Société Générale

Intesa Sanpaolo opened the 2016 additional tier one (AT1) market on Tuesday with its euro debut, and is now over halfway to its 2017 issuance target.

With only one small tap launched so far in Europe's high yield bond market this year, investors are disappointed with the scarcity of deals in the pipeline.

Banks now know where they need to be in terms of the FSB’s total loss absorbing capacity (TLAC) requirements, but one big problem remains: how they’re going to get there. Tyler Davies reports.

Ping An Life Insurance Company of China started building books for its inaugural dollar bond on Tuesday, while South Korea’s Woori Bank and China Energy Reserve and Chemicals Group are also wooing investors for their respective dollar deals.

A bevvy of public sector borrowers are lining up euro deals for Tuesday and beyond — but some are opting to hold back price thoughts amid a cluttered and volatile backdrop.

B&B Hotels, France’s third largest budget hotels group, launched a covenant-lite senior term loan to early birds this week, backing its €800m buyout by PAI Partners from the Carlyle Group and Montefiore Investment.

Republic of Poland offered a healthy concession in the early pricing stages as it ventured into the markets with the first bond from CEEMEA in 2016 on Monday.

Atalian Global, the French facilities management company, on Monday opened the first roadshow of 2016 for a high yield bond in Europe, as it announced the acquisition of US peer Temco Facility Services.

BBVA, BFCM and BPCE met with strong investor demand for euro senior unsecured deals on Monday, as peripheral and longer dated debt proved no deterrent to buyers.

Central and Eastern European loans look set to start the year with a bang as a financing of around €2bn for Czech’s Energetický a průmyslový Holding (EPH) should close by the end of this week or early next, according to two bankers on the deal.

Intesa Sanpaolo is set to print the first additional tier one transaction of 2016 after opening the dollar tier two market for European banks last week, while ABN Amro opened the euro bank capital market on Monday.

Borrowers who issued covered bonds this week that are eligible for the European Central Bank’s purchase programme (CBPP3) did not receive such a strong reception as those whose bonds were not eligible.