Deutsche Bank

GazTransport & Technigaz's (GTT) €675m IPO was covered on Tuesday, the day after bookbuilding began. Bankers hoped the deal could capture demand as investors move towards defensive stocks.

ING followed Swedbank into the tier two market on Tuesday, printing a tight €1.5bn 12 year non-call seven deal as tier two debt stole the limelight from senior unsecured for the first time this year.

Sberbank has released price guidance of 5.625% for a 10 year non call five subordinated deal that bankers away from the deal are calling a “fair” level. But market participants on and off the deal say that the clarification of point of non-viability language has made little difference to the pricing of the bond.

Swiss syndicate bankers are expecting a renewed surge of emerging market issuance in the near future, with Indian issuer Bharat Petroleum and Brazilian financial Banco Safra both mandating for roadshows next week.

A five year facility that will be used to finance oil purchases by BP from Rosneft will likely not reach its initial expected amount of up to $5bn.

GTT began bookbuilding on a €675m IPO on Monday, hoping that it can capture demand as investors move into more defensive stocks.

Rumours of potential additional tier one issuance from Nordic banks continued on Monday as Swedbank tapped demand for subordinated paper among yield-hungry fixed income investors to replace maturing tier two debt.

The global systemically important banks (G-SIBs) have collectively met their Basel III capital requirements five years ahead of time, according to a report from Fitch Ratings.

EuroWeek polled the DCM and bond syndicate teams at leading banks to find out which of their rivals they thought had done the best job across all sectors and currencies through 2013. Here are the results. The borrowers’ poll to decide the top banks and the bankers’ vote on the top borrowers will take place in April and May, and the award winners will be revealed at the EuroWeek Bond Dinner in May.

With a potentially bruising third quarter earnings season approaching, Europe’s investment banks should hold their nerve and stick to their post-crisis strategies, writes David Rothnie.