Europe

Two of Italy's 12 largest banks are below their capital requirements, according to the European Central Bank’s supervisory review and evaluation process (SREP).

The French covered bond issuer has mandated leads for its second deal of the year and is expected to open books on Tuesday.

The Hungarian Development Bank has mandated three banks for a global investor call in the hope of drumming up enough demand to print a euro-denominated Reg S bond.

The Dutch government has opened the selection process for banks to lead the IPO of ASR Nederland, the life and non-life insurance company nationalised in October 2008. The plan is to float a 30% to 50% stake in the company in the first half of 2016.

Erste Abwicklungsanstalt is lining up to issue its first public euro bond since October 2013, which is set to be priced before next week's European Central Bank meeting.

The German government is considering new rules that would govern the regulation of loans for construction and residential properties. Though it is not clear whether the rules will become adopted, analysts at LBBW research say that if they are, they should lead to an improvement in the credit quality of Pfandbriefe.

New Europe Property Investments (Nepi) successfully priced a euro debut deal more than a year after first approaching investors.

Solvay, the Belgian chemical company, enjoyed the benefit of the European corporate bond market's blistering return to form this week, when it raised €3.25bn of hybrid and senior debt for its acquisition of Cytec Industries.

SEB Germany offered the lowest ever yield for a primary covered bond when it issued a three year public sector Pfandbrief on Tuesday. But some sort of positive return was necessary, even if it was minuscule.

Attendo, the Swedish healthcare provider, was expected to stop taking orders for its Stockholm initial public offering on Friday November 27, having achieved a heavily oversubscribed book.

Daimler closed its books on Friday for its Schuldschein note, increasing on its launch size from €300m to €1.1bn.

Swedbank printed the tightest fixed rate senior bond in several months this week, but FIG bankers are split on whether banks can be drawn away from covered bond funding next year as bail-in uncertainty continues to dog the asset class.