Natixis
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The European Central Bank published the findings from its targeted review of internal models on Monday. The exercise, which could, to an extent, frontload the impact of Basel IV, is expected to result in a 12% increase in risk-weighted assets and a 71bp decline in common equity tier one ratios. -
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Demand for BPCE's latest Kangaroo note was skewed towards the preferred senior format this week, with non-preferred paper only making up A$125m ($96.0m) of the A$750m deal. The French firm was also joined in the market by Rabobank, which sold its first Aussie deal after an almost two year absence.
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The Slovak Republic entered bond markets on Wednesday, seeking to sell a bond in euros. Though volatility in global markets has dampened primary markets in CEEMEA, emerging European sovereigns have continued to tap investors this year.
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Air France-KLM has set the offer price for its €1bn capital increase following an accelerated bookbuild on Monday night.
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Four public sector borrowers sold intraday trades in the euro market on Monday with the European Financial Stability Facility making a dent in its second quarter funding and three other issuers receiving impressive demand for socially responsible deals under their updated frameworks.
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BPCE and Rabobank are in the market for Aussie dollar senior paper, with bankers expecting a busy April as a slew of financial issuers refinance maturing bonds.
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Esoteric names from the FIG market are expected to fill the post-Easter issuance pipeline to take advantage on the constructive market conditions on offer.
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Lansforsakringar Bank (LF Bank) enjoyed the sole attention of the market on Thursday as it placed the day's only senior bond in euros. With market conditions constructive, bankers expect more esoteric names could follow.
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Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.
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Air France-KLM has revealed plans for a €4bn recapitalisation backed by the French government following approval from the European Commission.
