Europe
-
ING was selling new senior unsecured bonds out of its holding company on Tuesday, leaving a small new issue premium of about 5bp for investors. -
As fund managers fill their pockets with corporate leveraged finance debt, borrowers like BMC Software are taking advantage of strong conditions to slash funding costs across their financial structure.
-
The three corporate bond issuers who sold new issues in euros on Tuesday offered something short, something intermediate and something long. The shorter tranches benefitted from the most interest.
-
Santander Consumer Bank managed to attract a comfortably oversubscribed order book for a tightly priced, sub-benchmark debut Pfandbrief on Tuesday.
-
The Bank of England’s Financial Policy Committee on Tuesday called for UK and EU legislation to guarantee cross-border derivatives contracts, estimating that £26tr worth of uncleared derivatives could be affected by the fallout of Brexit.
-
The European Central Bank will stop buying conditional pass-through (CPT) covered bonds from sub-investment grade issuers from February 2018.
-
The European Banking Authority has cautioned that banks need to tend to their non-performing loans (NPLs), after publishing its EU wide transparency exercise across 132 firms.
-
Sterling high yield bond issuance this year has now surpassed four times 2016’s figure. This week, new borrower Pinewood Studios appeared on stage.
-
Credit Suisse and Morgan Stanley are leading the sale of a 9.3% stake in Scout24, the German online classified advertising firm, for about €345m. The deal is covered, according to a banker involved.
-
The German State of North Rhine-Westphalia has hit screens for a euro bond, coinciding with an easing of the political woes of its sovereign.
-
The leveraged loan market is approaching Christmas on course to beat last year’s issuance, particularly for financing of new buyouts.
-
The European Commission needs to take a close look at which types of covered bond are eligible for the Liquidity Coverage Ratio (LCR) which, until the European Banking Authority’s (EBS) intervention, had been pretty obvious.
