Banks

Credit Suisse has boosted its investment banking operation in Japan by creating a new equity capital markets unit in the country.

SMBC Nikko wants to grow its capital markets and advisory business in EMEA, which is smaller than its parent’s heft in the loan market. It has hired Anthony Bryson, a former NatWest Markets and BNP Paribas banker, to lead the push.

Sagax, the Swedish commercial property company, and UK social housing firm Great Places have mandated for sub-benchmark sized deals, in what is likely to be a curtailed week for issuance in the corporate bond with a European Central Bank meeting on Thursday.

Total, the French oil and gas company, placed a chunky €3bn hybrid trade on Monday, as the spread between corporate senior and subordinated debt widens after months of tightening.

Lidl, the Germany-headquartered budget supermarket chain, has entered the syndicated loan market to raise cash from Asian lenders for a second time, according to market sources.

Spreads have moved away from their tightest levels, but issuers do not seem put off. France will extend the flood of long end deals with its first 50 year OAT syndication in almost five years on Tuesday.

Erste Group Bank was first out of the blocks this week to tap the euro market for senior preferred paper, with the lack of competing supply allowing the bank to target 'pricing over size', according to one of the leads.

Banca Monte dei Paschi di Siena has published a new business plan for the next four years, targeting a return to profit in 2022. The plan relies on the bank receiving a capital injection of at least €2bn, which is still under discussion with authorities in Italy and the EU.

Banque Fédérative du Crédit Mutuel (BFCM) paid up to attract investors to its new preferred senior sterling deal on Monday. Although it was unable to match the quantity of demand set by a BNP Paribas non-preferred deal earlier this month, sources close to the deal were pleased with the quality of investors involved.

Saudi Arabia’s National Commercial Bank (NCB), the largest financial institution in the kingdom, has mandated banks to arrange a tier one dollar sukuk. The deal may act as a prelude to a potential bond sale by the sovereign, which bankers say could happen as early as this week.

Peter Enns, most recently global co-head of advisory and investment banking coverage (AIBC) at HSBC, is set to be the next chief financial officer at insurer Chubb.

Anthony Bryson has joined SMBC Nikko Capital Markets as deputy president and head of capital markets and advisory Emea in London.