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¿El Clásico? Spain's big 10yr shocks after losing €75bn of orders

Sovereigns

¿El Clásico? Spain's big 10yr shocks after losing €75bn of orders

A book of more than €55bn for a €10bn bond priced with a new issue premium of 1bp would be a gratifying outcome for any sovereign issuer. But Wednesday's syndication for Spain instead attracted robust criticism over price moves during bookbuilding which derailed what was on course to be the biggest order book in bond market history.

  • Europe’s digital IPO revolution gains steam

    IPOs

    Europe’s digital IPO revolution gains steam

    European investors have become a rich source of equity capital for the continent’s consumer facing, fast growing tech firms over the last few years, providing them with an alternative to listing in the US. Now, these fruits are ripening and Europe’s 2021 IPO calendar is set to provide a bumper harvest, writes Sam Kerr.

  • Record year for CLO refis as managers look to revamp Covid deals

    CLO/CDO

    Record year for CLO refis as managers look to revamp Covid deals

    This year looks likely to set records for CLO resets and refinancings, as managers call deals priced since the coronavirus pandemic began with wide spreads and expensive capital structures. Tightening spreads have also brought some 2018 and 2019 deals into refi or repricing territory, setting up a record year with as much as $78bn in refinancing and $115bn in resets, according to estimates from Deutsche Bank. Paola Aurisicchio reports.

  

  

People & Markets

  • Natixis CIB reshuffles management

    Natixis CIB reshuffles management

    A number of top staff at Natixis's corporate and investment banking division have started new jobs, the latest moves in a bout of seat hopping at the top table in this part of the bank.

  • City waits for divergence, or maybe equivalence

    City waits for divergence, or maybe equivalence

    Anyone who thought the culmination of a trade deal between the EU and UK would provide a shining ray of clarity for financial services as to the level of market access between the two has been proved wrong. Little progress on regulatory equivalence decisions has been made, and while this points the way towards divergence, it is still unclear how exactly the UK would go about this.

  • KfW senior funding official departs

    KfW senior funding official departs

    A senior funding manager at KfW who was responsible for leading the borrower’s sterling and dollar deals, has left the German agency.

  • JP Morgan’s Darrort off to Paris in post-Brexit relocation

    JP Morgan’s Darrort off to Paris in post-Brexit relocation

    Amélie Darrort, co-head of the euro medium term note desk and head of French public sector debt capital markets at JP Morgan, will be relocating from London to Paris in the summer as part of a post-Brexit relocation, GlobalCapital understands.

  

Southpaw
by David Rothnie

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