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  • Shard Capital, the London-based brokerage, is expanding into equity capital markets by hiring an entire team from Mirabaud Securities.
  • The European Investment Bank became the first borrower to tap the sterling market in 2021 on Monday, while KfW is set to follow on Tuesday. While the opening deal went well, the issuers had to contend with some sharp volatility.
  • SSA
    Public sector borrowers wasted no time in getting back to business in the euro market in 2021 with one live deal and four mandates all hitting screens on Monday as issuers look to take advantage of an almost full trading week and a supportive market to make a dent in their brand new funding programmes.
  • The US private placement market rarely gets going until after its main conference in Miami in January, typically restricting deal flow to February. Restrictions on travel mean the event is on ice until September, offering a rare opportunity for early movers. But many in the market still do not see a strong pipeline of deals.
  • UK gambling firm Entain, the former GVC Holdings, rejected a buyout bid from MGM on Monday morning, which could have added a second multibillion gaming deal alongside the Caesar’s bid for William Hill. MGM had offered to pay in stock, but regardless, the year is looking bright for debt-funded UK buyouts, with a healthy pipeline building.
  • Ex-UBS banker Leonardo Doser has joined Deutsche Bank as head of markets distribution for Switzerland.
  • Growth stocks are overvalued relative to value stocks, according to Ben Inker, head of asset allocation at GMO. But in fixed income markets he is less convinced of a bubble, with central banks compressing yields.
  • Emerging market bond investors have started the year in bullish spirits, market participants said, despite rising in Covid-19 infections across Europe. Investors' thirst for yield means the market is open to all issuers, bankers believe.
  • ING kicked off the financials market in euros on Monday, as the Dutch bank looked to extend out its callable curve at a holding company level, and with minimal new issue premia on offer, a slew of deals is set to follow.
  • Equity markets opened on a high on the first day of trading in 2021 and there are hopes that positive macro headwinds will provide strong momentum for equity capital markets deals. This is despite the Covid-19 pandemic still causing concern as cases rise and governments introduce tough restrictions to fight it.
  • Rising equity markets, new lockdowns and a pick-up in M&A are expected to lead to a busy first quarter for convertible bond issuance in Europe, according to bankers.
  • Aareal Bank mandated leads on Monday for the first new covered bond of 2021. At the same time, market participants have low issuance expectations for the next few days. Even though supply may improve next week, January volumes are expected to be lower than in previous years.