Europe
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European banks have spent the better part of the last few years toiling away to raise loss-absorbing debt for new capital standards. But with many of the biggest firms closing in on their requirements, an attractive window has opened up in the primary market allowing a host of smaller names to print rare and first-time trades. -
Strong short end dollar demand led a host of issuers to print tight deals this week, including one debut. Investor appetite is expected to stay strong, but bankers are sceptical that there will be much supply.
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Two high quality euro borrowers printed what may be among their last benchmarks of the year this week, squeezing new issue premiums flat to the curve as investors filled their boots.
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Austria's 100 year bond, priced on Tuesday, highlighted just how far investors will go — and in their droves — to earn a bit of yield, with even the imminent threat of rising rates in euros unable to deter them from placing orders more than three times the size of a deal that was by no means measly. Lewis McLellan reports.
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The equity block trades market in EMEA finished another strong week for issuance on Thursday, which included three jumbo trades bigger than €1bn, making it the biggest week for block trades in the region this year.
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The Central Bank of Russia (CBR) has added Credit Bank of Moscow (CBM) to its list of systemically important banks (SIBs) this week, prompting a 2.5 cash point rally in the issuer’s subordinated bonds.
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Bank of Ireland got Irish banks off the mark with meeting their targets for minimum requirement for own funds and eligible liabilities (MREL) this week, selling its first trade from its holding company into a strong pool of demand.
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