Europe

As a year where political upsets became the norm drew to a close, GlobalCapital picks the standout trades from a turbulent 2016.

France has wasted little of 2017 in getting its green bond to market having missed the chance to be the first sovereign to print in the format when Poland brought a deal at the end of last year. It announced on Tuesday the six banks that will run the trade.

In November GlobalCapital polled loan market participants for the 14th Syndicated Loan, Leveraged Finance and Private Placement Awards. The nominations are listed below in alphabetical order. We will reveal the winners at the awards dinner, to be held on February 8, 2017 at the Guildhall in London.

Four covered bond issuers returned to the market on Tuesday with the first deals of 2017. Two €1.5bn 10 year transactions showed that borrowers are prioritising the tougher, longer duration deals and, while conditions permit, issuing in large size.

Allianz said it would call one of its upper tier two bonds this February, pleasing market participants who thought the German insurer might extend the life of the instrument.

Emerging market bankers are optimistic for a busy first quarter after markets opened on Tuesday in a much stronger position than they had a year ago. Sovereign issuers from the Middle East and CEE are expected to lead the charge.

BNP Paribas was marketing senior non-preferred bonds in both euros and dollars on Tuesday, as French banks looked to prioritise issuing the new bonds in early 2017.

Natixis has beefed up its aviation finance division with a number of senior appointments in Singapore and London, citing “robust growth for the business line" as the reason behind the developments.

There is plenty of room for innovation among insurers in the capital markets in 2017 as new products show their first signs of life. But bringing these new tools to market will be a stern challenge, writes Tyler Davies.

Cross-currency swap markets face a rough start to 2017. Traders fear that diverging central bank policy, a shift in corporate borrowing dynamics and a repatriation of US money will all upset the basis at different parts of the curve. Dan Alderson reports.

In late 2016 a clutch of Russian borrowers shrugged off Western sanctions and domestic stagnation to return to the global bond markets. But will investors’ returning appetite for Russian risk survive a global repricing? Lucy Fitzgeorge-Parker reports

Additional tier one (AT1) went through the most turbulent period of its young life in 2016, and the experience was nothing if not formative. This year banks will benefit from the market’s new-found maturity. Tyler Davies reports.