Europe
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BBVA, BFCM and BPCE met with strong investor demand for euro senior unsecured deals on Monday, as peripheral and longer dated debt proved no deterrent to buyers. -
Standard Chartered Bank has made two promotions — crowning a new head of capital markets for Americas and Europe and a new head of European syndicate.
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Lloyds and Société Générale both returned to the covered bond market to issue their first euro-denominated benchmarks of the year on Monday. The UK bank issued in much larger size with an order book that grew far more quickly than the book for SG’s deal.
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Intesa Sanpaolo is set to print the first additional tier one transaction of 2016 after opening the dollar tier two market for European banks last week, while ABN Amro opened the euro bank capital market on Monday.
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The fate of credit default swaps referencing Novo Banco still hung in the balance on Friday, with ISDA’s Determinations Committee unable to decide after three days of wrangling whether the Portuguese bank had triggered a government intervention credit event or a succession event.
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Fomento de Construcciones y Contratas, the Spanish construction company, is still waiting for the Spanish financial regulator to approve its securities note for its rights issue, approved by the board on December 17.
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Santander UK was set to print a solid sterling senior holdco debut on Friday, but different views of the appropriate spread between opco and holdco debt meant rival bankers couldn't agree on fair value for the deal.
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Westpac New Zealand launched an eight year Swiss franc deal on Friday, making it the second international issuer in the market this week.
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One of BNP Paribas' most senior debt bankers, Tim Drayson, has left the firm.
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Virgin Money has mandated leads for a new UK prime RMBS deal from its established Gosforth shelf, which will be issued in multiple currencies and will look to attract US investors with a 144A registration.
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As news of the UK and US investigation into SSA market trading practices broke, the SSA market split over whether the banks at the heart of the probe would lose primary business.
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