Europe

Piraeus Bank is expected to have to convert its state-held contingent convertible bonds (CoCos) into equity, which will put the firm under Greek government ownership. The move comes after the Single Supervisory Mechanism this week refused the issuer’s request to settle its bond coupons in cash.

BBVA said on Monday that it had reached an agreement to sell its US subsidiary to PNC Financial Services. The Spanish bank’s bonds rallied sharply on the news of the deal, which will increase its main capital ratios by as much as 300bp.

Diaverum, the Swedish operator of kidney dialysis clinics, has launched an IPO on the Nasdaq Stockholm.

Italy received less interest for its second BTP Futura bond last week than its inaugural deal in the format earlier in the year.

Swedish digital bank Nordnet has set a price range for its IPO on Nasdaq Stockholm, following a constructive investor education process.

The Belgian debt agency has reduced its gross borrowing needs for 2020 by almost €10bn, with the sovereign’s OLO issuance also expected to be less than previously forecast.

Lars Ingemarsson and Alex Stiris have been named co-heads of the Nordic region for Citi's banking, capital markets and advisory division (BCMA).

KfW finished off this year’s funding programme with a €2bn green bond tap on Thursday, bringing the outstanding to €6bn and making it the largest ever non-sovereign green bond line.

Société de Financement Local (SFIL) was over 5-1/2 times covered as it brought its long-awaited debut green bond to the market on Friday, allowing it to price well inside fair value.

Permanent TSB has picked banks to arrange the sale of a new additional tier one (AT1) from its holding company, a deal that could be used to replace the Irish lender's outstanding opco bond.

Conduit Holdings, a reinsurance start-up, has confirmed that it is to float in London this year. It is seeking $1.1bn equivalent of capital to take advantage of higher insurance premiums after two years of losses for the industry.

French bank Société Générale made a triumphant return to the dollar market this week, with its first additional tier one (AT1) capital issue in the currency for more than two years.