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Monday evening sale is latest block trade
◆ Danish biotech prints three tranches along the curve ◆ Seven year bond proves the sweet spot ◆ Proceeds to refinance €1.5bn acquisition bridge
Sfr4.9bn trade is largest European ECM deal since National Grid’s £7bn rights issue in 2024
Offer came as markets recovered and volatility fell
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The European Union leaders’ summit, which begins on Friday, should determine the approval of the bloc's planned €750bn coronavirus recovery fund. The summit is drawing the attention of investors in eurozone periphery government bonds and high grade corporate paper, particularly as the EU is far from agreeing the fund's final size. -
The European Banking Authority is urging resolution planners to consider the real impact of Covid-19 on banks. It wants to make sure that resolution can be seen as a "credible" option in times of stress.
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Italy did not set the world alight with the sale of its first government bond targeted exclusively to retail investors. The proceeds will be used to finance measures related to Italy's post-Covid-19 economic recovery.
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Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has filed preliminary IPO documents with India’s securities regulator for a listing.
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Funding officials from Caffil, Credit Mutuel Arkéa and La Banque Postale gathered in early July to take part in a roundtable to discuss how they navigated their way through the peak of the crisis when covered bond market volatility was at its highest, and how they expect to manage funding in its aftermath, as the pernicious impact of the pandemic takes its toll.
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Increasing European unemployment and a subsequent rise in the use of mortgage holidays is set to put pressure on the credit quality of European lenders and their covered bond pools, according to S&P.
