UBS

Six borrowers raised nearly €5bn in the covered bond market this week, once again surpassing supply expectations. The star attraction, notable for both its size and tenor, was a €1.5bn three year from the Norwegian issuer, Sparebank 1 Boligkreditt.

Several of Europe’s largest banks, including Santander and Credit Suisse, have been raising equity capital this year to satisfy regulators. But FIG ECM specialists believe this is coming to an end. Taking its place will be the re-privatisations of nationalised banks, and on the horizon, a return of mergers among banks. Olivier Holmey reports.

Nineteen eurozone countries with as many legal systems, 23 officially recognised languages, 3,500 banks and just one supervisor. Sceptics say the ECB’s Single Supervisory Mechanism (SSM) has an impossible task. In the first year alone, it has achieved an enormous amount, but the hard work may be just beginning, writes Virginia Furness.

Market sentiment improved towards the back of last week when some pipelined deals burst into the market, and that sentiment has continued to improve in the early throes of this week.

The Scandinavian bank returned to the Swiss franc market with a new eight year senior unsecured benchmark bond on Tuesday, following strong demand from local institutional investors

BNP Paribas sold its last remaining shares in Klépierre, the French property company, for €829m on Monday night, in an accelerated bookbuild.

Increased market volatility in foreign exchange, derivatives and equities has driven improved investment bank results at UBS. The same volatility has hurt earnings at several other banks reporting this week.

UBS announced the future sale of a euro denominated holding company transaction this week, as UK and Swiss banks look to get investors on board with the shift of issuance away from operating companies.

UBS has promoted veteran bankers Saurabh Beniwal and Joseph Chee as co-heads of corporate client solutions (CCS) for Asia, with both having worked at the firm for 15 years, according to an internal memo seen by GlobalCapital Asia.

The cancellation of the IPO of EDF Luminus, a Belgian subsidiary of Électricité de France, was caused by the Belgian shareholders’ unhappiness with the price available from a flotation.

Worldpay, the UK payments processing company, on Thursday sold its first bond issue, a €500m deal — in what could be the busiest string of seven trading days since July, with four more deals roadshowing.

China State Construction Engineering Corp has picked seven banks to arrange a roadshow ahead of its return to the offshore debt market.