The GC View

The GC View
A new era has begun in the US, with the swearing in of Joe Biden as president. For America and the rest of the world it is a sea change in leadership style and political substance.
Social bonds have long been the poor cousin of green bonds. A smaller, less well organised market.
This week’s burst of covered bonds was exceptionally well received and boosted supply hopes. But even though the funding was cheap and deal execution certain, the supply outlook remains grim.
Few deals have ever had €75bn of orders. Spain managed to lose that much, but still have €55bn remaining in the book. This is the world the ECB’s purchase programmes have built.
Comment
Jean will be gone
Europe's merry-go-round for senior bankers jerked forwards last week. Most dramatically, Jean Pierre Mustier is leaving UniCredit: he will not stay beyond April 2021, the end of his current mandate. The French chief executive disagreed with board members over strategy, and in particular whether the bank should concentrate more on Italy.
Comment
Cruises, Lush and Industry
Leader
Is UniCredit a solution to Italy's problems?
Mustier can leave with head held high
Covid ruins dance clubs, DCM shindigs