Europe
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It was a tale of two interventions this week, as Japan underwhelmed markets with its stimulus plan while the Bank of England delivered more than expected, in moves that also sent the yen and pound reeling in different directions. -
The key to the clean-up and recapitalization of Italy’s Banca Monte dei Paschi di Siena is a €5bn rights issue but even though a strong cast of top tier ECM banks have signed on to run it, the deal still hinges on finding real demand. Aidan Gregory and Owen Sanderson report.
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France's Danone has completed syndication of $13.1bn of loans to fund the $12.5bn acquisition of North American organic food and drinks company White Wave. But there might not be many more jumbo deals this year, as political volatility looks set to hang over the M&A market for a little longer, writes Robert Cooke.
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A bigger than expected push towards monetary easing by the Bank of England on Thursday sent Gilt yields to new record lows, but unfavourable basis swap rates and a rampant dollar market means an uptick in arbitrage funding in sterling by public sector borrowers is unlikely, said bankers.
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The State of Brandenburg drew a well oversubscribed book for a no-grow €300m August 2036 bond on Tuesday, adding to a spurt of 20 year euro deals over the past two weeks.
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The International Swaps and Derivatives Association and IHS Markit have updated their ISDA Amend protocol for margin on uncleared swaps and cross-jurisdictional notification between counterparties, in response to changing regulatory requirements.
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FMS Wertmanagement (FMS-WM) has bought most of the outstanding covered bonds issued by the Irish and Luxembourg subsidiaries of the Depfa Group and could soon remove their ratings.
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BayernLB successfully issued a $300m Pfandbrief at a tighter spread than it would have gotten in euros, with a highly oversubscribed book.
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BBVA has set up the first Cédulas de Internacionalización (CI) programme, a new type of covered bond asset class that is secured purely against export finance loans.
