Europe

FMS Wertmanagement has launched two separate tender offers on the Irish Stock Exchange for euro, swiss franc, US and Canadian dollar denominated covered bonds issued by DEPFA Bank and DEPFA Pfandbrief Bank SA.

As Abengoa approaches its late March deadline to avoid bankruptcy, this week the Bank of Spain began a round of checks on creditor banks’ compulsory capital provisions.

CNP Assurances has turned to the private market to print a $500m tier two, which is now the French issuer's longest outstanding debt.

Spreads on covered bonds from Italy’s weaker credits have shot skyward this week, with indicative bids in the worst affected names out by at least 25bp since the start of the year. The moves have followed renewed concerns over their non-performing loans.

Compagnie de Financement Fonciere is expected to open books for a euro benchmark covered bond on Wednesday, which in light of market turbulence and the long 10 year tenor, may need to offer a tempting initial concession. Market conditions permitting, another issuer could brave the market with an alternative offering.

The Italian subordinated debt market has come under further pressure this week, with spreads shooting wider amid renewed concerns about banks’ high levels of non-performing loans.

Central Bank of Savings Banks Finland (CBSBF) pounced on the first sign of parting clouds in the global markets on Tuesday, dashing into the FIG market with a short dated floater.

Crédit Agricole is planning a radical restructuring of its regional bank model in what it calls an “ambitious project” to improve its capital structure.

Romania is set to come to the bond market “sooner rather than later”, said Anca Dragu, the country's Minister of Public Finance on Tuesday. It is likely to print a trade in euros.

As part of plans to grow its derivatives business, Mizuho International has begun to clear euro and dollar interest rate trades through LCH.Clearnet’s SwapClear.

NLFI, the Dutch state agency, has chosen the global coordinators for the IPO of insurer ASR Nederland, relenting very slightly on the skinny fees it paid on the flotation of ABN Amro last year.

Nyrstar has obtained 99.79% of the votes cast in a second extraordinary general meeting to approve its rescue rights issue. The Belgian zinc and lead producer had failed to reach a 50% quorum at an EGM last month.