowing — Bravida refis revolver, eyes more buys
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A year on from being appointed chief executive, David Solomon is calling for patience in remodelling Goldman Sachs around new growth avenues. But there is much to admire on his first anniversary, writes David Rothnie.
