Europe

Intesa SanPaolo was looking to sell a seven year bond on Wednesday, following a spate of successful shorter dated vanilla senior issues.

Standard Chartered opened books on a perpetual bond not callable until April 2023 on Wednesday to kick off dollar issuance of additional tier ones in 2017 and potentially forerun a flurry of bank capital trades in euros.

Loan bankers’ enthusiasm to undertake more Russian business this year looks set to translate into deals soon, with Russian Railways in talks about a new money club loan.

BayernLB has mandated leads for a possible three year sterling floater or short five year fixed rate transaction.

The January rush of bond issuance is flooding screens with public sector deals, with $10bn of dollar funding and €4bn in euros arriving on Tuesday alone. Issuers are looking to stock up ahead of what may be a volatile year, but the strain may be beginning to show.

Société Générale SFH was set to issue a well oversubscribed mortgage backed seven year bond on Wednesday as Bawag shouldered a frostier reception for its public sector loan backed Austrian 10 year.

With most senior bankers and investors now back from holidays, equity capital markets in EMEA have burst into life this week, with the launch of two large capital increases and a sizeable state block trade in Engie.

Santander revealed on Wednesday it was considering printing total loss-absorbing capacity (TLAC) eligible instruments before Spain has given its final approval for the creation of senior non-preferred debt.

European corporate bond issues are coming thick and fast. Participants who predicted this week would be busy have been proved right, with 12 deals pushed into the euro, sterling and Eurodollar markets so far.

Canaccord Genuity has hired an experienced ECM banker to be its head of UK and European equity capital markets.

A growing number of European high yield bonds are being listed on the Channel Islands Securities Exchange to avoid onerous EU regulations. But borrowers should avoid too many visits to the offshore haven for the good of their market.

Shares in Banco Comercial Português, the Portuguese bank, have fallen 21% since it unveiled plans late on Monday for a €1.33bn rights issue to strengthen its core tier one capital ratio and finance the redemption of contingent convertible bonds owned by the Portuguese government.