Pre-migration untagged articles

A renewed appetite for M&A and the looming implementation of Basel III capital rules have given financial institution ECM activity a boost going into the end of 2010. BBVA signed up eight bookrunners this week to support a Eu5.1bn rights issue for its acquisition of a 24.9% Garanti stake — and kept the fees and discount tight. Greece’s Piraeus Bank, though, could only get soft underwriting commitments to its Eu800m deal. Read EuroWeek on Friday for all the details.

German automotive firm Daimler, last week named as one of the European firms with the most debt due over the next three years, signed a Eu7bn deal to extend part of its maturities to 2015. The refinancing, which was agreed with over 30 of the firm’s relationship banks, replaces a $5bn line and a Eu3bn facility set to mature in 2011. To find out more, read EuroWeek this Friday.

Peripheral sovereigns are under pressure again as politicians in Brussels raise the possibility of bondholders sharing the pain in any debt restructuring of failing countries. A comment by Greek deputy prime minister Theodoros Panagalos that "debt exists to be restructured" has added to concerns. Yields continue to rise on Greek, Portuguese, Irish and Spanish debt, and Portugal will auction three and six month bills on Wednesday, testing appetite for the paper. Read EuroWeek on Friday for views on where the downward spiral will end.

Helvetia Insurance will launch a Swiss franc hybrid capital deal today –– the first from a rated Swiss domestic company and the first from any financial since Rabobank in July 2009. Coming hard on the heels of bakery conglomerate Aryzta’s hybrid, priced at the end of September, this could be a sign that the Swiss investor base is waking up to the asset class. Read EuroWeek on Friday to find out why the deal can come now.

With 500m each of euros and dollars already placed, Santander’s relaunch of the Holmes platform is well under way, bolstered by the bank’s generous support and redemption of the retained pieces. With Barclays about to follow suit in supporting its Gracechurch Mortgage Funding vehicle, the UK prime landscape is set to change. What do the revamped master trusts mean for the wider market? Read EuroWeek on Friday to find out.

Enel Green Power had to draw heavily on its parent’s loyal retail following when it priced its Eu2.6bn IPO over the weekend. The Warsaw Stock Exchange, AZ Electronic Materials and Nawras also priced IPOs at the end of last week, while Russia’s O’Key Group (in the middle of the range) and Mostotrest (at the bottom of the range) completed on Tuesday, along with South Africa’s Royal Bafokeng Platinum (which also priced mid-range). Read EuroWeek on Friday for views on all the deals and updates on more in the pipeline.

Kazmunaigas, the Kazak oil and gas company, announced its return to the Eurobond market this week while Kazkommertsbank postponed its note. EuroWeek reports on the deal placement and the pipeline building behind it.

Benchmark covered bond issuance has been confined to taps this week. Crédit Agricole increased a Eu1.25bn October 2025 issue by Eu350m on Tuesday, and Spain’s Cajamar is expected to tap a Eu750m October 2014 deal on Wednesday at what would be a record wide spread in the benchmark market. Further supply is in the pipeline, with Austria’s Hypo NOE and Nordea Bank Finland on roadshows, and Germany’s DVB holding investor meetings in connection with an inaugural public ship Pfandbrief. Read EuroWeek on Friday to find out how primary market activity unfolds this week.

National Australia Bank dived back into the senior unsecured market on Monday, taking advantage of a favourable basis swap to raise £600m in a seven year issue that was twice subscribed. Meanwhile, Caisse Centrale du Credit Immobilier de France is testing demand for longer tenors in euros, with leads taking orders for a January 2018. EuroWeek on Friday asks how these deals have been received and what more is to come.

Rabobank priced a quick to market Eu1bn 10 year bullet lower tier two this week via Barclays Capital, Citi and Rabobank. The pricing was the tightest for lower tier two in Europe this year. To find out if this deterred investors and whether it opens up more opportunity for issuers, read EuroWeek on Friday.

Taqa, the Abu Dhabi energy company, will roadshow a $3bn three and five year refinancing in Taipei and Hong Kong to attract Asian lenders, bankers say. With traditional retail liquidity thin on the ground, there is an emerging trend for senior lenders to try to tap Asian banks in syndication. Earlier deals suggest that Asian banks aren’t interested in just any deal and are not a reliable source of liquidity. To find out more about the dip into Asian money for EMEA lending, read EuroWeek this Friday.

US corporate borrowers are busy, having come out of the third quarter earnings blackout. Defence group Northrop Grumman sold a $1.5bn note on Monday, the same day that private equity-owned SunGard Data Systems printed a $1.6bn junk bond. The New York Times Co has also tapped the market, as could the owner of Dunkin’ Donuts with a $625m deal later this week.