Germany
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Exasol, the German database analytics firm, priced its IPO on the Frankfurt stock exchange on Tuesday, attracting vast levels of demand from investors, despite books only being open for two and a half days. -
Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals.
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Loans bankers are puzzled by a probe by the UK's Financial Conduct Authority into whether banks attached improper conditions to loans to companies during the coronavirus crisis. They are concerned the FCA could edge into criticism of the system of bank-client relationships that underpin modern corporate finance, and some believe this is already having an influence on how companies think about mandates.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, May 18. The source for secondary trading levels is ICE Data Services.
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The Treasury announced on Tuesday an extension to the Coronavirus Large Business Interruption Loan Scheme (CLBILS). From May 26 certain businesses can apply for loans up to £200m under CLBILS but there are restrictions on dividend payouts and management pay rises.
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Belgium is set to issue its first dollar bond since 2017 as euro funders continue to take advantage of the attractive funding conditions in the currency, with three other public sector borrowers also in the market for dollars.
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French retailer Auchan has launched a Schuldschein, the first non-German corporate to enter the market since coronavirus hit European capital markets.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies in the middle of May.
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Unédic and NRW.Bank are planning to issue their first ever social bonds. The proceeds of Unédic's bond will go towards providing support for the French state unemployment package.
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A €1bn block of shares in TeamViewer, the German remote access software company, sold by investment firm Permira, one of its IPO sellers, garnered strong demand from investors on Wednesday evening.
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The European Investment Bank inaugurated its sustainability awareness bond (SAB) framework in Australian dollars on Tuesday, while on Wednesday NRW.Bank printed the largest SSA Kangaroo so far this year.
