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People moves in brief
ING and Rabobank choose markets heads — FIG’s Falth leaves UBS — DZ picks covered bonds boss
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European auto ABS navigates market volatility
Sterling paper dominated European securitization issuance last week as issuers rushed ahead of further Brexit developments, with a particular focus on the auto ABS market, which saw three deals clear the pipeline.
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Rigging Libor was wrong but so is tossing away the benchmark
UBS and Citi trader Tom Hayes was jailed for 11 years for manipulating Libor. But while the trader argued that he was made a scapegoat for the financial crisis, perhaps the rate he rigged is a bigger victim.
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Years after Libor scandal, experts argue benchmark should stay
As the market prepares for Libors to end their run as the world’s most prevalent reference rates, there is growing support for the benchmarks to be reprieved.
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Triodos brings first RMBS with energy-dependent rates
Triodos Bank, a renewable energy-focused Dutch bank which grants cheaper mortgages to borrowers willing to rely on green energy-powered homes, is bringing an €840.78m RMBS via Rabobank. Comprising a mix of green and non-green assets.
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Dutch STS deals flow as Green Storm prices, Venn closes in
Venn Partners is getting ready to price its second Cartesian Mortgages deal to qualify for the ‘simple, transparent and standardised' (STS) label, with senior notes guided by arrangers Venn and BNP Paribas in the high 50bp, and the rest of the capital stack guided in the low to high 100bp range. Obvion, meanwhile, has priced its latest Green Storm RMBS.
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European primary issuance refuses to stall amid new deal influx
The European securitization pipeline is bulging with 14 deals in the market this week, adding to an already heightened primary market supply on the back of the Global ABS event in early June.
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European securitization pipeline bulges as post-conference deals line up
The European pipeline has begun to bulge with a volley of new deals entering the market in the two weeks following the IMN/Afme Global ABS conference in Barcelona, with UK and Dutch RMBS, German ABS, and UK SMEs all on offer.
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Argenta Spaarbank longer duration STS deal moves tighter
European securitization investors this week are pricing longer duration deals tighter than earlier in the year, made comfortable by the ‘simple, transparent and standardised’ (STS) label. This is being demonstrated on Tuesday by Argenta Spaarbank's Green Apple RMBS deal.
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First publicly placed STS mortgage deal sees huge demand
Storm 2019-1 priced on Wednesday with seniors pricing in line with guidance at 27bp. Joint leads JP Morgan and Rabobank released final terms for the €1.95bn senior tranche on Obvion's Dutch RMBS deal with final books in excess of €2.75bn. The deal is the first publicly placed RMBS to achieve 'simple transparent and standardised' status.
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PCS stamps Storm RMBS deal with first STS label
A securitization from Obvion, Storm 2019-1, will be the first RMBS deal to receive verification from third-party verifier Prime Collateralised Securities (PCS) and the first Dutch securitization to qualify for the simple, transparent and standardised (STS) regulatory designation.
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People moves in brief
Nomura strengthens special situations team — JP Morgan’s Orssten retires — Gamekeeper goes back to being poacher at Rand
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Obvion promotes treasury manager Rachelle Rijk to CFO
Rachelle Rijk, treasury manager at Obvion, will move into a new role as CFO as of March 1.
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New UK RMBS issuance to be sold to US clients
A handful of prime UK RMBS deals are rumoured to be in the pipeline, along with several prime euro transactions, with issuers said to be targeting US investors while they wait for the fog to clear around new ‘simple, transparent, standardised’ (STS) rules.
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Bank Profiles
Latest news by market and league table performance
Bond Comments
-
Commerzbank EUR500m 0.5% Dec 26
-
Intesa Sanpaolo EUR750m 0.75% Dec 24 green
-
Islamic Development Bank EUR1bn 0.037% Dec 24
-
NN Bank EUR500m 0.375% Feb 25
-
Nykredit Realkredit EUR500m 0.25% Jan 23 non-preferred
-
Caixa Geral de Depósitos EUR500m 1.25% Nov 24 non-preferred
-
UK DMO GBP2.25bn Inflation linker Aug 41 tap
-
Rentenbank EUR1bn 0% Nov 29
-
Land NRW EUR1bn 0% Nov 29, EUR1.5bn 0.5% Nov 39, sustainable bond
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Kommuninvest USD1bn 1.625% Apr 23 green bond
-
Arab Republic of Egypt USD500m 4.55% Nov 23, USD1bn 7.05% Jan 32, USD500m 8.15% Nov 59
-
BNG EUR750m 0.05% Nov 29 sustainability bond
-
KfW EUR1bn FRN Nov 22
-
EAA EUR1bn 0% Nov 22
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EFSF EUR1.5bn 0.05% Oct 29 tap
All International Bonds
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | JPMorgan | 380.40 | 1762 | 8.35% |
2 | Citi | 351.67 | 1514 | 7.72% |
3 | Bank of America Merrill Lynch | 302.44 | 1301 | 6.64% |
4 | Barclays | 271.64 | 1137 | 5.97% |
5 | HSBC | 224.52 | 1238 | 4.93% |
Bookrunners of All Syndicated Loans EMEA
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | BNP Paribas | 48.34 | 226 | 7.37% |
2 | Credit Agricole CIB | 43.62 | 205 | 6.65% |
3 | JPMorgan | 33.50 | 97 | 5.11% |
4 | SG Corporate & Investment Banking | 29.45 | 149 | 4.49% |
5 | UniCredit | 29.45 | 158 | 4.49% |
Bookrunners of all EMEA ECM Issuance
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | JPMorgan | 13.16 | 82 | 8.29% |
2 | Goldman Sachs | 12.58 | 64 | 7.92% |
3 | Morgan Stanley | 12.18 | 55 | 7.66% |
4 | Citi | 10.09 | 71 | 6.35% |
5 | Credit Suisse | 6.93 | 38 | 4.36% |