Italy

Europe’s new generation of special purpose acquisition companies (Spacs) are starting to make deals to combine with unlisted companies, testing the region’s nascent market.

Activity in the recruitment market for sustainable capital markets experts has ticked up this year, as banks looking to staff up in this area see a small but growing talent pool to tap. A recent hire by Santander in London is a good example.

Banco BPM found less demand than expected for its inaugural social bond on Thursday, as market conditions soured after the Italian lender opened books.

Citi has hired a senior investment banker from UBS to take over as investment banking head for Italy from Leopoldo Attolico, who is moving into a vice-chairman role.

Credito Emiliano managed to attract a robust order book for its €750m seven year covered bond that was sold on Wednesday, following an extended marketing period that enabled price discovery. At the same time Coventry Building Society mandated leads for only the second UK covered bond in euros to be issued this year.

Crédit Agricole announced plans on Tuesday to market its first covered bond from its social framework in what will be a rare maturity. At the same time leads on Credito Emiliano's proposed covered bond opted to wait until the European Union prices its deal is priced before launching.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of busiess on Monday, June 28. The source for secondary trading levels is ICE Data Services

National Australia Bank priced an €850m seven year Australian covered bond on Monday, comfortably inside recent deals from New Zealand and opted against issuing a larger deal size at a wider spread. At the same time, Credit Emiliano mandated leads for another euro benchmark.

Citi has appointed two co-heads of EMEA consumer products investment banking in London and a head of global luxury investment banking in Milan.

Italy brought a rare format to market on Thursday, selling its first syndicated CCTeu floating rate note in over a decade to extend its curve in this format of issuance.

Credit Suisse’s investment bankers are looking to its top ranks for an injection of belief in the future of the business, following cuts to the bonus pool and defections from those with less patience, writes David Rothnie.

As much as everyone would like to put the UK's messy divorce from the EU behind them, it remains a very live topic — especially for bankers who don't want to live in Frankfurt.