Euro

Five banks supervised by the ECB are failing their ‘maximum distributable amount’ triggers, based on capital levels at the end of the second quarter, according to details of this year’s capital decisions published on Thursday.

Turkey’s Elazig Hospital has placed an innovative project bond, the structure of which enabled it to achieve a rating two notches above the Turkish sovereign. With infrastructure financing needs huge in the emerging markets, the deal sets a strong precedent for future issuance.

The Irish National Treasury Management Agency has set a higher funding target for 2017 than its 2016 figure, according to a funding statement released on Wednesday.

The Greek government’s plan to return to the bond market next year is unlikely to garner much interest from investors unless it pays an inflated price, despite a series of short term debt relief measures agreed this week, said public sector bankers.

The European Central Bank announced a series of tweaks to its asset purchase programme on Thursday, sparking disjointed market moves as investors and traders tried to discern whether the central bank’s move had disappointed or not.

The market was already expecting that the European Central Bank would announce an extension to quantitative easing — and be tight-lipped on tapering — at its next governing council meeting on Thursday. The resignation of Italy's prime minister Matteo Renzi following defeat in a constitutional referendum on Sunday now means the central bank has little choice but to offer some more easing.

Business travel group Carlson is running a roadshow for what could be the European high yield market's last deal of the year as it aims to refinance its debt with a three tranche bond.

The Belgian Debt Agency has announced its funding target for 2017 and has left open the possibility of printing a first ever publicly issued inflation linker.

After completing a roadshow last week, US orthopaedic reconstructive products producer Zimmer Biomet made its debut in the euro bond market on Tuesday with a dual tranche transaction.

On the surface, stress tests seem arcane and disconnected from reality. Perhaps they are, but they’re an increasingly important tool for bank regulators around the world.

Chinese companies have aggressively expanded into Europe this year, snapping up businesses and expanding their footprint. While loans are still the go-to funding tool and often get the bulk of the refinancing, as this week’s China National Chemical Corp transaction shows, the bridge-to bond route is becoming more popular. Morgan Davis and Addison Gong report.

Asia’s debt capital markets opened with a bang on Wednesday with five issuers fighting for attention. Investors have plenty of choice including a euro deal and a trio of dollar offerings from Chinese FIG and corporate names.