• EBA opts for more lenient threshold for EU stress tests

    The European Banking Authority has shaved 50bp off the minimum capital ratio banks must have after the adverse scenario to pass its 2014 stress tests, prompting some market participants to suggest it is being too lenient.

    • 31 Jan 2014
  • Créd Ag defies choppy senior to land magic 3% on 12 year

    Crédit Agricole will go down as the only bank bold enough to print this week, as senior unsecured issuance was hampered by fears of an emerging market crisis. But its long benchmark showed just why others were wary, as it widened after pricing.

    • 31 Jan 2014
  • Waiting for Spain

    January 2014 has had is similar amount of covered bond supply as this time last year, but redemptions and coupon payments have almost halved compared with 2013. The most deals have come from France and Italy, both up sharply from last year, while the largest decline in issuance has been in Spain, and to a lesser extent Germany and Norway.

    • 31 Jan 2014
  • Banks hit Basel III ratios early, says Fitch

    The global systemically important banks (G-SIBs) have collectively met their Basel III capital requirements five years ahead of time, according to a report from Fitch Ratings.

    • 31 Jan 2014
  • ABN appeals with Kangaroo debut but others must wait

    ABN Amro sold its debut Kangaroo bond on Wednesday, the first from a FIG issuer this year. The issuer managed to more than double its target size, seizing on demand from Australia, Asia and Europe.

    • 31 Jan 2014
  • CM-CIC absorbs €1.5bn but manages to perform

    Core covered bond deals sized at €1.5bn have had mixed success so far this year. Tuesday’s five year from Crédit Mutuel CIC SFH was only moderately oversubscribed but was well placed, trading stably at end of the week.

    • 31 Jan 2014
  • EBA cracks down on capital call removal

    The European Banking Authority has confirmed that the removal of call options from legacy capital instruments will count as a new issue and that such bonds will only continue to be grandfathered during the transition into CRD 4 if they have five years or more remaining to maturity.

    • 31 Jan 2014
  • High-trigger deals going cheap, say analysts

    Investors are not charging issuers enough for the additional risk of high triggers for loss absorption in additional tier one and contingent capital deals, because supply is low and the coupons on these instruments are so enticing, FIG market participants said this week.

    • 31 Jan 2014
  • Rate cuts could shrink commercial paper market

    The European Central Bank could cut its deposit rate to a negative number in the coming months, which will shrink the euro commercial paper market, according to dealers. But not all market participants agree.

    • 31 Jan 2014
  • Italian borrowers snub EM volatility to issue longest covered bonds

    The covered bond market showed its mettle this week as two peripheral issuers spurned emerging market volatility to price large, long dated benchmarks which drew exceptional demand.

    • 31 Jan 2014
  • CM-CIC absorbs €1.5bn but manages to perform

    Core covered bond deals sized at €1.5bn have had mixed success so far this year. Tuesday’s five year from Crédit Mutuel CIC SFH was only moderately oversubscribed but was well placed, trading stably at end of the week.

    • 31 Jan 2014
  • Goldman and US Bancorp spring dollar surprise

    US banks braved volatile markets to continue to tap the dollar market this week, confounding predictions that the recent glut of FIG supply had run its course.

    • 31 Jan 2014
  • Italian borrowers snub EM volatility to issue longest covered bonds

    The covered bond market showed its mettle this week as two peripheral issuers spurned emerging market volatility to price large, long dated benchmarks which drew exceptional demand.

    • 31 Jan 2014
  • Sberbank Europe 100bp all-in pricing well below expectations

    Sberbank Europe has priced its debut €400m one year deal at 100bp all-in. This is well below both lenders' expectations and the price its parent bank pays.

    • 31 Jan 2014
  • WL Bank wins over central banks with three year

    WL Bank priced the shortest fixed rate euro denominated covered bond of the year on Tuesday, at the tightest spread of any transaction since November 2012. Bankers off the deal questioned why any investor would pay such a tight price, while those on the deal said the cheap funding reflected the issuer’s high quality appeal.

    • 31 Jan 2014
  • UniCredit opens MTN hub in London

    UniCredit has hired Konrad Merkofer and Anshuman Mehta as MTN dealers based in London. They are the first MTN bankers for UniCredit to be based in the city. They will supplement the team based in Munich.

    • 31 Jan 2014
  • Turkish banks are still kings of the loan market – poll

    The loan market is at the mercy of Turkish financial institution borrowers when it comes to pricing, according to EuroWeek Loans' latest poll.

    • 31 Jan 2014
  • Aareal opens secret club with public five year

    German lender Aareal Bank brought a very private deal to the public markets this week, launching a five year senior unsecured club deal after foregoing the usual indications of interest and price guidance processes and opening books with the spread already set.

    • 31 Jan 2014
  • Créd Ag wider in soft senior as Fed suppresses sentiment

    Crédit Agricole’s 12 year bond closed at reoffer on Wednesday having traded wider after pricing, but was sliding wider again on Thursday in line with a nervy market that ruled out any follow-on supply.

    • 30 Jan 2014
  • Rate cuts could shrink ECP market

    The European Central Bank could cut its deposit rate to a negative number in the coming months, which will shrink the euro commercial paper market, according to dealers. But not all market participants agree.

    • 30 Jan 2014
  • DZ finds French trading anomaly

    The covered bonds of French issuers that are backed by relatively weaker collateral are trading at the tightest spreads, while French deals backed by higher quality collateral are trading at wider spreads, according to DZ Bank covered bond research.

    • 30 Jan 2014
  • Covered bond core sellers buy periphery, even as BTPs widen

    There was strong secondary market interest in the long end of the peripheral market, and especially Italian bonds, on Thursday. In contrast, core covered bonds came under greater selling pressure, partly due to switching interest from Wednesday’s deals. The flows were counter-intuitive to the wider macro backdrop, where the flight to safety bid has resumed.

    • 30 Jan 2014
  • Gazprombank returns to take bigger dim sum

    Gazprombank returned to the offshore renminbi market on January 23, raising double the amount it managed on its debut last year and becoming the first Russian issuer to tap the CNH market in 2014. The third largest bank in Russia also made use of a strong existing European investor base, attracting the biggest demand from that region for a CNH bond this year.

    • 30 Jan 2014
  • Azerbaijan's AccessBank prepares to launch debut loan

    Azerbaijan's AccessBank has mandated Raiffeisen Bank International to co-ordinate its debut syndicated loan.

    • 29 Jan 2014
  • Credit Bank of Moscow tussles with lenders over loan pricing

    Credit Bank of Moscow is in talks with banks for a new one year club deal. The amount and terms have not been set yet, though lenders and the borrower are in tough negotiations over the price.

    • 29 Jan 2014
  • Sberbank Europe all-in pricing well below expectations

    Sberbank Europe has priced its debut €400m one year deal at 100bp all-in. This is well below both lenders' expectations and the price its parent bank pays.

    • 29 Jan 2014
  • Covered bonds dominate as FIG recovers from slump

    The covered bond market is taking the limelight this week, with five borrowers from Germany, France and Italy issuing deals at vastly different funding levels, and with very different outcomes. Senior was slower to start, after last week’s sell-off, and while capital deals are promised, they have yet to materialise.

    • 29 Jan 2014
  • UBI shows insatiable demand for Italian covered bonds

    The primary covered bond market sprang into life on Wednesday with four deals from Germany, France and Italy. Pride of place went to Unione di Banche Italiane, the only one to have publicly mandated a deal the previous day. It was oversubscribed about five times based on the unreconciled book and may have pushed Intesa Sanpaolo into bringing forward its own issuance plans (see other story).

    • 29 Jan 2014
  • Intesa Sanpaolo mops up UBI’s leftover demand

    Intesa Sanpaolo brought forward a 12 year deal on Wednesday, after witnessing the extraordinary demand for UBI Banca’s 10 year. Intesa’s book was less spectacularly oversubscribed, but its long tenor should ensure a high proportion of quality interest, boding well for its performance.

    • 29 Jan 2014
  • EBA cracks down on call removal

    The European Banking Authority has confirmed that the removal of call options from legacy capital instruments will count as a new issue and could stop the resulting bonds from being grandfathered in the transition to CRD 4. The move could prompt issuers of step-up tier one securities to replace quarterly call options with five-yearly calls.

    • 28 Jan 2014
  • ABN debut set to reopen FIG Kanga market

    ABN Amro opened books on its debut Kangaroo bond on Tuesday morning, in what will be the first trade this year from a FIG issuer in the format.

    • 28 Jan 2014
  • Scandis seen as best chance for elusive 10 year

    Investors keen on the long end of the senior unsecured curve have been disappointed by the primary market so far this year, but some FIG bankers feel Scandinavian banks emerging from blackout in the next couple of weeks offer the best chance for the first 10 year issue of 2014.

    • 28 Jan 2014
  • Turkish banks are kings of the loan market – Poll

    The loan market is at the mercy of Turkish financial institution borrowers when it comes to pricing, according to EuroWeek Loans' latest poll.

    • 28 Jan 2014
  • First Citizen gets loan to start Irish car finance lending

    Irish retail credit provider First Citizen Finance has signed a €150m revolving credit facility as it tries to break into the car finance market.

    • 28 Jan 2014
  • Second Flugzeug Pfandbrief on runway

    Norddeutsche Landesbank Girozentrale has mandated joint leads to organise a roadshow for its second aircraft Pfandbrief and said a new deal is expected to follow.

    • 28 Jan 2014
  • Portuguese pass-through covered bond

    Moody’s and DBRS have upgraded the Series 1 covered bonds of Portugal’s Banco de Investimento Imobiliario (BII) after they were restructured using a pass through mechanism. The notes will be retained and are designated purely for central bank funding. Parent bank, Banco Comercial Português (BCP), is monitoring the market and, if it were to issue a publicly syndicated deal, it would use its existing programme structured with a soft bullet maturity, said bankers.

    • 28 Jan 2014
  • WL Bank goes short and tight

    WL Bank was set to price the shortest fixed rate euro denominated covered bond of the year on Tuesday, at the tightest spread of any transaction since November 2012. Bankers off the deal were surprised that any investor would pay such a tight price, while those on the deal said the cheap funding was a reflection of the issuer’s high quality.

    • 28 Jan 2014
  • Ritter sports new title at Deutsche as Kell goes to Asia

    Josef Ritter, Deutsche Bank's co-head of ECM, is set to take control of the team's FIG coverage next month, as Neil Kell moves to run the bank's Asian business.

    • 27 Jan 2014
  • Banco Popolare gets out first to beat Italian bank deluge

    Banco Popolare, Italy's fourth-largest bank, launched a €1.5bn capital raise late on Friday night, looking to beat its rivals and seize on positive investor sentiment before the ECB's Asset Quality Review later in the year.

    • 27 Jan 2014
  • Nordic capital issuance imminent

    At least one Nordic issuer is planning to print an additional tier one deal once the quarterly reporting season is over, with plenty of issuers in other regions also planning to tap the growing asset class, bankers told EuroWeek Bank Finance on Monday.

    • 27 Jan 2014
  • Global risk aversion infects FIG

    Financial institutions could be faced with a very difficult primary market this week, as the fate of emerging market economies in the wake of QE tapering in the US continues to worry investors.

    • 27 Jan 2014
  • SNS Reaal bad bank hits road for GG bond

    Propertize, the winding up agency for Dutch bank SNS Reaal’s property finance division, mandated banks on Friday for a roadshow ahead of a debut bond issue. Propertize is only the second issuer to have an explicit guarantee from the Dutch government.

    • 27 Jan 2014
  • Ukrainian Bank Finance and Credit sells $100m bond despite riots

    Ukrainian Bank Finance and Credit issued a $100m 9.25% July 2019 bond last Thursday via sole lead manager VTB Capital. The new bond is being used to refinance — and was issued as part of an exchange offer for — Finance and Credit Bank’s $95m 10.5% Eurobonds due in January 2014.

    • 27 Jan 2014
  • Priced out of Austria? Head for the Czech Republic

    It comes to something when after a long week at work, Munich’s bankers cannot unwind with a quick trip to the Austrian Alps. At 5pm on a Friday it is common to see suited men and women scurrying for their cars and making straight for the border on the A8.

    • 27 Jan 2014
  • Akbank matches ING Turkey's pricing for new loan

    Turkey's Akbank has launched a refinancing facility priced at 90bp all-in. This is the same price ING Turkey is offering on a loan launched a fortnight ago, though lenders on Akbank's deal say the loans were priced independently of each other.

    • 27 Jan 2014
  • Turkey takes a step forward, and another back

    Turkey’s updated covered bond law is credit positive, Moody’s said on Monday, after the country’s Capital Market Board announced the changes last week. However, the timetable for the first Turkish euro denominated mortgage backed benchmark has been pushed back after the lira hit new lows.

    • 27 Jan 2014
  • Crédit Agricole adds to covered research team

    Stephan Dorner is joining the credit research team at Crédit Agricole CIB in London as a covered bond analyst.

    • 27 Jan 2014
  • Spreads steady as issuers hold fire

    Despite renewed emerging market volatility and, to a lesser extent, European peripheral sovereign weakness, the covered bond market was steady on Monday. Secondary market volumes have collapsed, but bankers were encouraged by the market’s stoic response to wider credit woes.

    • 27 Jan 2014
  • Russia's Gazprombank returns for bigger dim sum

    Gazprombank returned to the offshore renminbi market on January 23 raising double the amount it managed on its debut last year and in doing so became the first Russian issuer to tap the CNH market in 2014. The third largest bank in Russia also made use of a strong existing European investor base, attracting the biggest demand from that region for the CNH bond this year.

    • 24 Jan 2014
  • Harbin Bank files for $1bn IPO, aims for Q2 listing

    The Hong Kong Stock Exchange is set to welcome the arrival of another Chinese provincial lender after Harbin Bank filed for a $1bn IPO, according to a banker close to the deal.

    • 24 Jan 2014
  • The Goldman Sachs Group, Inc

    • 24 Jan 2014
  • Allianz

    • 24 Jan 2014
  • Berlin-Hannoversche Hypothekenbank — Berlin Hyp

    • 24 Jan 2014
  • Crédit Agricole SA

    • 24 Jan 2014
  • Banca Popolare di Milano

    • 24 Jan 2014
  • Fitch: Bonus cap will not impact bank costs

    The EU’s bonus cap is unlikely to have a big impact on European trading banks’ cost structures, according to Fitch Ratings, but an increased focus on costs and exiting low-margin businesses will have a greater effect on compensation.

    • 24 Jan 2014
  • Deutsche debt slide bodes ill for European peers

    Litigation and accounting charges took the blame for Deutsche Bank’s early announcement of a fourth quarter loss this week, but a dive in debt sales and trading income was more troubling for European bank investors.

    • 24 Jan 2014
  • Germany talks up RMB future

    Germany is comfortably China’s largest trading partner in Europe, accounting for about a third of all EU-Chinese trade and for a large share of European FDI into China. That would seem to make Frankfurt a natural hub for renminbi (RMB) trading and settlement in Europe. Indeed, when Prime Minister Li Keqiang chose Germany as the destination for his first overseas trip as China’s Premier, in May 2013, he spoke of the economic “dream team” that the two countries could create if they intensified their co-operation. Can this also be applied to financial services, and if so, will it underpin the further expansion of Frankfurt as a financial centre? This was the focus of EuroWeek’s December roundtable in Frankfurt.

    • 24 Jan 2014
  • Spanish banks set to shun public markets after sovereign bonanza

    Spanish banks enjoyed a surge in demand for their private placements this week, and many are expected to favour the private market for issuing senior unsecured debt in 2014.

    • 24 Jan 2014
  • BPCE shows price leadership with generous covered bond

    BPCE won plaudits from investors and bankers for the pricing on its €1.5bn six year covered bond which offered an unusually attractive new issue premium. In contrast to all other French issuance this year, it has performed well since becoming free to trade.

    • 24 Jan 2014
  • Dah Sing tier two succeeds on rarity and structure

    Hong Kong’s Dah Sing Bank priced its first Basel III compliant tier two bond on Wednesday. The small size, structure and jurisdiction all helped the deal succeed, said bankers on the bond. But buyers singled out rarity value as the most attractive aspect.

    • 24 Jan 2014
  • French smell opportunity for short floaters

    Crédit Agricole sold a two year floating rate note in little time on Tuesday, taking advantage of short end demand to print a tight deal before going into blackout next week. The deal followed an identical floater from compatriot HSBC France last week.

    • 24 Jan 2014
  • Bund rally still weighs on covered sentiment

    The rally in Bunds and swaps caused covered bond bankers further concern on Friday. Profit taking still dominates secondary flows, and with already heavy dealer inventories building further, the environment will not rekindle primary flow. Yet, covered bonds regularly face such corrections and in the long run yields will move higher, buyers will return and the covered market’s constructive technical backdrop will come back into play.

    • 24 Jan 2014
  • Metro Bank takes capital raise, loses interest in IPO

    The UK's newest retail bank may scrap plans for an IPO early in 2014 having raised £387.5m through a capital raise.

    • 24 Jan 2014
  • Money market funds eager for bank FRN opportunities

    European banks could print more one and two year floating rate notes in the coming weeks as money market funds hunt for the paper, a leading market figure told EuroWeek.

    • 24 Jan 2014
  • Banks get funding boost from Irish upgrade

    Demand for Irish bank debt was outperforming the market by a distance this week, as Moody’s became the last of the big three ratings agencies to upgrade the country above junk status.

    • 24 Jan 2014
  • Pimco’s Mierau sets covered bond ETF stall

    Pacific Investment Management Co and Source UK Services, an exchange-traded products provider, have put their expertise together to offer the first active exchange traded fund that invests purely in covered bonds.

    • 24 Jan 2014
  • Goldman first into sterling as investors respond to coupon on 12 year benchmark

    Goldman Sachs ensured the first flag planted in the sterling senior unsecured market this year was covered in stars and stripes, as it targeted strong demand in the long end of the curve this week.

    • 24 Jan 2014
  • Lloyds' sell-down prospect excites ECM with added challenge of retail element

    ECM bankers are excited by the prospect of a speedy sell-down of Lloyds Banking Group stock by the UK government, with market participants optimistic that the markets are likely to remain supportive over the coming six weeks.

    • 24 Jan 2014
  • Schäuble pitches for Eurozone RMB crown

    Wolfgang Schäuble, Germany’s finance minister, talks to EuroWeek’s Toby Fildes about Germany and Frankfurt’s ambitions to become the Eurozone home of the renminbi, the impact that banking union will have on financial services and centres in Europe and whether or not enough has been done to prevent the economic crisis from returning.

    • 24 Jan 2014
  • New Taiwanese investors to drive bank PP supply

    Bank private placement volumes are set to escalate in 2014 as a new Taiwanese investor base develops and banks show a preference for selling private placements over syndicated debt.

    • 24 Jan 2014
  • Belfius pays small NIP; Commerzbank and Kommunalkredit hit the road

    Belfius Bank on Tuesday launched a tightly priced five year covered bond that was easily digested, thanks to its relatively small size. Meanwhile, Kommunalkredit Austria and Commerzbank named leads for deals to be launched following respective roadshows.

    • 24 Jan 2014
  • Berlin Hyp’s benchmark goes international

    Berlin-Hannoversche Hypothekenbank’s five year senior unsecured bond this week achieved the issuer’s twin goals of printing in benchmark size and having some investors from outside Germany buy it.

    • 24 Jan 2014
  • FIG starts to wilt as barrage continues

    JP Morgan and Morgan Stanley continued the flood of big-ticket FIG supply in the US market this week, leaving investors gasping for a pause in issuance.

    • 24 Jan 2014
  • Kexim dual lists renminbi dual trancher

    Export Import Bank of Korea sold its first public renminbi transaction since 2012 late last week, launching a Rmb1bn ($164m) dual tranche bond split evenly between five and 10 year tranches. The issuer also took the unusual approach of listing the tranches on different stock exchanges — becoming the first to do so — selling the 10year bond in Taiwan and the five year in Singapore.

    • 24 Jan 2014
  • RBI €2.78bn ABB bodes well for FIG ECM issuance in 2014

    A €2.78bn accelerated pre-placement for Austria’s Raiffeisen Bank International set a positive precedent for other European financial institutions looking to shore up their balance sheets through capital raises over 2014.

    • 24 Jan 2014
  • Pimco’s Mierau sets covered bond ETF stall

    Pacific Investment Management Co and Source UK Services, an exchange-traded products provider, have put their expertise together to offer the first active exchange traded fund that invests purely in covered bonds.

    • 24 Jan 2014
  • Allianz blowout shows Swiss sub appetite

    More issuers could look to follow in the footsteps of Allianz after a blowout subordinated Swiss franc deal on Wednesday, according to Zurich based bankers. The deal — ending Allianz’s 14 year absence from the currency — drew an exceptional response from yield starved Swiss investors.

    • 24 Jan 2014
  • UniCredit frees up capital with infrastructure reg cap trade

    UniCredit has sold the riskiest two tranches of a portfolio of project finance loans to a US hedge fund, freeing up a chunk of capital that can either be used for new lending or help it meet tougher capital requirements.

    • 24 Jan 2014
  • Sberbank Europe in loan talks

    Sberbank Europe has sounded out the syndicated loan market for a €400m one year loan. The borrower is offering a margin of 100bp over Euribor, though fees and a co-ordinating bank have yet to be revealed.

    • 24 Jan 2014
  • Milano reopens periphery as cash backs eurozone

    Banca Popolare di Milano printed the first periphery deal the senior unsecured market has seen in over a week on Thursday, and showed that risk appetite in FIG is still alive and well with investors having clearly backed European risk across asset classes this week.

    • 24 Jan 2014
  • All Bonds league tables

    Dealogic league tables of bond transactions, last 12 months rolling. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 23 Jan 2014
  • International bonds league tables

    Dealogic league tables of bond transactions, last 12 months rolling. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 23 Jan 2014
  • All Revenue league tables

    Dealogic league tables of total revenue transactions, full year 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

    • 23 Jan 2014
  • Rabobank opens Aussie domestic market with floater

    Rabobank took to the Australian dollar market through its Sydney branch on Thursday, drawing attention from local bank treasuries. The deal is the first senior unsecured bank debt sold on the domestic market this year.

    • 23 Jan 2014
  • Bonus cap will not impact bank costs, says Fitch

    The EU’s bonus cap is unlikely to have a big impact on European trading banks’ cost structures, according to Fitch Ratings, but an increased focus on costs and exiting low-margin businesses will have a greater effect on compensation.

    • 23 Jan 2014
  • Banks set to favour clubs in 2014

    Banks will show a preference for selling club deals this year, according to MTN dealers.

    • 23 Jan 2014
  • Milano reopens periphery as cash backs eurozone

    Banca Popolare di Milano put the first periphery bank senior unsecured deal in over a week on screens on Thursday morning, with investors having clearly backed European risk across asset classes in the previous trading session.

    • 23 Jan 2014
  • Commerzbank spells out SME changes

    Commerzbank hit the road this week to update investors about changes to its SME covered bond programme. However, a second SME deal off the programme will have to wait until it emerges from blackout, lead banks said.

    • 23 Jan 2014
  • Covered bond ratings safe from Fitch sovereign risk proposals

    Fitch has set out how its ratings of covered bonds will be constrained by the credit quality of sovereign risk. Its criteria exposure draft gives specifics on how the agency embeds sovereign default risk in its ratings stresses.

    • 23 Jan 2014
  • Carige’s covereds collapse

    Banca Carige’s covered bonds widened sharply in the secondary market on Thursday amid continued weakness among recent issues, and some selling of second tier peripheral credits.

    • 23 Jan 2014
  • RBI €2.78bn ABB bodes well for FIG ECM issuance

    A €2.78bn accelerated bookbuild for Austria’s Raiffeisen Bank International has set a positive precedent for other European financial institutions looking to shore up their balance sheets through capital raises over 2014.

    • 22 Jan 2014
  • Goldman first into sterling with popular 12 year

    Goldman Sachs was set to print the first sterling-denominated senior unsecured benchmark of 2014 on Wednesday, targeting better demand in the long end of the curve.

    • 22 Jan 2014
  • Pictet launches Absolute Return Fixed Income Fund

    Pictet Asset Management has launched an Absolute Return Fixed Income Fund that will invest in a wide range of corporate, high yield, financial and emerging markets bonds.

    • 22 Jan 2014
  • Investors pile into Allianz Swiss return

    Allianz returned to the Swiss franc market after an absence of 14 years on Wednesday, selling a chunky subordinated deal. The high demand for subordinated paper could encourage more issuers to look at capital trades in the currency, according to syndicate bankers away from the trade.

    • 22 Jan 2014
  • Berlin Hyp goes big and stays home

    Berlin-Hannoversche Hypothekenbank (Berlin Hyp) made a big improvement on both size and demand for its latest senior unsecured deal, a five year transaction due to be priced on Wednesday afternoon.

    • 22 Jan 2014
  • Créd Ag smells pre-blackout opportunity

    Crédit Agricole launched a two year floating rate note in no time at all on Tuesday afternoon, taking advantage of short end demand to print a tight deal before going into blackout next week.

    • 22 Jan 2014
  • Primary activity slows in watchful FIG

    FIG supply has slowed this week as blackout periods start to bite and investors have favoured buying in primary, while issuers want to see a critical mass of investors come into the secondary market to give it a positive direction before launching deals.

    • 22 Jan 2014
  • Dah Sing starts HK tier two supply

    Hong Kong’s Dah Sing Bank opened books on the first Basel III compliant tier two bond from a Hong Kong financial institution on Wednesday. The small size, structure and jurisdiction would help ensure a better outcome than Dah Sing’s Chinese competitors enjoyed on their outings, said bankers close to the deal.

    • 22 Jan 2014
  • Kookmin feeds floater frenzy but demand undiminished

    Kookmin Bank closed a three year floating rate note on Tuesday, pricing the bond flat or even inside its secondary curve, according to bankers on the bond. But such is the appetite for the short dated FRN that the bonds were bid even tighter in the secondary market, with US accounts the main drivers of the spread contraction.

    • 22 Jan 2014
  • Bendigo courts institutions with first tier two

    Bendigo & Adelaide Bank opted for tier two in its latest Basel III compliant bond in a effort to attract institutional accounts, but it had to offer a substantial pick up over the nearest comparables to satisfy that investor, finally pricing at 280bp over three month BBSW.

    • 22 Jan 2014
  • BPCE shows covered bond pricing leadership

    BPCE won widespread praise for pricing its €1.5bn six year covered bond on Wednesday with an usually attractive new issue premium. Bankers on and off the deal applauded the move, as did investors, who have been sorely disappointed by this year’s poorly performing transactions.

    • 22 Jan 2014
  • UniCredit seeks capital relief from US hedge fund

    UniCredit has offloaded default risk on a portfolio of Italian infrastructure projects to Mariner Investment Group, as the US fund launches a specialist business to pursue risk-sharing deals with European banks looking to meet new capital requirements.

    • 21 Jan 2014
  • DeltaCredit eyes first Eurorouble bond since April

    Commercial Bank DeltaCredit, a Russian subsidiary of Société Générale, has hired Citi, Sberbank and Société Générale to arrange a roadshow for a senior unsecured Eurorouble bond to be placed in the first half of this year.

    • 21 Jan 2014
  • Berlin Hyp to shun short end in flat market

    Berlin-Hannoversche Hypothekenbank (Berlin Hyp) is expected to look to the longer end of its senior unsecured curve after finishing a roadshow on Tuesday, while bankers believe other issuers are holding potential deals because of the tumult of supply so far this year.

    • 21 Jan 2014
  • KDB selects Samurai for second showing

    Korea Development Bank made its second appearance of the year on Tuesday, taking advantage of a favourable basis swap to become the first Korean credit to tap the Samurai market in 2014.

    • 21 Jan 2014
  • Sberbank Europe grabs lenders' attention with loan talks

    Sberbank Europe has sounded out the syndicated loan market for a €400m one year loan. The borrower is offering a margin of 100bp over Euribor, though fees and a co-ordinating bank have yet to be revealed.

    • 21 Jan 2014
  • Kookmin keeps Korean floaters flowing

    Kookmin Bank followed its policy bank peers into the floating rate market on Tuesday, opening books on a three year bond that looks likely to come well inside where it would price a fixed rate deal, said bankers on the bond.

    • 21 Jan 2014
  • Axis Bank $1bn block sale scheduled for February

    Suuti, an Indian body which holds several government liabilities will sell a $1bn stake in Axis Bank as early as February, following a discussion with nine banks last week, according to a banker on the trade.

    • 21 Jan 2014
  • RBI sets up committee to review bank governance

    The Reserve Bank of India has formed a committee to look into governance practices among Indian lenders, such as regulatory compliance, strategy and risk management.

    • 21 Jan 2014
  • HSBC China appoints deputy CEO

    Montgomery Ho, managing director and head of commercial banking for HSBC China has been promoted to the role of deputy CEO and executive director for the Chinese arm of the global bank.

    • 21 Jan 2014
  • StanChart tier two finds Singapore dollar sweet for capital raising

    Standard Chartered gave the Singapore dollar market a new first on Friday, selling the debut tier two Basel III bond in that currency. Reverse enquiry from high quality investors and a favourable cross currency swap led the issuer to a 12 year non call seven deal positioning the Singapore dollar market as an alternative for raising bank capital.

    • 21 Jan 2014
  • Belfius pays small premium for five year

    The covered bond primary market sprang back to life on Tuesday as Belfius Bank launched a €500m five year, while Kommunalkredit Austria named leads for a deal to be launched following a roadshow (see other story).

    • 21 Jan 2014
  • Kommunalkredit mandates

    Kommunalkredit Austria appointed joint leads on Tuesday for a public sector backed deal likely to be launched after a roadshow.

    • 21 Jan 2014
  • Secondary stabilises, but flows ebb

    Depfa was little changed in the secondary market on Tuesday, despite having delayed its sale, while dealers reported that the general market had stabilised after earlier weakness.

    • 21 Jan 2014
  • Lloyds' sell-down prospect excites ECM

    ECM bankers are excited by the prospect of a speedy sell-down of Lloyds Banking Group stock by the UK government, with market participants optimistic that the markets are likely to remain supportive over the coming six weeks.

    • 20 Jan 2014
  • Metro Bank takes £387.5m capital raise, loses interest in IPO

    The UK's newest retail bank may scrap plans for an IPO early in 2014 having raised £387.5m through a capital raise.

    • 20 Jan 2014
  • Deutsche debt slide bodes ill for European peers

    Litigation costs and accounting charges took much of the blame for Deutsche Bank’s early announcement of a fourth quarter loss on Monday, but a dip in debt sales and trading income was of more concern to European bank investors.

    • 20 Jan 2014
  • Money market funds hunt FRN opportunities

    Banks will print more one and two year floating rate notes in the coming weeks with US money market funds (MMFs) keen for the paper, a leading market figure told Euroweek.

    • 20 Jan 2014
  • Hefty legal fees soften Morgan Stanley ECM surge

    Despite a 75% in equity underwriting revenue, Morgan Stanley’s income took a heavy blow from weighty legal fees in the fourth quarter of 2013.

    • 20 Jan 2014
  • Irish banks get further boost from sovereign upgrade

    Irish bank debt was outperforming the market by a distance on Monday, propelled by a Moody’s upgrade of the country to above junk status.

    • 20 Jan 2014
  • Dah Sing sets up Basel III tier two bond

    Hong Kong’s Dah Sing Bank is planning its first Basel III compliant tier two bond — also the first from a Hong Kong bank — and aims to sell a 10 year non-call five deal of around $200m.

    • 20 Jan 2014
  • Ireland outperforms and investors perk up

    Belfius Bank has mandated joint leads for a deal to be launched on Tuesday. Meanwhile, secondary market spreads have stabilised, and Irish bonds have outperformed following the country’s rating upgrade. Despite a mixed secondary market tone, investors are bullish on core prospects at the long end due to the curve’s steepness and impact of roll down.

    • 20 Jan 2014
  • Covered still key to bank funding, says S&P

    Covered bond ratings stabilised over the final quarter of 2013, according to Standard & Poor’s. Country risk will continue to influence ratings this year, it predicts, while covered bonds will still play a big part in bank funding, as credit conditions remain negative.

    • 20 Jan 2014
  • Citi takes fixed income hit in fourth quarter

    A 15% fall in Citi’s fixed income revenues took part of the blame for a fall in overall revenues at the banking group during the final quarter of 2013, although it was still able to post a large increase in pre-tax profits.

    • 17 Jan 2014
  • HSBC targets euros after French US assault

    HSBC France made sure that European investors had a chance to buy French bank paper this week, launching a euro-denominated floating rate note on Friday after four compatriots printed deals in the US.

    • 17 Jan 2014
  • DNB Bank prices first Samurai since 2011

    DNB Bank priced ¥81.6bn ($780m) of five year Samurai bonds on Friday, its first Samurai deal since January 2012. Not only did the issuer get a bigger deal away this time, it also reached more than three times as many investors as it did with its last transaction.

    • 17 Jan 2014
  • Gazprombank mulls dim sum sale

    Gazprombank has picked banks for investor meetings with an eye on a dim sum transaction, following a huge two weeks of issuance in that market.

    • 17 Jan 2014
  • Rabobank Nederland

    • 17 Jan 2014
  • Dexia Crédit Local

    • 17 Jan 2014
  • Kexim builds out renminbi curve with dual listed dual trancher

    Export Import Bank of Korea sold its first renminbi transaction since 2012 on Thursday night, launching a Rmb1bn dual tranche bond split evenly between five and 10 year tranches. The issuer also took the unusual approach of listing the tranches on different stock exchanges — becoming the first to do so — selling the ten year bond in Taiwan and the five year in Singapore.

    • 17 Jan 2014
  • Crédit Agricole SA

    • 17 Jan 2014
  • Intesa Sanpaolo

    • 17 Jan 2014
  • Banco Espírito Santo — BES

    • 17 Jan 2014
  • Banco Popular Español

    • 17 Jan 2014
  • Banca Popolare di Vicenza

    • 17 Jan 2014
  • World Bank

    • 17 Jan 2014
  • Spanish funding boss to run BBVA LatAm ALM

    BBVA has hired a former deputy director from the Spanish Treasury to look after funding and balance sheet management for its South American subsidiaries.

    • 17 Jan 2014
  • SSA, periphery supply sets off core covered bond alarm

    Core covered bond issuers risk triggering a sell-off in the product by attempting to lure deserting investors back with fatter premiums, bankers warned this week as German new issues mostly struggled, writes Bill Thornhill.

    • 17 Jan 2014
  • Italy draws closer to SME covered bonds

    The Italian government is poised to amend the country’s covered bond law to allow issuers to use SME collateral for a new type of dual recourse bank bond, or Obbligazioni Bancarie Collateralizzate, writes Bill Thornhill.

    • 17 Jan 2014
  • Green bonds multiply as spread parity melts

    Green bonds, the asset class that captivated so many sectors of the bond market in 2013, could be set for explosive growth this year, say bankers. And despite the expected supply surge, spreads may well plough through outstanding curves of normal bonds if recent price action in some green bonds is any sort of indicator, write Jon Hay and Tessa Wilkie.

    • 17 Jan 2014
  • US in French swoon as Yankee dash continues

    It may not have grabbed the headlines like a French Presidential tryst, but the love affair between the country’s investment grade banks and US investors hit fever pitch this week as a quartet of issuers took home $5.7bn.

    • 17 Jan 2014
  • BoC haul heralds offshore funding increase

    Bank of China’s Hong Kong arm closed its first offshore deal on Monday, pricing one of the largest ever Reg S bonds from Asia. The $1.25bn dual tranche transaction is just the start of what debt bankers expect to be heavy offshore issuance from Chinese and Hong Kong banks this year.

    • 17 Jan 2014
  • Moves In Brief — 17 January

    Daiwa sees Shah thing in EM — Lamprecht joins RenCap for African sales — Nagler joins Aurelius — Weil Gotshal hires London levfin partner

    • 17 Jan 2014
  • AT1 — blinded by the yield

    When did you last see a $25bn book for a perpetual non-call 10 year additional tier one capital deal with two triggers for temporary principal write-down, one based on the issuer’s capital ratio and the other based on the capital ratio of its parent group, both of them set at different levels?

    • 17 Jan 2014
  • Ghana tipped as Africa’s new lending hot spot

    Union Bank of Nigeria is set to become the latest of a string of Nigerian banks to sign an internationally syndicated loan, but lenders have already begun shifting their gaze to a new African financial institutions market — Ghana.

    • 17 Jan 2014
  • Latins continue euro interest post BNDES success

    Development bank BNDES became the second state-owned Brazilian borrower to issue in euros in 2014 with a €650m transaction sold at a new issue premium as low as 5bp.

    • 17 Jan 2014
  • Fierce negotiations begin as ING Turkey prices loan below expectations at 90bp

    ING Turkey has shattered loans bankers' hopes of a price widening on Turkish financial institution deals this year by coming to the market for a $500m loan at 90bp all-in.

    • 17 Jan 2014
  • US MMFs contemplate peripheral banks

    US money market funds are boosting their allocations to eurozone banks and buying ever long tenors, according to commercial paper dealers. The funds are even considering a return to peripheral bank paper for the first time since the onset of the eurozone's sovereign debt crisis.

    • 17 Jan 2014
  • ABN revitalises core covered bond supply prospects

    ABN Amro returned to the covered bond market on Thursday, issuing a €1.5bn 10 year deal with an attractive new issue premium. The deal showed that, for the right name and spread, the market is still receptive to core issuers. However, with the long end now saturated, questions are growing over the market’s outlook.

    • 17 Jan 2014
  • Sekerbank plots debut Eurobond, covered bond and loan increase

    Turkey's Sekerbank is considering issuing its debut Eurobond this year, as well as covered bonds, and it is increasing the size of a syndicated loan. The funding is being done to support the 15%-20% growth of the bank it expects this year.

    • 17 Jan 2014
  • Provisions cancel out equities surge at BAML

    Bank of America Merrill Lynch followed US rival JP Morgan in reporting a strong performance in ECM for the fourth quarter of 2013, but profits at the investment bank were dragged down by greater provisions for credit losses.

    • 17 Jan 2014
  • High yield dim sum hits new heights in supply surge

    Dim sum supply has had an explosive start to the year, with a torrent of deals from on and offshore issuers taking supply to four times what it was in the first two weeks of last year’s record six month run. But even more impressive is the appetite for yield, exemplified by Trade and Development Bank of Mongolia’s debut in the currency, which despite modest size signals the extent to which dim sum boasts a thriving high yield segment absent in any other Asian currency bond market, writes Steve Gilmore.

    • 17 Jan 2014
  • UniCredit three year covered FRN could prove pioneering deal

    UniCredit’s decision to issue a three year floating rate covered bond in benchmark size alongside a 10 year fixed rate deal was a response to the new regulatory environment and could pave the way for a new market sector. The new format may help improve funding opportunities for other issuers, particularly in Europe’s periphery.

    • 17 Jan 2014
  • Green Bond Principles to unleash growth

    Thirteen banks published on Monday a set of Green Bond Principles, designed to foster growth and a degree of standardisation in the fast-growing market.

    • 17 Jan 2014
  • Primary hopes pinned on Bund sell-off

    The outlook for covered bond supply remains quite good but issuance could start to taper off next week. The 20bp rally in Bunds this year has hit demand and has caused some issuers to wait. They hope for a weaker Bund and higher yield which is expected to revitalise demand and issuance, bankers told The Cover on Friday.

    • 17 Jan 2014
  • Restraint preserves senior market after periphery pullback

    Investors gave FIG issuers a scare earlier this week by sending new senior unsecured issues from periphery banks several basis points wider in secondary. But a couple of dry days have helped calm the market and bankers expect issuance to pick up again next week.

    • 17 Jan 2014
  • Basel Committee throws banks a leverage ratio lifeline

    The Basel Committee has announced changes to three pillars of Basel III — the leverage ratio, the Net Stable Funding Ratio and the Liquidity Coverage Ratio — that will make post-crisis regulation less onerous for banks, earning a warm response from the market.

    • 17 Jan 2014
  • Old market shows talent for the new

    The conditional pass-through mechanism and SME structured covered bonds were the market’s big innovations last year and more issuers in more regions should adopt these pioneering developments in 2014, while Spanish banks are considering a brand new covered bond structure.

    • 17 Jan 2014
  • Gazprombank opens door for Swiss EM capital deals

    Gazprombank and Banco Santander Chile re-opened the Swiss franc market for emerging market issuers on Thursday. Gazprombank sold the first new style tier two bond from an EM country in Swiss francs, with a strong investor response opening the way for other EM issuers to consider subordinated trades in the currency.

    • 17 Jan 2014
  • Initial price thoughts may not be needed for liquid markets

    Initial price thoughts are a useful price discovery tool in illiquid markets. But in core markets where liquidity is high, they can obfuscate how successful a deal has been. It is time to consider doing away with them where possible.

    • 17 Jan 2014
  • Swiss yield hunt benefits longer tenors

    Banque Fédérative du Crédit Mutuel, Commonwealth Bank of Australia and LGT Bank all tapped the Swiss franc market this week. CBA and LGT opted to secure larger volumes by offering attractive coupons to yield hungry investors. German insurer Allianz is also likely to benefit from a Swiss hunt for yield, mandating banks to arrange a roadshow for a sub deal.

    • 17 Jan 2014
  • SSA, periphery supply sets off core covered bond alarm

    Core covered bond issuers risk triggering a sell-off in the product by attempting to lure deserting investors back with fatter premiums, bankers warned this week as some new issues struggled.

    • 17 Jan 2014
  • Hochschild kicks off debut supply but Peruvians cautious

    Peruvian miner Hochschild became the first debut borrower of 2014 in Latin American bond markets with a $350m seven year issue on Wednesday. But despite a strong book of nearly $1.5bn, the pace of new issuers from Peru will slow this year, bankers say.

    • 17 Jan 2014
  • DCM dips, ECM gains at JP Morgan

    A 65% increase in equity underwriting fees was not enough to prevent JP Morgan recording a decline in capital markets and advisory revenue for the fourth quarter of last year.

    • 17 Jan 2014
  • Aareal and Bank Austria bid as spreads go wider

    Aareal Bank and Bank Austria on Monday each raised €500m in covered bond funding at competitive levels, attracting oversubscribed order books, even as spreads widened in the secondary market.

    • 17 Jan 2014
  • Abbey follows Lloyds as FLS change spurs supply

    UK’s Abbey returned to the sterling covered bond market for the first time since February 2012 with a three year floating rate deal. The transaction benefitted from unfulfilled demand from Lloyds Bank's earlier deal, and both were driven by changes to the UK's Funding for Lending Scheme (FLS).

    • 17 Jan 2014
  • Bright light of AT1 yields blinds buyers to product’s risks

    FIG investors this week gave a clear indication that they would do pretty much anything to get their hands on some yield, placing a whopping $25bn of orders for Crédit Agricole’s $1.75bn debut additional tier one trade as they chased the prize of a 7.875% coupon from one of France’s best-known financial institutions.

    • 17 Jan 2014
  • Dexia strikes out for sevens in GG build

    Dexia Crédit Local continued its steady march towards an established curve in the senior unsecured market this week, adding a seven year to existing three and five year trades and witnessing an increased central bank bid.

    • 17 Jan 2014
  • PKO BP brings first non-sovereign CEEMEA deal

    PKO Bank Polski built a €2bn book for its €500m five year bond on Thursday, kicking off CEEMEA non-sovereign bond issuance for the year. The deal was priced at 115bp over mid-swaps, the tight end of final guidance of 115bp-120bp.

    • 17 Jan 2014
  • Bank of Baroda shakes out orders with steep spread revision

    India’s Bank of Baroda priced the first 144A bond from an Indian issuer on Wednesday with one of the biggest revisions of guidance seen so far this year — a full 35bp.

    • 17 Jan 2014
  • Daily deals signal resurgence for Sing dollar market

    The Singapore dollar market is finally showing signs of life this week after a slow start to the year, and was on track for a deal a day by Thursday evening. Aspial Corp, Croesus Retail Trust, Hylux, Ezion Holdings and Standard Chartered all launched well received bonds, as debt bankers proclaimed the market on form for 2014.

    • 17 Jan 2014
  • CBA extends sterling FRNs to four years

    Commonwealth Bank of Australia added to the trend for sterling floating rate covered bonds on Friday, issuing a £350m four year deal. It followed the recent three year sterling deals from Lloyds Bank and Abbey. Given, CBA’s lack of repo eligibility with the Bank of England, a smaller issue was expected. Meanwhile, Deutsche Hypothekenbank also issued a floater, bringing a €250m two year Pfandbrief.

    • 17 Jan 2014
  • Chinese property undaunted, but weak liquidity worries bankers

    The January juggernaut has started to take its toll on the bond market, with deals struggling to perform amid a swarm of transactions. Chinese property issuers saw no need to postpone their plans, however. Fantasia Holdings closed a $300m bond on Thursday, and Yuzhou Properties opened books on its own deal on Friday. But debt bankers warned that new issue premiums will have to rise as the rush shows no signs of stopping, and some are worried falling liquidity could prompt widespread repricing.

    • 16 Jan 2014
  • International bonds league tables

    Dealogic league tables of bond transactions, last 12 months rolling. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 16 Jan 2014
  • All Bonds league tables

    • 16 Jan 2014
  • Crédit Agricole stuns market with $25bn book for debut AT1

    Crédit Agricole pulled together the biggest ever order book for an additional tier one trade on Wednesday, finding a whopping $25bn of demand for its $1.75bn perpetual non-call 10 year debut in the deeply subordinated asset class. If further evidence of the grab for yield was needed, this was it — even though the leads themselves admitted that the deal was priced way through fair value.

    • 16 Jan 2014
  • Provisions cancel out equities surge at BAML

    Bank of America Merrill Lynch followed US rival JP Morgan in reporting a strong performance in equities for the fourth quarter of 2013, but profits at the investment bank were dragged down by greater provisions for credit losses.

    • 16 Jan 2014
  • PKO BP tightens guidance on five year euros to fair value

    Bookrunners tightened guidance on PKO BP’s euro market return to 125bp area over mid-swaps on Thursday morning in response to strong demand.

    • 16 Jan 2014
  • German central banker elected to ECB board

    The European Parliament has approved the appointment of German central banker Sabine Lautenschläger to the executive board of the ECB.

    • 16 Jan 2014
  • Sekerbank plots debut Eurobond, covered bond and loan increase

    Turkey's Sekerbank is considering issuing its debut Eurobond this year, covered bonds and it is increasing the size of a rolled over syndicated loan. The funding is being done to support the 15%-20% growth of the bank it expects this year.

    • 16 Jan 2014
  • FIG in digest mode as peripherals retrace

    There is no shortage of FIG issuers monitoring conditions in the senior unsecured market, but they were again holding back on Thursday as a wobble in appetite for higher beta paper earlier this week continued to stabilise.

    • 16 Jan 2014
  • Gazprombank prepares Swiss tier two

    Gazprombank is set to sell the first tier two bond in Swiss francs from a Russian issuer on Thursday afternoon, while Santander's Chilean subsidiary is in the market with a senior unsecured trade.

    • 16 Jan 2014
  • BBVA appoints new LatAm funding head

    BBVA has hired a former deputy director from the Spanish Treasury to look after funding and balance sheet management for its South American subsidiaries.

    • 16 Jan 2014
  • Hochschild, BCP bring back Peru

    Peruvian miner Hochschild became the first debut borrower of 2014 in Latin American bond markets with a $350m seven year issue on Wednesday. But despite a strong book of nearly $1.5bn bankers say the pace of new issuers from the country will slow this year.

    • 16 Jan 2014
  • ABN’s raises €1.5bn, but questions remain

    ABN Amro returned to the covered bond market on Thursday, issuing a €1.5bn 10 year deal with an attractive new issue premium. However, with the long end now saturated with supply and the secondary market still looking soft, questions continue to linger.

    • 16 Jan 2014
  • Sekerbank plots debut Eurobond, covered bond and loan increase

    Turkey's Sekerbank is considering issuing its debut Eurobond this year, covered bonds and it is increasing the size of a rolled over syndicated loan. The funding is being done to support the 15%-20% growth of the bank it expects this year.

    • 16 Jan 2014
  • UniCredit opens way for three year floaters

    UniCredit’s decision to issue a three year floating rate tranche in benchmark size was a response to the new regulatory environment and could pave the way for a new market sector, Waleed El Amir the bank’s head of long term funding, told The Cover on Thursday. The new format may help improve funding opportunities for other issuers, particularly in Europe’s periphery.

    • 16 Jan 2014
  • Crédit Agricole AT1 book surges amid high beta obsession

    Investors piled into Crédit Agricole’s debut additional tier one trade on Wednesday, shrugging off Tuesday’s wobbly trading session and prompting the lead managers on the deal to keep the book size to themselves to avoid further order inflation.

    • 15 Jan 2014
  • Equity gains puff up JP Morgan IB

    A 65% increase in equity underwriting fees was not enough to prevent JP Morgan’s investment bank recording a decline in revenue for the fourth quarter of last year.

    • 15 Jan 2014
  • Dexia looks longer still for GG build

    Dexia Crédit Local launched a seven year euro bond on Wednesday morning as it continued its march towards a full government guaranteed senior unsecured curve.

    • 15 Jan 2014
  • MMFs eager for European banks in 2014

    Prime money market funds cut their commercial paper holdings by $5bn in December, according to a JP Morgan report. But money funds have increased allocations in the first weeks of 2014 and are opting for longer maturities according to commercial paper dealers.

    • 15 Jan 2014
  • Gazprombank makes second attempt at Swiss tier two

    Gazprombank is looking to sell the first tier two bond from a Russian issuer in Swiss francs, with a deal expected on Thursday. This is the issuer’s second attempt at such a trade, following a pulled deal last year.

    • 15 Jan 2014
  • Rabobank looks to the bright side of periphery slowdown

    Rabobank gave the euro senior unsecured market a much lower beta look than in recent sessions on Wednesday when it opened books on a five year transaction, and bankers feel the next week or so could be more suited to stronger names.

    • 15 Jan 2014
  • TDBM highlights hunt for yield with dim sum sucess

    Trade and Development Bank of Mongolia sold a Rmb700m ($115m) dim sum debt on Tuesday. Despite the modest size the bond was priced inside the issuer’s curve and found firm support among real money accounts. The sound result is unlikely to result in more Mongolian issuance, but underscores the growing bid for high yield dim sum, said debt bankers on the bond.

    • 15 Jan 2014
  • Baroda benchmark starts Indian issuance for 2014

    India's Bank of Baroda opened books on a 5.5 year 144A/Reg S bond on Wednesday. Guidance was set in the 360bp over Treasuries area, before being tightened to final guidance of 325bp-335bp over Treasuries on Wednesday evening.

    • 15 Jan 2014
  • FIG bankers eye quick recovery after blip

    A phenomenal amount of new supply since the start of 2014 meant the FIG market was bound to suffer some indigestion eventually. It did so on Tuesday, after Intesa Sanpaolo struggled to find traction with an eight year senior trade on Monday. Bonds widened on Tuesday and the market took a breather, but things seemed to be back on track on Wednesday.

    • 15 Jan 2014
  • Fierce negotiations begin as ING Turkey prices loan at 90bp

    ING Turkey has shattered loans bankers' hopes of a price widening on Turkish financial institution deals this year by coming to the market for a $500m loan priced at 90bp all-in.

    • 15 Jan 2014
  • UniCredit reveals extent of peripheral bid

    Italy’s UniCredit showed that the covered bond market is wide open for the right name and spread with a strong reception for its dual tranche fixed and floating rate covered bond on Wednesday. The deal will shore up sentiment for peripheral markets, but means little for core issuers whose bonds have recently softened, said bankers.

    • 15 Jan 2014
  • Italy draws closer to SME covered bonds

    The Italian government is poised to amend the country’s covered bond law to allow issuers to use SME collateral for a new type of dual recourse bank bond or Obbligazioni Bancarie Collateralizzate. If structured with a soft bullet, the uplift above the issuer’s rating would be limited, Fitch said on Tuesday. However, bankers said the prospective bonds would be more likely to use a pass through structure.

    • 15 Jan 2014
  • Covered falls behind senior but its potential is still good

    Good news has been hard to come by in the covered bond market of late. Three years of declining volumes has left the market a shadow of its former self. But with €444bn of supply posted with the ECB, there is tremendous potential for substantial growth, especially since the senior unsecured funding is likely to become more expensive. But issuers will need to pay careful attention to encumbrance as regulatory scrutiny will only increase.

    • 15 Jan 2014
  • Turkish banks line up for 2014 covered bond dash

    The Turkish covered bond law will be updated any moment now, paving the way for the first publicly syndicated euro denominated, mortgage backed covered bond. VakıfBank, Işbank, Ziraat Bank, and Akbank are in the frame, but the odds-on favourite to bring the first benchmark sized deal is Garanti Bank, which may surface in the first quarter.

    • 15 Jan 2014
  • KDB mirrors Kexim with tight dual tranche

    Korea Development Bank closed a $1.5bn dual tranche bond this week, identical in size and structure and maturity to competitor Korea Export Import Bank’s recent transaction. A lack of concession relative to Kexim’s secondary spreads put some US accounts off, but KDB still found enough interest to price a well subscribed bond with virtually no new issue premium.

    • 14 Jan 2014
  • BPCE finds strong demand for US T2

    French lender BPCE found strong demand on the other side of the Atlantic on Monday, pricing a $1.5bn 10 year bullet tier two trade 15bp inside its initial price thoughts. Elsewhere in subordinated debt, Crédit Agricole is wrapping up its additional tier one roadshow and is expected to hit the market with a deal soon.

    • 14 Jan 2014
  • Senior market takes a breather as Intesa leads widening

    Intesa Sanpaolo’s eight year senior deal widened significantly in the secondary market on Tuesday, leading a broad underperformance among Monday’s new issues. The weaker backdrop prompted market participants to suggest that the market needed to take a break before another avalanche of supply from banks in peripheral Europe.

    • 14 Jan 2014
  • BFCM and CBA return to Swiss francs

    Banque Fédérative du Crédit Mutuel and Commonwealth Bank of Australia are both set to price Swiss franc deals in the belly of the curve on Tuesday afternoon, adding to a strong start to 2014 for FIG issuers in medium tenors.

    • 14 Jan 2014
  • BoC benchmark heralds offshore funding increase

    Bank of China’s Hong Kong arm closed its first offshore deal on Monday, pricing one of the largest ever Reg S bonds from Asia. The $1.25bn dual tranche transaction is just the start of what debt bankers expect to be heavy offshore issuance from Chinese and Hong Kong banks this year.

    • 14 Jan 2014
  • Afrexim sails through senior loan phase, now for general

    African Export-Import Bank, the Egypt-based trade finance bank, has signed the senior stage of a $435m-equivalent syndicated loan. General syndication is expected to be launched this month.

    • 14 Jan 2014
  • TDBM takes Mongolia into dim sum

    Trade and Development Bank of Mongolia (TDBM) opened books on the country’s first ever dim sum bond on Tuesday. Debt bankers on and off the deal are hoping for a successful transaction to help broaden the renminbi market’s scope and encourage issuers in other new jurisdictions to bring deals. But TDBM's starting point struck some buyers as too tight.

    • 14 Jan 2014
  • BNDES brings further Brazilian euro supply

    Development bank BNDES became the second state-owned Brazilian borrower to issue in euros in 2014 with a €650m transaction sold at a new issue premium as low as 5bp according to bankers close to the deal.

    • 14 Jan 2014
  • Hong Kong leads Asia with creditor bail-in resolution regime

    The Hong Kong Monetary Authority, the Securities and Futures Commission and the Insurance Authority have launched the first stage of public consultation on establishing a resolution regime for financial institutions, in keeping with guidelines established by the Financial Stability Board.

    • 14 Jan 2014
  • Odd eight year puts punters off Pbb

    Deutsche Pfandbriefbank (Pbb) issued 2014’s second Pfandbrief deal on Tuesday but despite a highly supportive technical backdrop, a generous new issue premium and small deal size, it was unable to muster a convincing level of demand. The anaemic reception was due to the odd choice of an eight year tenor, said bankers, but it also raised concerns over supply indigestion.

    • 14 Jan 2014
  • NAB aims for Swiss covered debut

    National Australia Bank is expected to sell the first international covered bond in the Swiss franc market on Monday afternoon, its debut in the currency. While Australian issuers are generally popular with Swiss investors, bankers away from the deal have speculated that an unsecured bond may have been a wiser choice for the issuer.

    • 14 Jan 2014
  • Basel Committee throws banks a leverage ratio lifeline

    The Basel Committee has announced changes to three pillars of Basel III — the leverage ratio, the Net Stable Funding Ratio and the Liquidity Coverage Ratio — that will make post-crisis regulation less onerous for banks, earning a warm response from the market.

    • 13 Jan 2014
  • Periphery shines as funding grab continues

    Banco Espírito Santo followed its sovereign into the capital markets on Monday, bringing the first senior bond of the year from a Portuguese bank as credits from Europe’s periphery continued to dominate the deal flow. High beta names found the strongest bid, with national champion Intesa Sanpaolo struggling to gain momentum, which some observers put down to the lower spread it was offering.

    • 13 Jan 2014
  • LGT long seven year highlights Swiss yield hunger

    Liechtenstein based financial LGT bank tapped the Swiss franc market on Monday for a new long seven year deal. By looking for a longer maturity than is common for a single-A rated issuer, the bank was able to court demand from yield-hungry investors.

    • 13 Jan 2014
  • CEO change for SBAB

    SBAB’s board of directors has dismissed its CEO Carl-Viggo Östlund and is hunting for his replacement amid its plans to develop a cost-efficient business.

    • 13 Jan 2014
  • US money market funds slowly warm to periphery

    US money market funds are beginning to reload on peripheral European bank debt, while overall allocations to the eurozone continue to increase, according to commercial paper dealers.

    • 13 Jan 2014
  • Lenders weigh Ghanaian bank deals as Nigeria's UBN nears signing

    Union Bank Nigeria is set to become the latest of a string of Nigerian banks to sign an internationally syndicated loan, but lenders have already begun shifting their gaze to a new African financial institution market — Ghana.

    • 13 Jan 2014
  • KDB set to price despite post-payroll uncertainty

    Korea Development Bank opened books on short dated floating and long dated fixed rated bonds on Monday, despite uncertainty as to how lower than expect non-farm payroll data will affect spreads.

    • 13 Jan 2014
  • BoC HK joins Chinese dollar bank rush

    Bank of China’s Hong Kong arm launched a dual tranche three and five year dollar on January 13, in what is proving a busy start to the year for Chinese lenders.

    • 13 Jan 2014
  • Westpac adds to Aussie bank pipeline

    Westpac Banking Corp is expected to price its first dollar bond of the year on Monday evening as Australian banks make an early entry in debt market.

    • 13 Jan 2014
  • Bank of Jinzhou set to kick off 2014 Basel III bond issuance

    Bank of Jinzhou (BJZ), in China’s northeast Liaoning Province, is set to offer the country's first tier two Basel III compliant bonds from a city commercial bank. According to two sources close to the deal, an issue could come in the next two weeks.

    • 13 Jan 2014
  • Softer secondary hints at higher spreads to come

    Aareal Bank and UniCredit Bank Austria priced successful euro deals in five and 10 year maturities on Monday, while Abbey issued a three year in sterling. All three priced at the tighter end of initial thoughts. However, prospective core borrowers with larger funding needs may need to offer more tempting spreads as the market softened on Monday.

    • 13 Jan 2014
  • DBS touted for Singapore’s first covered bond after Fitch backing

    DBS Bank is touted to bring Singapore’s first covered bond, possibly in the first quarter, bankers told The Cover on Wednesday, with Barclays and Deutsche Bank rumoured to be the lead managers. The Monetary Authority of Singapore cleared the way for banks to structure covered bond deals, when it updated its issuance rules on December 31.

    • 13 Jan 2014
  • Moody’s backs covered moves in Korea and Singapore

    Kookmin, Woori and Shinhan have large mortgage market shares according to Moody’s which gave a positive assessment of the country's new covered bond regulation. The rating agency also said Singaporean regulation was a positive despite shortfalls.

    • 13 Jan 2014
  • No Friday siesta as BBVA and Santander CF print senior

    Senior unsecured bank bond issuance continued apace on Friday, as BBVA and Santander Consumer Finance brought deals, capitalising on the frenzied investor demand that supported just over €9bn of euro issuance between Tuesday and Thursday.

    • 10 Jan 2014
  • Bank of India firms up bookrunners for Basel III groundbreaker

    Bank of India has added to its bookrunner line up ahead of the bank’s planned Basel III-compliant dollar deal. The issuer will launch the bond – the first international Basel III bond from an Indian issuer – after a roadshow, said a banker on the deal.

    • 10 Jan 2014
  • ADBC sets tight price for two tranche dim sum

    The Agricultural Development Bank of China raised Rmb3bn ($491m) from a dual tranche transaction on Thursday, January 9.

    • 10 Jan 2014
  • BoC shows rising European interest for renminbi

    Regular issuer Bank of China (London Branch) tapped into increasing European interest in the renminbi to secure a Rmb2.5bn ($409m) deal on Thursday, January 9.

    • 10 Jan 2014
  • UniCredit

    • 10 Jan 2014
  • Svenska Handelsbanken

    • 10 Jan 2014
  • Bankia

    • 10 Jan 2014
  • BNP Paribas

    • 10 Jan 2014
  • Assicurazioni Generali

    • 10 Jan 2014
  • Abbey National Treasury Services

    • 10 Jan 2014
  • Rabobank

    • 10 Jan 2014
  • Bank of Ireland

    • 10 Jan 2014
  • Green Bond Principles set for imminent release

    Banks active in the green bond market will release next week the final version of the Green Bond Principles, a set of voluntary guidelines for the market, EuroWeek can reveal. Jon Hay and Tessa Wilkie report.

    • 10 Jan 2014
  • Commercial paper deals in dollars to increase in 2014

    European commercial paper deals in dollars topped the currency ranking in 2013 at 36%, the first time since 2001, according to Dealogic. Deals in the currency will continue to rise, according to dealers.

    • 10 Jan 2014
  • Bankia and BoI highlight Europe’s peripheral pull

    Investors threw their weight behind Europe’s recovery this week, gorging themselves on just over €9bn of new euro-denominated senior unsecured paper, much of it from banks in the continent’s peripheral economies. The likes of Bankia and Bank of Ireland would have been called PIIGS two years ago, but this week the only thing they were wallowing in was orders — although ECB president Mario Draghi tried his best to keep the market’s rampant optimism in check on Thursday.

    • 10 Jan 2014
  • Axa grabs £750m in sub debt

    French insurance group Axa returned to the sterling subordinated market after a hiatus of more than a decade on Wednesday, selling a whopping £750m of 40 year non-call 20 paper at 185bp over Gilts.

    • 10 Jan 2014
  • Peripheral covered bond issuers take limelight in busy first week

    Nine euro issuers took advantage of strong market conditions to raise €8bn in covered bond funding during the first week of the year. The issuers collectively attracted €17bn of demand spread over more than 900 orders, but the pick of the bunch were two borrowers from Spain and Portugal who attracted by far the highest levels of over-subscription over the broadest range of investors.

    • 10 Jan 2014
  • CFF free to issue after dropping ABS

    Compagnie de Financement Foncier no longer holds securitisations on its balance sheet, freeing it to issue benchmark deals that comply with the Capital Requirements Directive and will be repo eligible.

    • 10 Jan 2014
  • Crédit Agricole preps AT1

    Crédit Agricole added to the flood of new mandates this week by appointing Barclays, Credit Suisse, Goldman Sachs, JP Morgan and UniCredit to run an additional tier one roadshow, starting on Wednesday.

    • 10 Jan 2014
  • China’s BoCom goes out wide to tempt investors

    China’s Bank of Communications (BoCom) managed to navigate a busy market and investor uncertainty to tighten price a debut dollar bond at 145bp over Treasuries this week.

    • 10 Jan 2014
  • Renminbi trio hit three year sweet spot

    Bank of China’s London branch, China Electronics Corporation and Agricultural Development Bank of China were all in the closing stages of execution for dim sum deals on Thursday.

    • 10 Jan 2014
  • Nordics lead pack for core covered bond issuance

    Nordea Finland and Sparebanken Vest Boligkreditt achieved the best results among the slate of deals that were issued by core covered bond issuers this week. Both transactions attracted among the highest level of over subscription, despite pricing at the tightest spreads.

    • 10 Jan 2014
  • Kexim rides rarity to price with slim premium

    Export Import Bank of Korea (Kexim) raised $1.5bn through a dual tranche bond on Tuesday. The 10 year fixed and short dated floating rate issue benefited from rarity value, helping the issuer to price the bonds almost flat to its curve.

    • 10 Jan 2014
  • People moves in brief - 9 January

    • 10 Jan 2014
  • Albaraka plans bigger sukuk despite Turkey woes

    Albaraka Türk plans to issue $300m-$400m of sukuk this year — up to twice the amount it previously indicated.

    • 10 Jan 2014
  • EBA wrong on covered bonds

    The European Commission has a very important decision to take by June 30 for the covered bond market and by extension, European banks.

    • 10 Jan 2014
  • Lloyds scores triumphant sterling return

    Lloyds Bank issued the first sterling covered deal from a UK issuer in the home currency since May 2012 on Tuesday. Despite pricing at a fraction of the 170bp spread that Clydesdale Bank paid for the last UK sterling floating rate deal, Lloyds managed to achieve the highest level of demand for this format in local currency.

    • 10 Jan 2014
  • Peripheral covered bond issuers take limelight in busy first week

    Nine euro issuers took advantage of strong market conditions to raise €8bn in covered bond funding during the first week of the year. The issuers collectively attracted €17bn of demand spread over more than 900 orders, but the pick of the bunch were two borrowers from Spain and Portugal who attracted by far the highest levels of over-subscription over the broadest range of investors.

    • 10 Jan 2014
  • TDBM set for Mongolian dim sum debut

    Trade & Development Bank of Mongolia (TDBM) is on track to become the first Mongolian name in the dim sum market. It has arranged a series of fixed income investor meetings beginning on Thursday in Hong Kong and finishing on Friday in Singapore for its proposed Reg S senior notes offering.

    • 10 Jan 2014
  • Slow bookbuilds for core covered issuers

    Thursday’s suite of covered bond issues from Australia and Switzerland underscored a growing impression among bankers that pricing core transactions is taking more forethought and effort. Whereas deals were invariably easy to price last year, demand seems to have become more finite. Books are taking longer to build as investors need more cajoling to meet issuers’ funding targets, in stark contrast to peripheral credits.

    • 10 Jan 2014
  • Medium tenors to stay hot in Swissies

    ASB Bank and Bank of New Zealand took to the Swiss franc market this week, selling deals in the belly of the curve. The New Zealand banks were joined by Dutch financial ABN Amro, with syndicate officials predicting that five to seven years will remain the most attractive point on the curve in coming weeks.

    • 10 Jan 2014
  • Korea finally approves bank covered bonds

    Korea has passed its Covered Bonds Act, a year after it was first expected, becoming the first Asian country to have legislation for covered debt.

    • 10 Jan 2014
  • French covered bonds sate long end demand

    The public sector-owned French covered bond issuers, Caffil and La Banque Postale, returned to the covered bond market to issue two of the three 10 year deals seen this week. The deals were comfortably oversubscribed and provided exceptionally cheap funding for both issuers.

    • 10 Jan 2014
  • Aareal mandates as other core names line up

    Aareal Bank has mandated joint leads for a benchmark covered bond likely to be launched early next week. A number of other mainly core issuers are also eyeing next week’s market. But, with senior spreads still trading tight, most borrowers will probably defer covered bond deals until later in the year, said bankers.

    • 10 Jan 2014
  • Intesa shows poise in US dollars

    US investor appetite for southern European FIG paper started the year on a strong note, as Intesa Sanpaolo brought its first deal of 2014 this week.

    • 10 Jan 2014
  • Dollars and euros top picks for KDB’s 2014 funding plans

    State-owned lender Korea Development Bank said the US dollar remains the most competitive currency to fund its foreign borrowing this year as concerns subside over the US quantitative easing tapering process and the US economy continues to show signs of improvement.

    • 10 Jan 2014
  • Raiffeisen hopes to calm capital worries with €2.25bn raise

    Raffeisen Bank International on Wednesday evening finally laid out plans to issue up to €2.25bn of equity, ending countless months of speculation about a capital raise for the Austria-based lender, allowing it to repay state aid.

    • 10 Jan 2014
  • Bank private placements set to grow in 2014

    Financial institutions have been tipped to outstrip their 2013 MTN volumes this year, which would mark a second successive increase in activity for the issuers. Banks have made a strong start to 2014, with BPCE, BFCM and ABN Amro issuing close to $1bn worth of notes each this week, according to a head of MTNs.

    • 10 Jan 2014
  • The Cover view: Are IPTs really necessary for core issuers?

    Initial price thoughts are a useful price discovery tool in illiquid markets. But in core markets where liquidity is high, they can obfuscate how successful a deal has been. It is time to consider doing away with them where possible.

    • 10 Jan 2014
  • Sub debt still in demand as Cairn closes 'opportunistic' legacy fund

    Cairn Capital has closed its Cairn Subordinated Financials Fund, as the recovery in subordinated debt prices has made continued annualised returns of around 25% more difficult. But the asset class is still set to play an important role this year for investors looking to hit yield targets.

    • 10 Jan 2014
  • Nordics lead pack for core covered bond issuance

    Nordea Finland and Sparebanken Vest Boligkreditt achieved the best results among the slate of deals that were issued by core covered bond issuers this week. Both transactions attracted among the highest level of over subscription, despite pricing at the tightest spreads.

    • 10 Jan 2014
  • Regulators flex muscles as Co-op Bank placed under investigation

    The Prudential Regulation Authority and Financial Conduct Authority are to conduct an enforcement investigation into Co-operative Bank, considering the role of former senior managers in the bank’s deterioration, which led to its bondholder-driven rescue at the end of 2013.

    • 10 Jan 2014
  • French covered bond issuers sate demand at the long end

    The public sector-owned French covered bond issuers, Caffil and La Banque Postale, returned to the covered bond market to issue two of the three 10 year deals seen this week. The deals were comfortably oversubscribed and provided exceptionally cheap funding for both issuers.

    • 10 Jan 2014
  • RBI to print AT1 as part of capital raising plan

    Raiffeisen Bank International is set to print up to €500m worth of additional tier one paper this year, in conjunction with a capital increase of €2bn-€2.25bn, as it seeks to prepare for the implementation of Basel III. The bank has also decided not to sell its Hungarian subsidiary for the moment.

    • 10 Jan 2014
  • All Revenue league tables

    Dealogic league tables of total revenue transactions, full year 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

    • 09 Jan 2014
  • International bonds league tables

    Dealogic league tables of bond transactions, full year 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 09 Jan 2014
  • All Bonds league tables

    Dealogic league tables of bond transactions, full year 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 09 Jan 2014
  • MPS sells medical firm stake as cap hike drags on

    Monte dei Paschi di Siena raised €56m through a sale of shares in Sorin, a medical technology firm, on Wednesday night. The deal comes as Italy's third largest bank looks to save a €3bn capital raise that will keep it from nationalisation.

    • 09 Jan 2014
  • Raiffeisen plans to calm capital worries with €2.25bn equity raise

    Raffeisen Bank International finally laid out plans to issue up to €2.25bn of equity on Wednesday evening, ending months of speculation about a capital raise for the Austria-based lender and allowing it to repay state aid.

    • 09 Jan 2014
  • Bankia flies with senior return despite wobbly market

    Spanish banking conglomerate Bankia found overwhelming demand for its first post-crisis senior unsecured deal on Thursday, as investors placed almost €3.5bn of orders for the five year trade. While the broader market showed some signs of weakness, bankers were confident that the FIG feeding frenzy would continue — even the sterling market saw some action, with Axa pricing a €750m 40 non-call 10 year subordinated bond.

    • 09 Jan 2014
  • ABN Amro stalwart Greenwood heads home

    ABN Amro has hired Jonathan Greenwood as global head of financial institutions and real estate in the bank’s large corporates and merchant banking division, marking the start of his second stint at the Dutch bank.

    • 09 Jan 2014
  • ASB Bank bolsters Kiwi presence in Swissies

    ASB Bank became the second New Zealand issuer to tap the Swiss franc market this week on Thursday morning, pricing a new six year deal. Domestic bank Raiffeisen Schweiz is also in the market with a dual tranche fixed and floating rate deal.

    • 09 Jan 2014
  • Standard Chartered shakes up senior suits

    Standard Chartered will see its finance director and consumer banking CEO leave the bank by June amid a broader shakeup of the wholesale banking and consumer banking businesses.

    • 09 Jan 2014
  • RBI to print AT1 as part of capital raising plan

    Raiffeisen Bank International is set to print up to €500m worth of additional tier one paper in the next year, in conjunction with a capital increase of €2bn-€2.25bn, as it seeks to prepare for the implementation of Basel III. The bank has also announced it has decided not to sell its Hungarian subsidiary for the moment.

    • 09 Jan 2014
  • Tough book builds point to core covered saturation

    Thursday’s suite of covered bond issues from Australia and Switzerland underscored a growing impression among bankers that pricing core transactions is taking more forethought and effort. Whereas deals were invariably easy to price last year, demand seems to have become more finite. Books are taking longer to build as investors need more cajoling to meet issuers’ funding targets, in stark contrast to peripheral credits.

    • 09 Jan 2014
  • Svenska finds strong secondary bid

    Svenska Handelsbanken found a wealth of demand for its €1.5bn tier two trade on Tuesday, pulling in some €5bn of orders. Despite a final spread that one banker said was “like senior pricing”, the deal tightened substantially in the secondary market on Wednesday.

    • 08 Jan 2014
  • Bank of Ireland gets cosy with fair value for five year

    Bank of Ireland capitalised on FIG investors’ appetite for higher yielding peripheral credits on Wednesday, selling the longest deal from an Irish bank since before the country’s bailout in 2010. The depth of demand allowed BoI to price the trade flat to fair value or even inside it, according to some market participants. Meanwhile, Rabobank sold a two year floating rate trade.

    • 08 Jan 2014
  • Cairn Capital closes “opportunistic” sub debt fund as return opportunities narrow

    Cairn Capital has closed its Cairn Subordinated Financials Fund as the recovery in subordinated debt prices and the prospect of fewer tender offers in the asset class has made continued annualised returns of around 25% more difficult.

    • 08 Jan 2014
  • Albaraka eyes $400m sukuk in 2014

    Albaraka Turk plans to issue $300m to $400m of sukuk this year – up to twice the amount it previously indicated.

    • 08 Jan 2014
  • Italians clean up in senior unsecured

    UniCredit and Assicurazioni Generali on Tuesday proved that even competing trades could coexist in the senior unsecured market when there is enough demand, gathering over €10bn of orders between them for €2.5bn of paper. With spreads continuing to tighten, peripheral European credits offer investors the yield they crave, as Bank of Ireland proved on Wednesday.

    • 08 Jan 2014
  • BOCOM sets wide guidance for debut to tempt investors

    China’s Bank of Communications (BOCOM) offered investors a generous guidance of 170bp over Treasuries when it opened books on its three year debut dollar bond Wednesday morning.

    • 08 Jan 2014
  • Strong RMB drives BoC dim sum

    Bank of China (London Branch) joined the rush of Chinese names entering the dim sum market to take advantage of the strengthening renminbi on Wednesday.

    • 08 Jan 2014
  • Bumper start for FIG as periphery proves its popularity

    Credits from Europe’s periphery are raking in orders in the FIG funding markets, but investors are also going starry-eyed at the sight of high-yielding subordinated debt from core jurisdictions. On Tuesday there was just under €11bn equivalent in supply across senior, covered bonds and sub debt in euros and sterling, with Italian credits dominating senior, while sub and covered let core European names get in on the action.

    • 08 Jan 2014
  • Core in demand but premiums may be needed

    ANZ and La Banque Postale attracted good demand for their covered bonds on Wednesday, following solid investor endorsements for deals from core Europe on Tuesday. But in contrast to the periphery, where performance is more assured, core names offer limited performance potential and issuers are more likely to need premiums to get their deals away, said bankers.

    • 08 Jan 2014
  • Peripheral demand bodes well for follow-ons

    Portuguese and Spanish issuers, Caixa Geral de Depósitos and Banco Mare Nostrum launched deals on Wednesday that, despite being aggressively priced, were heavily oversubscribed. The deals showed demand is clearly skewed to higher yielding credits, boding well for second and third tier peripheral issuers who are looking to cut central bank funding dependence.

    • 08 Jan 2014
  • Doha Insurance's capital hike approved

    Qatar’s Doha Insurance hopes to increase its capital to Qr500m ($137.3m) through a rights issue that will see almost 25m new shares sold later in the year.

    • 07 Jan 2014
  • Capital gets in gear as Svenska nets T2 and Créd Ag preps AT1

    Svenska Handelsbanken got the tier two capital market off to a flying start on Tuesday morning, gathering a cool €5bn of orders for a €1.5bn 10 year non-call five deal. Meanwhile, Crédit Agricole began preparations for its debut additional tier one capital trade.

    • 07 Jan 2014
  • Abbey and BNPP negotiate peripheral roadblock

    While Italian credits were grabbing the headlines on Tuesday morning, Abbey National Treasury Services quietly executed a €1bn five year senior deal and BNP Paribas a €1.25bn seven year trade, proving that core credits were also benefitting from the pent up demand that saw Assicurazioni Generali and UniCredit attract over €10bn of orders between them the same day.

    • 07 Jan 2014
  • Fed vet to Thieke out a living at Barclays

    Barclays has appointed former Federal Reserve Bank of New York supervisor Stephen Thieke as a non-executive director.

    • 07 Jan 2014
  • Italian credits spearhead senior rush

    Italian insurer Assicurazioni Generali and Milan-headquartered lender UniCredit SpA grabbed €2.5bn of senior funding between them on Tuesday morning, while Banco Popolare readied itself for its own assault on the capital markets by mandating leads for a European roadshow. Investors piled into Generali and UniCredit’s deals, with the combined books hitting double figures.

    • 07 Jan 2014
  • Kexim combines floating and fixed for Korea's first

    The Export Import Bank of Korea (Kexim) kicked off 2014 the country's issuance on Tuesday with a dual tranche benchmark bond split between floating and fixed rate bonds.

    • 07 Jan 2014
  • Regulators flex muscles as Co-op Bank placed under investigation

    The Prudential Regulation Authority and Financial Conduct Authority are to conduct an enforcement investigation into Co-operative Bank, considering the role of former senior managers in the bank’s deterioration, which led to its bondholder-driven rescue at the end of 2013.

    • 07 Jan 2014
  • CIMB poaches Maybank CEO

    CIMB Investment Bank has hired Tengku Zafrul Tengku Abdul Aziz as its new head, joining from Maybank Investment Bank where he was CEO.

    • 07 Jan 2014
  • BNDES seeks euros as bankers bet on single currency pipeline

    Brazilian development bank BNDES’s plan to tap the euro markets shortly could be the first of many deals in the currency from Latin American issuers this year, said LatAm DCM bankers on Monday.

    • 07 Jan 2014
  • Goldman's Yaacob joins DB to head Malaysian unit

    Deutsche Bank has appointed Yusof Yaacob as the bank’s new chief country officer for Malaysia

    • 07 Jan 2014
  • Core deals swept up as peripheral mandates mount

    The year’s first batch of covered bond issues have been easily absorbed by a wide range of investors producing comfortably oversubscribed books. The first peripheral deal mandate has come from Portugal and another from Spain is expected shortly.

    • 07 Jan 2014
  • The Cover View: EC must overrule EBA on covered bonds

    The European Commission must ignore the counsel of the European Banking Authority, which has called for covered bonds to remain as level 2A assets within Basel III’s Liquidity Coverage Ratio. It must instead base its decision, due by June 30, on the EBA’s analysis that covered bonds are as liquid as sovereign bonds and good enough for Level 1 of the LCR.

    • 07 Jan 2014
  • ANZ set to price dual tranche dollars

    Australia & New Zealand Bank is set to price a US dollar senior unsecured deal on Monday afternoon, before it makes its 2014 debut in euros with a covered bond, expected to price on Tuesday.

    • 06 Jan 2014
  • Generali and Abbey to kick off senior as Europe eases into gear

    Italian insurer Generali and UK lender Abbey National have both mandated leads for euro senior deals with more issuers expected to follow later this week, once several European countries return to work after Monday’s Epiphany holiday.

    • 06 Jan 2014
  • ABN and BNZ target middle of curve in Swiss francs

    ABN Amro and Bank of New Zealand opened the Swiss franc market for 2014 on Monday, selling debt in the middle part of the curve. Issuance in the currency is expected to accelerate as the week continues.

    • 06 Jan 2014
  • ADBC, Chexim add heft to dim sum deals flow

    Agricultural Development Bank of China starts a two day deal roadshow on Tuesday with a view to issue a CNH bond.

    • 06 Jan 2014
  • Baroda on the road for dollar bond return

    India’s Bank of Baroda looks set to end its three year absence from the dollar bond market as it embarks on a deal roadshow.

    • 06 Jan 2014
  • Korea and Singapore set out covered bond frameworks

    South Korea and Singapore are all looking to drive covered bond issuance this year with new frameworks.

    • 06 Jan 2014
  • Finnish, French, Australian and UK deals kick off 2014

    Four issuers from Finland, France, Australia and the UK are set to price covered bonds on Tuesday and Wednesday. Market conditions are broadly constructive, especially for higher yielding names, said bankers, but core issuers might have to offer concessions to tempt investors in a busy start to the year.

    • 06 Jan 2014
  • Italian covered law update is positive, says Moody’s

    Changes to Italy’s covered bond law improve the segregation of cover pool assets and are good for the market, according to Moody’s.

    • 06 Jan 2014

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 10,283.03 88 5.94%
2 HSBC 9,924.14 51 5.73%
3 LBBW 8,393.04 48 4.84%
4 Natixis 7,239.94 37 4.18%
5 UBS 7,025.55 38 4.05%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 56,708.49 244 6.13%
2 JPMorgan 53,085.45 277 5.74%
3 Citi 52,245.64 280 5.65%
4 Morgan Stanley 42,417.02 226 4.58%
5 HSBC 36,410.48 226 3.93%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 47,013.23 201 11.74%
2 JPMorgan 42,475.83 212 10.61%
3 Citi 41,045.97 215 10.25%
4 Morgan Stanley 31,926.79 155 7.97%
5 Goldman Sachs 27,946.69 263 6.98%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,939.43 23 6.77%
2 LBBW 5,403.66 21 6.16%
3 UniCredit 5,082.55 24 5.79%
4 HSBC 5,076.13 19 5.78%
5 Credit Agricole CIB 4,965.07 22 5.66%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 6,170.54 15 14.26%
2 UBS 4,233.38 20 9.79%
3 BNP Paribas 3,880.04 17 8.97%
4 Credit Agricole CIB 3,549.81 11 8.21%
5 HSBC 2,321.22 16 5.37%