Europe

BPCE has registered to sell more Samurai subordinated bonds, looking to build on a successful debut in the format earlier this year, as European banks diversify their sources of new capital.

Alandsbanken, the Finnish banking group, has issued its first Swedish krona bond for over a year, drawing huge demand from domestic Swedish investors.

Another SSA issuer is lining up a seven year euro deal after three borrowers tapped that spot to the tune of over €2bn this week.

The United Kingdom has mandated banks to manage a reopening of its 0.125% index linked Gilt maturing March 2046.

Groupe BPCE launched its first tier two deal of the year on Friday, taking advantage of a buoyant market requiring slimmer new issue premiums.

The sterling market has fizzed for investment grade corporates this week, as both British American Tobacco (BAT) and Mondelez nabbed long dated tenor in the currency.

Market participants expressed relief on Thursday at the likely success of at least three of four capital raises being executed by Greece’s largest banks this week, after days of arduous bookbuilding. Olivier Holmey reports.

Investors gave a firm thumbs up to a capital hole at Novo Banco identified by the European Central Bank this week, as the debt of the Banco Espírito Santo ‘good bank’ joined a wider rally in Portuguese bonds.

The dollar market showed its appetite for diversity this week as Société Générale printed the first 30 year tier two bullet by a French bank and ING printed its debut green bond.

ABN Amro’s shares rose 3.5% on Friday, November 20, after it restarted life as a private sector bank with a successful IPO in Amsterdam. The deal raised €3.34bn and priced at 0.986 times book value, giving the bank a market capitalisation of over €16.7bn.

DZ Bank has placed a five part inaugural additional tier one (AT1) transaction within its co-operative bank network, which it said opens the door to a mid-size investor base for the product in Germany.

Allied Irish Banks made a triumphant and divisive return to the bank capital market this week, launching its first tier two since the crisis at a much higher premium than rival bankers thought necessary.