Europe

Regulators could help prevent banks retrenching in a downturn through increasing the proportion of capital requirements that are countercyclical, said Luis de Guindos, vice-president of the European Central Bank, on Thursday.

Société Générale grew revenues while keeping costs steady in its markets and investor services activities in the fourth quarter. Bondholders will have also welcomed a boost to the bank’s capital ratio.

As Goldman Sachs hunts for incremental gains in its investment banking division, it need look no further than its European franchise, where it continues to trail JP Morgan, writes David Rothnie.

Bahrain Steel to lock in better conditions in refi — Saudi sparks life into local loan mart — Cranfield University soft-sounds private placement market — Golding Homes looks to add hundreds of houses with £120m facility — Great Portland brings ESG loans to UK Reits

Shares in UniCredit, Italy’s largest bank by assets, closed 8.1% higher on Thursday after the bank cut its stake in Turkey’s Yapi Kredi, while announcing a dividend increase and a share buy-back.

GlobalCapital understands that Spain has appointed a new head of funding and debt management to take over from Pablo de Ramón-Laca, who has been promoted.

Alpha Bank was more than 10 times subscribed on its debut in the tier two market on Thursday, allowing the speculative grade Greek lender to tighten its pricing by up to 100bp and land at an impressive coupon level of 4.25%.

Investors warmly welcomed a TL2.6bn ($440m) block trade in Turkish bank Yapi Kredi on Wednesday night. But market participants are yet to be convinced that the country’s equity capital markets are fully reopened.

Stephen Moss and Nuno Matos have been given new roles of responsibility for Europe at HSBC, ahead of expected restructuring of the group in that region, particularly in global banking and markets (GBM).

Three SSA issuers brought dollar deals to market on Wednesday, hitting screens in a variety of formats and tenors, making the most of excellent conditions to pull off impressive deals. A fourth is lined up for Thursday.

BNP Paribas expects to buck the trend of malaise at European investment banks and grow its revenues this year, it said in its fourth quarter results on Wednesday.

Nationwide Building Society is book building for a three year dollar covered bond on Wednesday, in which the coupon extension period is linked to Sofr, but with a "nuanced difference" to the similar deal issued on Tuesday by Santander UK.