Europe

Turkey has come to market for a 10 year dollar benchmark, reasserting its status as one of emerging market bonds' most frequent borrowers after a turbulent 2018.

Spanish lender Abanca is set to market a tier two bond, seeing an opportunity to issue after several stronger market sessions. It hopes to prove that demand for sub-benchmark bank capital is still alive and kicking.

Crédit Agricole paid a small premium to investors to launch a new short-dated floating rate note on Wednesday, adding to a flurry of senior trades from French banks at the start of the year.

Swedish markets regulator Finansinspektionen (FI) on Wednesday called for lawmaker-backed resolution plans for clearing houses, in the wake of a default at Nasdaq clearing last September.

Yapi Kredi, the Turkish bank, has set the pricing for its additional tier one bond though eschewing a “traditional bookbuild process”.

Geopolitical risk will likely continue to determine investor appetite for EMEA equity capital markets transactions but investors insist deals can be done regardless as long as the discount is sufficient.

Leveraged finance industry bodies are a changin’. The two main trade organisations led by the sell side are set to open talks with a new, more independent investor lobby taking its first steps on Wednesday.

At first look, a high new issue premium makes a corporate bond deal look cheap for investors. However, the negative effect that premium can have on an issuer’s outstanding bonds can prove to outweigh the cheapness of the new deal for an issuer’s long term backers.

Emerging markets have leapt back into action as investors take full advantage of the wider levels on offer in the asset class. Even some of the sector’s most turbulent credits are coming to market.

Around half of EU banks see pricing as a major constraint for issuing subordinated debt counting towards their minimum requirements for own funds and eligible liabilities (MREL), while analysts think funding costs will increase for capital instruments across the board, according to a survey released by the European Banking Authority this week.

ABN Amro has promoted one of its senior equity syndicate bankers to a wider coverage role within investment banking.

Europe’s already enfeebled rules around bank failures would be dealt a crushing blow if the Italian state were allowed to use public money to prolong the life of Banca Carige.