Europe

Stadshypotek took advantage of scant covered bond supply — particularly from Sweden in the 10 year area — to issue a tightly priced €500m deal on Tuesday.

Eurobank Ergasias is set to issue its first covered bond some 80bp tight of the Greek sovereign, exactly mirroring the pricing differential that National Bank of Greece (NBG) achieved with its larger trade in the same tenor two weeks earlier.

Nearly all of Banca Carige’s subordinated bondholders have approved a crucial bond exchange, shifting attention to the bank’s equity capital increase in November.

With Swedbank the latest to mandate for a green bond last week, the total issuance of unsecured green bonds by financial institutions in euros could double 2016’s total. At the same time, Oekom Research said that banks made up a higher proportion of its sustainable investment universe than any other sector.

Turkish Fibabanka is heading off on a roadshow on Wednesday to market a five year dollar denominated bond. But with Turkish bank levels still elevated after local press reports that some Turkish lenders could be fined billions of dollars by the US for violating sanctions on Iran, the bank and its leads are hoping for a rally before pricing.

Poland’s Bank Gospodarstwa Krajowego (BGK) released price guidance on a 10.5 year benchmark bond on Tuesday morning in London at a level that bankers away from the deal said looks fair.

HSBC has taken two veteran bankers from rival firms to drive its combined strategic equity financing and equity-linked businesses in London and Hong Kong.

Has Europe’s corporate bond market ever been hotter than today? Perhaps, but Monday’s four investment grade deals totalling €7.4bn offered ample evidence of extraordinary demand — not least, what is believed to be the most tightly priced corporate hybrid capital issue ever, for Danone.

The FCA has imposed its first fine for failure to report derivatives trades under the European Markets Infrastructure Regulation (EMIR) — but endemic cultural issues in large banks suggest it won’t be the last.

One of the biggest IPOs in London this year was revealed on Monday when Arqiva, the UK’s largest operator of TV and radio broadcast towers, launched an IPO with a projected valuation of about £5.5bn.

Agence Française de Développement will go on tour to market its newly established climate bonds programme in preparation for a euro deal with a tenor between five and 10 years.

NRW.Bank is set to return to the sterling market on Tuesday, coming on the heels of a tap from the Council of Europe Development Bank.