The eurozone sovereign debt crisis has not just affected national treasuries, but also European supranationals and government-related entities. Philip Alexander hears from a range of larger and smaller borrowers across the eurozone and beyond.
Western Europe
Latest articles from Western Europe
Global banks go back to basics
March 1, 2012Investors appear to have lost confidence in diversified cross-border banking models, forcing banks to decide what they do best.
Will aircraft pfandbriefe take international flight?
February 1, 2012The creation of a new class of pfandbrief backed by aircraft loan collateral is set to take off in 2012, and given the reliability of this type of covered bond, this could arouse particular interest from outside its domestic German market.
Using a sledgehammer to crack a nut
February 1, 2012In response to a request from the European Commission, a recent consultation paper from the European pensions body looks at ways the proposed Solvency II directive for insurers could be applied to occupational pensions. Many in the industry see far more problems than solutions in its application
Société Générale makes strong covered bond return
February 1, 2012Société Générale was a frequent issuer in the bond market until the conditions in the latter half of 2011 brought the Eurobond market to a standstill. So when investor interest was revived in the opening days of 2012, the French bank was quick to take the opportunity to tap the market, issuing a €1.5bn 10-year covered bond, which attracted investors from across Europe.
Andorran banks forced to look further afield
February 1, 2012Traditionally reliant on neighbour Spain for their customer base, Andorra’s banks have been forced to reassess their strategies in light of the country’s – and the rest of Europe’s – economic malaise. Instead, they are targeting the Latin American market, as well as disillusioned clients of Swiss banks, attracted to a national banking sector renowned for its discretion and stability.
Politics can still trump prudence
February 1, 2012Regulators are making much of macroprudential tools to prevent future bubbles. But regulatory capture remains an obvious risk.
Latam banks lead the liquidity league
January 25, 2012Latin American banks dominate the rankings for deposits with the central bank, providing large liquidity cushions in their countries if needed.
Eiffarie motors on with APRR bond issue
January 3, 2012When the Macquarie and Eiffage consortium, Eiffarie, won a controlling stake in APRR, the highly leveraged French motorway company, Eiffarie knew it needed to gain quick access to the market to refinance APRR's loans. Eiffarie's team established a €6bn euro medium term note programme, and then in mid-November 2011 decided to return to the market with a €500m four-year deal to help repay its outstanding acquisition loan. The result defied even the most optimistic expectations.
Rethink needed on bank stress-testing
January 3, 2012With certain banks in the core eurozone states initially passing the European Banking Authority's generic stress-tests but then needing to be saved, surely now is the time to apply more rigorous testing procedures much like those endured by banks in the eurozone periphery countries?