• Barclays and Rothschild targeted in insurance M&A fight

    Barclays and Rothschild are being legally pursued by Scor, which claims they breached confidence and trade secrets after the insurer rejected a merger offer from compatriot Covéa. But Scor praised Credit Suisse, claiming it had refused to join those two banks’ actions.

    • 31 Jan 2019
  • Why have bond investors taken a vow of silence?

    Pacific Gas & Electric has gone bankrupt with $52bn of debt, blaming forest fires that seared California during 2018. Vale, with $11bn, has been downgraded to the bottom edge of investment grade after its horrific dam burst last Friday.

    • 31 Jan 2019
  • Barbarians arrive at the banks’ gates as others flee

    While banks fight shy of big-ticket mergers, a select group of private equity firms are leading the restructuring of the industry in Europe, writes David Rothnie.

    • 31 Jan 2019
  • Blowout UBS deal raises hopes of return to form for AT1

    Financial institutions bond bankers are hoping that the additional tier one market is back in fashion with investors, after UBS was able to attract a whopping $16bn of orders for a $2.5bn transaction this week.

    • 31 Jan 2019
  • Covered bond market drools over Swedish pair

    Covered bond investors could not get enough of Swedish seven year deals issued this week by Swedbank and Skandinaviska Enskilda Banken. But whether record order books are being inflated remains a moot point.

    • 31 Jan 2019
  • Analysts have refi concerns for debt collector champ

    Heavyweight debt collector Intrum reflected on a very active period of investments in its fourth quarter results, as banks continue to use it when dealing with legacy assets. But analysts questioned its refinancing abilities.

    • 31 Jan 2019
  • BayernLB and Aareal launch into strong covered mart

    Bayerische Landesbank (BayernLB) and Aareal Bank found strong demand for their Pfandbrief this week. Despite pricing tightly to mid-swaps the deals offered a generous pick-up to Bunds, which ensured broad based interest.

    • 31 Jan 2019
  • SEB succours on strong seven year demand

    Skandinaviska Enskilda Banken followed Swedbank with a seven year deal, printing a well oversubscribed €1.25bn covered bond on Thursday flat to its curve. The deal comes as Citi research suggested excess demand for covered bonds issued this month is at a record level.

    • 31 Jan 2019
  • Berlin Hyp EUR500m 1% Feb 26

    • 31 Jan 2019
  • Argenta Spaarbank EUR500m 1% Feb 24

    • 31 Jan 2019
  • Sydbank EUR500m 1.25% Feb 22 non-preferred senior

    • 31 Jan 2019
  • UBS Group Funding USD2.5bn 7% PNC5 AT1

    • 31 Jan 2019
  • Expectations of MREL supply begin to falter

    Bankers and investors are expecting lower volumes of non-preferred senior issuance for 2019, with the majority of issuers looking at the asset class tending to be smaller and infrequent users of capital markets.

    • 31 Jan 2019
  • Deutsche Pbb nails its second attempt at senior debut

    Deutsche Pfandbriefbank made light work of a preferred senior bond sale on Thursday, having returned to the euro market after failing at its first attempt at debuting in the asset class, earlier in January. With issuance conditions still improving, DCM bankers expect more banks to take advantage of a deal window at the beginning of February.

    • 31 Jan 2019
  • Happy New Year! Asian issuers end lunar year with a bang

    Abundant supply, a diverse crop of issuers and some rare long-tenor deals characterised Asia’s bond market ahead of the week-long Chinese New Year holiday, setting the stage for a positive February. Addison Gong reports.

    • 31 Jan 2019
  • Bank capital goes green with latest Kookmin deal

    Asia’s sustainability market took a big step forward this week when Kookmin Bank priced a Basel III-compliant tier two bond with a sustainability label — the first of its kind in the region. Morgan Davis reports.

    • 31 Jan 2019
  • Bondholders remain tongue-tied as climate risks worsen

    Most bond investors are making minimal effort to lobby companies to improve their performance on climate change, a new report has found. Some feel they haven’t the right to make demands; some leave it to equity colleagues; some do not see it as relevant.

    • 31 Jan 2019
  • PRA set to delay capital shock for UK banks after no-deal Brexit

    Sam Woods, chief executive of the UK’s Prudential Regulation Authority, has said that banks and insurers should lose preferred capital treatment for EU exposures in the event of a no-deal Brexit. But in that situation the regulator would not be likely to force the change on firms straight away.

    • 30 Jan 2019
  • BondMarker: Rabo the best issuer, BNP Paribas the best arranger

    Rabobank, Sparebank 1 Boligkreditt and Société Générale issued most highly rated deals this January and BNP Paribas has, on average, worked on the most highly rated deals so far this year according to GlobalCapital's BondMarker.

    • 30 Jan 2019
  • Argenta Spaarbank lands ‘neat and tight’ result on debut

    Argenta Spaarbank wasted little time in the process of selling its first senior unsecured bond on Wednesday, as the Belgian bank rode a strong tone in the euro market to raise €500m of funding.

    • 30 Jan 2019
  • Soer issues most oversubscribed covered bond as periphery issuers circle

    The covered bond market looked well supported on Wednesday as Sparebank Soer Boligkreditt issued the most highly oversubscribed deal of the year, which was priced flat to its curve. With all new issues tightening bankers are hopeful that Italian and Greek supply could soon follow.

    • 30 Jan 2019
  • Fear seeps into Santander AT1s after bank restates call policy

    Additional tier ones issued by Banco Santander plunged in value on Wednesday, after the Spanish financial institution reiterated that it would only redeem capital securities at their first call dates if it was cost efficient to do so.

    • 30 Jan 2019
  • Oil India, SCB take advantage of long-end demand

    Are Asian investors ready to embrace duration again? Oil India and Siam Commercial Bank (SCB) proved there is clear demand, rolling out a pair of 10 year bonds on Tuesday. SCB also added a five year tranche.

    • 30 Jan 2019
  • Poor economic growth casts a shadow on recent credit rally

    A stronger performance in credit markets in recent weeks has lifted spirits, but investors remain concerned about signs that economic growth is still slowing in Europe.

    • 30 Jan 2019
  • Scor signals legal action against Covéa and advisers

    French insurance firm Scor said on Tuesday that it was looking to take legal action against compatriot Covéa, as well as Barclays and Rothschild, in relation to a rejected acquisition proposal. Covéa had announced earlier in the day that it was no longer looking to combine with Scor.

    • 29 Jan 2019
  • Sparebank Soer takes Norwegian covered bonds to four

    Sparebank Soer Boligkreditt has mandated leads for a covered bond and taken advantage of demand identified in the previous three Norwegian deals issued so far this year.

    • 29 Jan 2019
  • Five and seven year covereds “fly like hell”

    After a string of very successful 10 year covered bond trades, it was clear that seven and five year deals would “fly like hell,” said a syndicate manager on one of the deals issued on Tuesday by Swedbank and Aareal Bank.

    • 29 Jan 2019
  • SGA eyes senior debut amid bad loan clean-up in Italy

    Società per la Gestione di Attività (SGA), Italy’s bad loan management vehicle, is preparing to sell its first senior unsecured bond in the euro market. The company’s funding needs have risen amid a growing focus on cleaning up the Italian banking sector.

    • 29 Jan 2019
  • Berlin Hyp secures tight pricing on return to pref senior

    Berlin Hyp showed that there was plenty of demand for bonds with longer and more unusual tenors on Tuesday, surprising some on-looking bankers on its return to the preferred senior format.

    • 29 Jan 2019
  • Natixis reshuffles MTNs as Martin changes position

    Natixis has made some internal changes to its MTN team, after the desk’s global head Elsa Martin took on a new position within the bank.

    • 29 Jan 2019
  • MPs to report on future of post-Brexit UK financial services

    Although the UK’s eventual relationship with the European Union remains shrouded in doubt, politicians on the parliament's Treasury Select Committee are set to look into whether it should remain aligned to the continent’s regulations or diverge when it leaves.

    • 29 Jan 2019
  • Kookmin grows bank capital with sustainable approach

    ‘Tier two’ and ‘sustainability’ are labels that have never previously been combined in Asia. At least not until this week, when Kookmin Bank raised $450m from a Basel III-compliant deal.

    • 29 Jan 2019
  • BayernLB launches into strong but slowing covered mart

    BayernLB launched a 10 year Pfandbrief on Monday in line with where DZ Hyp’s recent 10 year was trading, setting the market up nicely for Aareal Bank, which has also announced issuance plans. Despite record supply last week, spreads are tighter across the board, possibly reflecting the view that volumes are set to slow as issuers head into blackout.

    • 28 Jan 2019
  • UBS targets first 144A sale in AT1, clocks up more than $10bn of orders

    UBS welcomed strong demand on Monday for its first ever additional tier one deal in Reg S/144A format, running up an order book of about $10.5bn mid-way through the sales process.

    • 28 Jan 2019
  • Sydbank returns to euros with non-pref ‘no-brainer’

    Sydbank found a clear window for issuance in the euro market on Monday, when it racked up a solid set on orders on its return to the non-preferred senior bond format.

    • 28 Jan 2019
  • BOC loses debt syndicate head in Hong Kong

    Bank of China’s Hong Kong-based debt syndicate head Sebastian Ha is leaving the firm next month.

    • 28 Jan 2019
  • Eika rides covered bond bull run

    The covered bond market remained in fine fettle on Friday as Eika Boligkreditt found strong demand for the seventh 10 year of the week and Helaba issued a benchmark-sized tap of an old 10 year. At the same time BayernLB picked leads for another 10 year and Cafill mandated for its first social covered bond.

    • 25 Jan 2019
  • CNP eschews call option for tier two

    CNP Assurances came to the market on Friday with a tier two deal, using the bullet format like Assicurzioni Generali did earlier in the week. The issuer chose this structure to get a better price and more investor interest, but one research house suggested that a tier three trade would have made more sense.

    • 25 Jan 2019
  • Extra green demand helps Citi’s debut crush new issue premium

    Citigroup’s first green bond issue has been a long time in coming, but the issuer was elated with the result of the €1bn deal on Wednesday, which was sold into a bond market where investors had slammed the risk pedal to the metal.

    • 24 Jan 2019
  • Records smashed across high grade bonds as investors flood in

    Investors are returning to the covered bond, sovereign and supranational agency (SSA) markets in their droves. Despite exceptionally heavy issuance, the startling breadth and depth of demand seen in many deals this week caught market participants off guard — not least the investors themselves. Bill Thornhill reports.

    • 24 Jan 2019
  • PKO, PBB and RLB NW add flavour in covered bonds

    PKO Bank Hipoteczny (PKO), Deutsche Pfandbriefbank (PBB) and Raiffeisenlandesbank NiederÖsterreich-Wien (RLB-NW) all found strong demand for their €500m covered bond deals this week.

    • 24 Jan 2019
  • RBC feeds covered bond investors’ frenzy

    Fearful of missing out and in the absence of competing credit supply, investors piled into higher yielding covered bonds offered by Canadian, Australian and Swedish issuers this week. A negative new issue premium Royal Bank of Canada’s five year epitomised the state of investor frenzy.

    • 24 Jan 2019
  • Société Générale sets ball rolling for French covereds

    Société Générale this week issued a highly oversubscribed €1bn eight year that paved the way for follow-on French covered bonds from Credit Mutuel CIC — which attracted a €5bn order book for its two part deal — and La Banque Postale.

    • 24 Jan 2019
  • Kowepo and Basel power up Swissie green bonds

    Korea Western Power (Kowepo) chose an appropriate week to launch the first ever green bond in Swiss francs from an emerging market issuer – and not just because sustainability was high on the agenda at Davos. The deal also came in a week in which representatives from the IFC and the Swiss Secretariat for Economic Affairs (SECO) met in Bern to discuss the results of a consultation on impact investing among more than 100 members of the Association of Swiss Sustainable Finance (SSF).

    • 24 Jan 2019
  • US lenders struggle to fill supply hole

    US and regional banks took advantage of strong market conditions this week, but could not stop high-grade dollar FIG supply enduring its worst start to a year since 2016.

    • 24 Jan 2019
  • KBC jumps on rally with tight holdco

    KBC Group was able to approach fair value with a senior bond offering on Monday, as the positivity of the previous few sessions had encouraged less frequent issuers like it and Sydbank to try the market.

    • 24 Jan 2019
  • Japan’s QE: bad for banks, good for DCM in Europe

    Japanese banks are unlikely to enjoy any let-up from razor-thin net interest margins in 2019. This is worrying for their long-term sustainability, but it’s potentially a bonanza for DCM specialists in Europe and the US.

    • 24 Jan 2019
  • Investors waltz back to edgier FIG deals

    Financial firms from southern Europe raised debt from the capital markets this week, suggesting a thaw in the frosty attitude towards the EU’s weakest lenders. The issuers were able to profit from other banks being in blackout and a feeling that valuations are now too low, writes Jasper Cox.

    • 24 Jan 2019
  • KBC Group EUR750m 1.125% Jan 24

    • 24 Jan 2019
  • Assicurazioni Generali EUR500m 3.875% Jan 29 tier two

    • 24 Jan 2019
  • AT1s: a market of perpetual motion?

    The shifting sands of bank regulation make it unlikely that it will ever be worth thinking about additional tier one bonds as perpetual instruments.

    • 24 Jan 2019
  • VW Bank sells €2.5bn deal as it awaits MREL quota

    Volkswagen Bank started its funding for 2019 with a hefty four tranche deal on Thursday that will contribute to its minimum requirement of own funds and eligible liabilities (MREL) when the German regulator decides what that should be.

    • 24 Jan 2019
  • ‘Vintage Rabo’ issues record breaking covered bond

    Rabobank has issued the largest covered bond of the year, drawing the biggest and most granular order book for any covered bond in over five years in the process. The stellar reception illustrated the issuer’s broad reach and confirmed that the full gamut of covered bond buyers are now back.

    • 24 Jan 2019
  • Draghi steers clear of TLTRO III speculation

    The European Central Bank (ECB) is not yet in ‘policy mode’ its president Mario Draghi said on Thursday, refusing to be drawn into speculation around the potential for a third series of targeted longer-term refinancing operations (TLTROs).

    • 24 Jan 2019
  • BCP pays high coupon in AT1 reopener

    Banco Comercial Português got away an additional tier one bond deal on Thursday, showing demand is present for a risky credit profile, but at a high level. The bond will suffer from higher than average coupon risk.

    • 24 Jan 2019
  • KEB uses sustainability label for $600m bond

    South Korea’s KEB Hana Bank has locked up a dual-tranche sustainability bond at zero new issue premium, appealing to investors with its strong credit story and rarity value in the public dollar market.

    • 24 Jan 2019
  • Returning bank treasury investors buoy covered bonds

    Sentiment has changed in the covered bond market. After almost a year of spread widening, a new pricing equilibrium has been reached.

    • 23 Jan 2019
  • Covered bond quartet pay tiny NIPs

    Four covered bond issuers returned to the market on Wednesday and, in contrast to the start of the year when concessions were 5bp-7bp, none paid more than 2bp.

    • 23 Jan 2019
  • SCBC issues inaugural green covered bond

    SCBC chose to issue its first green covered bond in its home currency this week, saving itself a few basis points compared with euros — where a green covered bond is now considered 'feasible'.

    • 23 Jan 2019
  • Metro’s trading update terrifies investors

    Metro Bank’s update to the market on Wednesday has led to speculation it will need to raise capital once more. It revealed slowing loan and deposit growth, weaker than expected profits, and a greater than expected rise in risk-weighted assets chewing up its capital ratio. The update came at a time when UK banks are pessimistic about raising capital.

    • 23 Jan 2019
  • Monte shows OBG success despite sub debt struggle

    Banca Monte Dei Paschi di Siena (MPS) achieved a strong result for its first Obbligazioni Bancarie Garantite (OBG) since 2015, sending a strong signal to investors, and particularly those of its struggling subordinated bonds.

    • 23 Jan 2019
  • Carige cleared to issue €2bn of state-backed notes

    Banca Carige is set to raise €2bn of new funding through the sale of two government-backed senior bonds, after the Italian finance ministry gave it the go-ahead this week.

    • 23 Jan 2019
  • EM primary market sluggish despite strong secondary

    Emerging market investors are enjoying an excellent start to the year in the secondary market, but primary supply has not maintained its strong start to the year. Bankers and investors are confident that issuers will get moving soon though.

    • 23 Jan 2019
  • Citi’s first green bond three times covered

    Citigroup opted to use the euro market on Tuesday for its first ever green bond, tapping into what looks to be strong investor demand for three year paper.

    • 23 Jan 2019
  • Suhyup Bank breaks bond market hiatus for $300m

    South Korea’s Suhyup Bank returned to the international bond market on Tuesday after a near five year hiatus to raise $300m.

    • 23 Jan 2019
  • Feeding frenzy fires up covered bonds

    Fearful of missing out and, in the absence of competing credit supply, investors piled into six covered bonds on Tuesday with a combined value of more than €6bn.Royal Bank of Canada’s deal epitomised the state of investor frenzy as it was able to issue the largest deal of the year with a negative new issue premium.

    • 22 Jan 2019
  • Monte, Spabol,DZ and FCDQ signal supply intentions as others line up

    Banca Monte Dei Paschi di Siena (MPS), Fédération des caisses Desjardins du Québec (FCDQ), SpareBank 1 Boligkreditt (Spabol) and DZ Bank have announced plans to issue covered bond benchmarks on Wednesday when the market is expected to be just as busy as it was on Tuesday.

    • 22 Jan 2019
  • Danish FSA flags funding risk from money laundering scandal

    The Danish Financial Supervisory Authority has warned that banks would face trouble accessing funding in international markets if there were to be a repeat of the kind of money laundering scandal that has gripped Danske Bank, the country’s largest lender, in the last year.

    • 22 Jan 2019
  • QNB prints swift Rmb500m

    Qatar National Bank has sold a Rmb500m ($73m) three year bond through Standard Chartered, continuing its ongoing presence in this market.

    • 22 Jan 2019
  • BCP set to test risk appetite with debut AT1

    Banco Comercial Português could be the first European financial institution to sell additional tier one capital in 2019, following an impressive rally in the asset class.

    • 22 Jan 2019
  • Solvency II faces scrutiny over sustainability impact

    The European Insurance and Occupational Pensions Authority is asking for evidence on the effects of the Solvency II regime on the sustainability of firms’ assets and liabilities. But the regulator does not believe in incentivising sustainable behaviour through capital regulations at present, an idea being discussed in the banking sector.

    • 22 Jan 2019
  • Credit Mutuel plans covered bond

    Credit Mutual-CIC Home Loan SFH has been quick to seize the opportunity identified following Société Générale's blow-out covered bond reception on Monday and has mandated leads for a follow-on dual tranche deal.

    • 21 Jan 2019
  • Covered bonds lift off as demand soars

    A €5bn wall of demand chased a trio covered bonds issued on Monday by Société Générale, PKO Bank Hipoteczny and Deutsche Pfandbriefbank and showed that, after a shaky start to 2019, the market has now found form.

    • 21 Jan 2019
  • Generali reopens Italian sub market

    Assicurazioni Generali was more than 10 times subscribed for its bullet tier two deal on Monday, the first public subordinated bond to be issued by an Italian financial institution in more than half a year. The deal likely benefitted from investors feeling more confident about both Italy and subordinated insurance debt.

    • 21 Jan 2019
  • KBC jumps on rally with tight holdco

    KBC Group was able to approach fair value with its senior offering on Monday, as the positivity of the last few sessions encouraged less frequent issuers like it and Sydbank to try the market. Other banks not yet in blackout could take advantage of the window this week.

    • 21 Jan 2019
  • SMBC Nikko’s fixed income sales and trading head makes CFO switch

    Isabel Mahony, who had been head of fixed income sales and trading EMEA and Asia ex-Japan at SMBC Nikko Capital Markets, has left to the firm to join children's magazine Scoop as chief financial officer.

    • 21 Jan 2019
  • PRA suggests Brexit bonus for UK challengers

    UK regulators may simplify regulations for smaller banks, depending on the outcome of Brexit, and are taking a “close interest” in a US proposal for a 9% leverage ratio.

    • 21 Jan 2019
  • BOC Aviation scoops up $500m

    BOC Aviation took advantage of upbeat market conditions to raise $500m from a quick drive-by transaction.

    • 18 Jan 2019
  • CMB Wing Lung lands tight pricing for AT1

    CMB Wing Lung Bank, the Hong Kong-based subsidiary of China Merchants Bank, has printed the year's first Basel III-compliant additional tier one note from Asia, taking $400m from a deal that was priced well inside analysts’ view on fair value.

    • 18 Jan 2019
  • Kogta issues India's first dual recourse bond

    Non-bank lender Kogta Financial and Northern Arc Capital have sold the first Indian dual recourse bond secured on auto loan receivables.

    • 18 Jan 2019
  • Climate activists boo Larry Fink’s CEO letter

    Larry Fink, chief executive of BlackRock, became one of the most namechecked people in the responsible investing movement in 2018 when he affirmed that “Companies must benefit all of their stakeholders, including shareholders, employees, customers and the communities in which they operate.”

    • 17 Jan 2019
  • Wall Street banks hit dollars but Yankees miss chance

    Wall Street banks returned to the dollar market after reporting earnings this week, but while order books bulged, Yankee banks stayed on the sidelines.

    • 17 Jan 2019
  • Who’s afraid of the big bad loans?

    Mere mention of the words non-performing and loans together has the power to make markets quake, regardless of whether the details are good, bad or neutral.

    • 17 Jan 2019
  • Domestics dominate Swissies but Alberta breaks the ice

    Given the uncertainty created by Tuesday’s Brexit vote, the issuance frontloaded into the Swiss franc market at the start of the week was dominated by domestic borrowers.

    • 17 Jan 2019
  • BNP Paribas EUR2.25bn 2.125% Jan 27 / GBP1bn 3.375% Jan 26 SNP

    • 17 Jan 2019
  • BNZ EUR500m 0.625% Apr 22

    • 17 Jan 2019
  • Turk Eximbank USD500m 8.25% Jan 24

    • 17 Jan 2019
  • Dubai Islamic Bank USD750m 6.25% PNC6 AT1

    • 17 Jan 2019
  • Barclays cuts across syndicate, LM, RSG, MTNs and advisory

    Barclays has made cuts across its debt capital markets business, with staff put at risk including several long serving bankers who have been with the firm for over a decade.

    • 17 Jan 2019
  • FAB USD850m 3.875% Jan 24

    • 17 Jan 2019
  • Italian banks suffer as ECB cracks down on NPL stock

    The European Central Bank has slapped the institutions under its supervision with deadlines for dealing with their stocks of non-performing loans, giving the weakest lenders up to 2027 to raise their coverage levels to 100%. The revelation hit Italian banks hard in the market this week, though some commentators said that the new recommendations should hardly have come as a shock to investors.

    • 17 Jan 2019
  • FIG investors foresee better Brexit outcome

    The overwhelming defeat of Theresa May’s Brexit deal on Tuesday night was welcomed somewhat by the market the following morning, with investors buying into banks’ stocks and bonds. While result of the vote did not give investors and analysts much more clarity, they believe a hard Brexit is looking increasingly unlikely.

    • 17 Jan 2019
  • SRB lays out MREL changes ahead of banking package

    The Single Resolution Board (SRB) set out new policy for complex banks on minimum requirements for own funds and eligible liabilities (MREL) on Wednesday, changing its approach on issues including the subordination requirement and how the type of resolution plan an institution has affects its needs.

    • 17 Jan 2019
  • When a bad deal leads to no deal, no one wins

    Maintaining confidence in the system relies on trust that leaders — those selected for their competence and character to set the course for the rest of us — are well informed, able to communicate with others at their level and take decisions that serve the interests of those they lead.

    • 17 Jan 2019
  • Covered bond issuers turn to PP market

    Although the public covered bond market was quiet over the second half of this week, several issuers have been busy working on private placements in the year so far. These deals have been driven by reverse enquiry from insurance firms looking for safe, ultra-long dated investments that meet return targets.

    • 17 Jan 2019
  • Heeding the call: BNPP deal signals new direction for MREL

    European banks have long been tipped to begin using call options as a way of making funding for the minimum requirement for own funds and eligible liabilities (MREL) more efficient. After a blowout deal for BNP Paribas this week, the one year call structure may finally take its place as the new standard for senior debt in the euro market.

    • 17 Jan 2019
  • Turk Eximbank rides relief in market return

    Turkey’s export-import bank (Turk Eximbank) raised $500m with a five year bond on Wednesday, becoming the first Turkish borrower, apart from the sovereign itself, to access the market since the lira crisis. The deal benefitted from a relief rally following a Turkish central bank meeting on Wednesday.

    • 17 Jan 2019
  • EU member states ready to bury ESA review

    EU finance ministers are poised to agree on January 22 to postpone the review of the European Supervisory Authorities even further, killing any hope of striking a deal before the European Parliament ends its mandate in April 2019.

    • 17 Jan 2019
  • Turk Eximbank rides relief in market return

    Turkey’s export import bank raised $500m on Wednesday, returning to the bond market for the first time since the Turkish currency crisis in 2018, benefiting from a relief rally following the Turkish central bank meeting on Wednesday.

    • 17 Jan 2019
  • Axiom: NPEs down overall, but worst performers are surprising

    EU banks have drastically reduced their non-performing exposures over the past year, and the weakest lenders in terms of provisioning shortfalls are not from Europe’s periphery, according to research by Axiom Alternative Investments. However, two banks named as some of the worst performers disagreed with this label.

    • 17 Jan 2019
  • FIG investors jump onboard repriced senior debt

    Following a tough year for senior debt valuations in 2018, bank debt investors are becoming increasingly interested in taking up positions in this part of the capital structure.

    • 17 Jan 2019
  • FAB prints first ever intraday bank sukuk

    First Abu Dhabi Bank (FAB) printed its $850m five year sukuk on Tuesday, becoming the first bank to sell an international sukuk intraday.

    • 16 Jan 2019
  • Market laps up BNPP’s 'most successful' euro trade ever

    BNP Paribas went to sterling and euros on Wednesday to print a senior non-preferred bond. The French bank was heavily subscribed for both, allowing it to tick off another €3.38bn from its €14bn funding plan in the asset class for the year.

    • 16 Jan 2019
  • LBBW issues tightest covered bond so far

    LBBW this week issued a long three year public sector Pfandbrief at the tightest spread of the year, showing just how receptive investors are to supply, particularly for strong names in short tenors.

    • 16 Jan 2019
  • BNZ returns to euros in aftermath of the Brexit vote

    BNZ International Funding proved popular when it surfaced with a short-dated senior deal in the euro market on Wednesday. It had waited for UK MPs to vote on the terms of the country’s withdrawal from the EU before looking to investors for the funding.

    • 16 Jan 2019
  • ME banks back in force as FAB prints, DIB launches

    First Abu Dhabi Bank printed its $850m five year sukuk on Tuesday, increasing the deal size from an expected $750m and paving the way for an additional tier one trade from Dubai Islamic Bank on Wednesday. The deals are the first bank trades from the Middle East this year.

    • 16 Jan 2019
  • Turk Eximbank guides for $500m five year

    Turk Eximbank has released initial price guidance for a $500m five year senior unsecured bond.

    • 16 Jan 2019
  • Deal-hungry FIG investors steer clear of secondaries

    Bank bond buyers have generally kept quiet in the euro secondary market at the beginning of 2019, preferring to wait for issuers to offer new deals at attractive spread levels.

    • 16 Jan 2019
  • BoCom Leasing adds $1.5bn to coffers with first 2019 bond

    China’s Bank of Communications Financial Leasing Co managed to raise the upper end of its $1.5bn target size at a tighter-than-expected level on Tuesday, a feat achieved despite a busy bond market in Asia.

    • 16 Jan 2019
  • OBG supply can provide political cover for TLTRO III

    Never mind the fact that Italian banks are unable to fund themselves economically. If a few can demonstrate access to the Obbligazioni Bancarie Garantite market, the European Central Bank’s impending third targeted long term refinancing operation (TLTRO) might look less like a bailout.

    • 15 Jan 2019
  • Deutsche Bank gets ‘textbook’ Pfandbrief execution

    Deutsche Bank returned to the covered bond market to issue a perfectly choreographed Pfandbrief. The deal was launched into a relatively quiet market and quickly attracted strong demand, enabling leads to set terms very early in the day despite underlying market concerns.

    • 15 Jan 2019
  • How the covered bond marker works

    Half of the Covered Bond Mark is derived from a survey of market participants. The other half is calculated using a range of key metrics — such as the deal’s subscription ratio, its performance, the granularity of the order book, and the transaction’s size.

    • 15 Jan 2019
  • MUFG hires Mann for FIG in Paris

    Mitsubishi UFJ Financial Group has appointed Jason Mann as European head of financial institutions DCM, a role which will be based in a branch of the bank’s new subsidiary, established to prepare for Brexit.

    • 15 Jan 2019
  • Dubai Islamic Bank wraps up roadshow

    Dubai Islamic Bank finishes the roadshow for its additional tier one bond on Wednesday. The market is eagerly awaiting pricing details and though no call has yet been confirmed, bankers and investors are expecting the bank to redeem its outstanding tier one in March.

    • 15 Jan 2019
  • Banks happy to wait as risks bubble up in the euro market

    Financial institutions have largely shied away from raising debt in the euro market this week, despite a general improvement in financing conditions. With banks cautious about a number of possible risks to market stability, issuance volumes could be set to remain subdued.

    • 15 Jan 2019
  • First Abu Dhabi Bank highlights JLM interest question

    First Abu Dhabi Bank’s five year sukuk benchmark, which has raised a book of $2bn so far, is prompting renewed discussion over fair representation of joint lead manager interest in Middle East bonds.

    • 15 Jan 2019
  • BNP cashes out S$250m from tier two return

    BNP Paribas made a comeback to the Singapore dollar bond market to shore up its capital, bringing the year’s first Basel III-compliant tier two outing in the currency.

    • 15 Jan 2019
  • Covered bond bids improve as Brexit storm clouds gather

    Bids for recently issued covered bond deals are trading close to or tighter than their reoffer spreads but with the UK parliament’s crunch vote on the European withdrawal agreement due on Wednesday, scope for a further widening cannot be ruled out. Especially if new issue premiums continue to reprice curves.

    • 14 Jan 2019
  • Agarwal on banking: ‘I loved the work we did’

    Capital markets veteran Sandeep Agarwal speaks to GlobalCapital about his decision to leave the sector after a period of more than 20 years, reflecting on what he describes as the "best learning experience" he could have asked for following the financial crisis. As he prepares for a new challenge outside of banking, Agarwal warns that the industry is not "out of the woods yet".

    • 14 Jan 2019
  • EM market pauses for breath in dicey start to week

    No emerging markets issuer has yet hit screens this week to capitalise on the exceptional momentum of last week’s market.

    • 14 Jan 2019
  • Brexit untangling could boost HSBC over its discos

    The European Banking Authority is sceptical about HSBC’s decision to re-grant capital treatment to some legacy debt instruments last year, but it is unsure about the leverage it can exert over UK authorities in light of the country’s upcoming departure from the EU.

    • 14 Jan 2019
  • Early January bond volume ‘underwhelming’

    Dollar bond issuance in Asia appears to have got off to a strong start, with a rally both in the primary and secondary markets. But that is not enough for many DCM bankers in the region, who are hoping for a bigger upside.

    • 14 Jan 2019
  • ECB tells Monte dei Paschi to beef up on NPL coverage

    The European Central Bank has asked Banca Monte dei Paschi di Siena to raise the coverage levels for its stock of non-performing loans, leading to fears in the market about the Italian lender’s ability to meet its supervisory capital ratios.

    • 14 Jan 2019
  • Abanca gets ahead of Brexit vote with T2

    Abanca decided to bring its tier two bond to the market on Friday, giving the euro market its first bank capital deal of the year. It was able to reach investors before the UK parliament vote on Brexit threatens sentiment next week.

    • 11 Jan 2019
  • Danske finally looks to finish after Browder claims

    Danske Bank was set to complete its bond sale on Friday at a slightly higher price, after activist investor Bill Browder forced a delay due to his comments about its money laundering scandal this week. Before the postponement, Danske had drummed up a large amount of support in the dollar market, as UniCredit did earlier in the week.

    • 11 Jan 2019
  • ANZ becomes first overseas bank to issue Sonia-linked covered bond

    ANZ became the first non-UK bank to issue a Sonia-linked covered bond on Friday. The competitive and sizeable funding could well spur follow-on issuance from another non-UK bank early next week.

    • 11 Jan 2019
  • Marsh lands bumper M&A trade

    Marsh & McLennan Companies printed the biggest deal in its history with a multi-tranche merger and acquisition financing this week, providing a hint of optimism in the dollar market.

    • 11 Jan 2019
  • Shanghai Commercial adds to bank capital issuance

    Shanghai Commercial Bank followed Hong Kong’s Dah Sing Bank into the bond market on Thursday with a $300m Basel III-compliant tier two deal.

    • 11 Jan 2019
  • BFCM EUR1.25bn 0.75% Jul 26

    • 10 Jan 2019
  • ING EUR1bn 2.125% Jan 26

    • 10 Jan 2019
  • UniCredit USD2.5bn 6.57% Jan 22 / USD500m Jan 22 FRN

    • 10 Jan 2019
  • Allianz EUR750m 0.875% Jan 25 / EUR750m 1.5% Jan 30

    • 10 Jan 2019
  • BPCE EUR1.25bn 1% Jan 24

    • 10 Jan 2019
  • UniCredit trade shows how Italy needs the ECB

    Italian banks are paying up for funding, both a cause and effect of financial stress in the country. It shows why the European Central Bank is likely to continue with TLTRO (targeted longer-term refinancing operations), and why the Italian government has less leverage over Europe than meets the eye.

    • 10 Jan 2019
  • ABN Amro EUR1bn Jan 21 FRN / EUR1.5bn 0.875% Jan 24

    • 10 Jan 2019
  • Credit Ag and Caffil catch long end in covereds

    Crédit Agricole reached considerable size expectations and raised €1.5bn of 10 year covered bond funding on Monday. A day later Caffil raised a not insignificant €1.25bn with a well subscribed two part six and 15 year offering.

    • 10 Jan 2019
  • Canadian and Nordic covereds hit the spot

    Investors flocked to Nordic and Canadian covered bonds issued this week by DNB Boligkreditt, Bank of Nova Scotia (BNS) and National Bank of Canada, perhaps reflecting a view that their spreads are well positioned to withstand the European Central Bank’s withdrawal from covered bond market.

    • 10 Jan 2019
  • Five French banks feed into fast start in FIG

    Five French financial institutions sold preferred senior bonds in the capital markets this week, as the country’s lenders helped the market to a fast start to the new year.

    • 10 Jan 2019
  • Helaba takes Pfandbrief pride of place

    A decision by Landesbank Hessen-Thueringen Girozentrale (Helaba) to issue a rare three year covered bond as part of a two part offering, paid off and put its covered bond offering head and shoulder above other deals issued this week by BayernLB, HVB and UniCredit Bank Austria.

    • 10 Jan 2019
  • Obituary: John Lee-Tin Jr — Shining brightest

    Cultured, guitar-playing capital markets banker who was widely seen as the best SSA originator in the business died on December 26. He was 48 and had been suffering from cancer.

    • 10 Jan 2019
  • Westpac hits dollars and euros covered bonds

    Westpac issued the first dollar covered bond of the year this week, while its New Zealand subsidiary hit the euro market following the demand unearthed by an earlier deal from ANZ New Zealand.

    • 10 Jan 2019
  • Credito Emiliano opens peripheral covereds

    Credito Emiliano this week issued the first Obbligazioni Bancarie Garantite of the year, sending a strong signal to issuers struggling to fund in the senior market. The Italian bank followed Deutsche Bank SA which issued the first Spanish deal of 2019.

    • 10 Jan 2019
  • Fears linger in FIG despite bumper week for issuance

    Banks broke in the new year with an outpouring of primary market sales this week. But an improved backdrop in the euro market has yet to convince anyone that their fears about 2019 might have been misplaced, with bankers warning that conditions could soon take a turn for the worse, writes Tyler Davies.

    • 10 Jan 2019
  • Politicians talk up Carige nationalisation

    The Italian government this week earmarked up to €1bn for a precautionary recapitalisation for Banca Carige but the future of the troubled bank remains uncertain.

    • 10 Jan 2019
  • Yapi Kredi USD650m 13.875% Perp NC 5

    • 10 Jan 2019
  • Australasian banks crank up Swissie market

    Better late than never. After a sluggish start to the year, international activity in the Swiss franc market finally began in mid-week when Westpac priced the first Australian covered bond in Swissies since a Sfr200m National Australia Bank (NAB) trade in January 2014.

    • 10 Jan 2019
  • Barclays names new DCM leadership

    Barclays has unveiled the new structure of its management team for its global DCM and risk solutions group businesses, naming a new head of DCM for EMEA.

    • 10 Jan 2019
  • Credito Emiliano gives OBGs a strong start

    Credito Emiliano has successfully issued the first Obbligazioni Bancarie Garantite of the year. Some bankers believe the bond issue sends a strong signal to issuers struggling to fund in the senior market and should therefore catalyse supply, but other have their doubts.

    • 10 Jan 2019
  • Westpac NZ flies in peer's slipstream

    Westpac New Zealand drew strong support for its five year covered bond on Thursday which took advantage of the strong demand and performance identified in ANZ New Zealand’s earlier deal.

    • 10 Jan 2019
  • Arkéa and Deutsche Pbb join preferred train

    Crédit Mutuel Arkéa and Deutsche Pfandbriefbank were the latest European banks to take advantage of this week's calmer markets to raise senior preferred debt.

    • 10 Jan 2019
  • ECB mulled TLTRO return at December meeting

    Minutes from the European Central Bank’s latest monetary policy meeting reveal that Governing Council members suggested revisiting a scheme allowing banks to access cheap liquidity.

    • 10 Jan 2019
  • Danske deal hangs on Browder testimony

    Danske Bank is waiting until activist investor Bill Browder gives a press conference before deciding whether to proceed with the sale of a senior non-preferred bond. News of the conference derailed the deal on Wednesday, after final terms and a $3bn size had already been set.

    • 10 Jan 2019
  • Fitch joins ESG caravan with relevance scores

    Fitch Ratings has remedied its long lack of a visible response to the rise of environmental, social and governance investing by launching a set of ESG relevance scores.

    • 10 Jan 2019
  • CaixaBank finds room to tighten 20bp for MREL senior

    CaixaBank was testing the strength of appetite for riskier debt instruments in the euro market on Thursday, bringing the lowest rated deal from bank so far this year.

    • 10 Jan 2019
  • Yapi Kredi lays down a marker for peers with AT1

    Yapi Kredi sold the first ever public additional tier one (AT1) bond from Turkey on Wednesday, which leads said would act as a benchmark for future issuers from the country despite the deal having been largely sold to the borrower’s shareholders.

    • 10 Jan 2019
  • Updated: Dah Sing heralds bank capital supply rush

    Hong Kong’s Dah Sing Bank priced a popular $225m Basel III-compliant tier two deal this week, kicking off what is set to be a critical year for Asia’s bank capital market. Addison Gong reports.

    • 10 Jan 2019
  • Helaba achieves strong Pfandbrief result with rare two part deal

    Landesbank Hessen-Thueringen Girozentrale (Helaba)’s decision to issue a rare three year covered bond as part of a two part offering, clearly paid off despite concerns over the lack of yield.

    • 09 Jan 2019
  • Deutsche Bank SA and UniCredit AG covered bonds scrape over the line

    Small benchmark covered bond deals issued on Wednesday by Deutsche Bank’s Spanish subsidiary and UniCredit’s Austrian subsidiary were slow to build and priced in line with initial guidance. This led some to question whether this was due to a degree of unease with their parent groups or whether investors baulked at the pricing process.

    • 09 Jan 2019
  • Danske follows UniCredit into deeper dollars

    Danske Bank offered its senior non-preferred bond to dollar investors on Wednesday, after UniCredit raised $3bn in the format the day before.

    • 09 Jan 2019
  • Abanca spies window for capital reopening

    Spanish lender Abanca is set to market a tier two bond, seeing an opportunity to issue after several stronger market sessions. It hopes to prove that demand for sub-benchmark bank capital is still alive and kicking.

    • 09 Jan 2019
  • Créd Ag squeezes pricing for ‘cost-efficient’ FRN

    Crédit Agricole paid a small premium to investors to launch a new short-dated floating rate note on Wednesday, adding to a flurry of senior trades from French banks at the start of the year.

    • 09 Jan 2019
  • Yapi Kredi sets pricing for first Turkish AT1 bond

    Yapi Kredi, the Turkish bank, has set the pricing for its additional tier one bond though eschewing a “traditional bookbuild process”.

    • 09 Jan 2019
  • Libor cut-off raises the risk of AT1 extensions, says JP Morgan

    Analysts at JP Morgan believe that investors are underestimating the risk that banks will decide against calling their additional tier one instruments in the coming years, because of confusion around the reset rates that could apply past the scheduled end of Libor.

    • 09 Jan 2019
  • Blistering opening to EM as investors like new levels

    Emerging markets have leapt back into action as investors take full advantage of the wider levels on offer in the asset class. Even some of the sector’s most turbulent credits are coming to market.

    • 09 Jan 2019
  • Banks fear being priced out of the market for MREL debt

    Around half of EU banks see pricing as a major constraint for issuing subordinated debt counting towards their minimum requirements for own funds and eligible liabilities (MREL), while analysts think funding costs will increase for capital instruments across the board, according to a survey released by the European Banking Authority this week.

    • 09 Jan 2019
  • Dah Sing kicks off critical year for Asian bank capital

    Hong Kong’s Dah Sing Bank priced a popular $225m Basel III-compliant tier two deal, starting the market on a strong note in a year where more than $24bn of capital bonds from Asia are coming up for call.

    • 09 Jan 2019
  • SocGen expands Apac DCM platform to Japan

    Société Générale is strengthening its debt capital market capabilities in Asia Pacific by creating a new Japan team under Yohei Abo.

    • 09 Jan 2019
  • Citi shakes up Apac DCM syndicate team

    Citi has named two new co-heads for the debt capital markets syndicate desk in Asia Pacific, succeeding James Arnold who is taking up another position within the bank.

    • 09 Jan 2019
  • Italy is chipping away at the EU's bank failure rules

    Europe’s already enfeebled rules around bank failures would be dealt a crushing blow if the Italian state were allowed to use public money to prolong the life of Banca Carige.

    • 08 Jan 2019
  • UniCredit hires Sebban for French DCM

    UniCredit has hired Audrey Sebban as head of debt capital markets, FIG and SSA for France, the bank said on Tuesday.

    • 08 Jan 2019
  • UniCredit tries again for dollar TLAC

    UniCredit came to the dollar market on Tuesday, looking to sell a public senior non-preferred bond after its large private placement a few months ago. The bank was thought to be offering a large premium.

    • 08 Jan 2019
  • Shawbrook contemplates RMBS debut

    Shawbrook, a UK challenger bank advised by Bank of America Merrill Lynch and Goldman Sachs during its 2017 takeover by private equity, is waiting in the wings with a debut RMBS offering.

    • 08 Jan 2019
  • Allianz sparks insurance debt supply for 2019

    After a near two year absence from the market, Allianz SE opened books on a new senior deal on Tuesday to kick off the supply of insurance debt in 2019.

    • 08 Jan 2019
  • Italy gives Carige liquidity support, opens path to recap

    The Italian government has agreed to provide a guarantee for Banca Carige’s bonds, giving it a chance to shore up its liquidity position. The state has also put the option of a precautionary recapitalisation on the table.

    • 08 Jan 2019
  • Caffil, ANZ NZ and NBC find succour in covereds

    Euro covered bonds issued by ANZ New Zealand, Caffil and National Bank of Canada on Tuesday provided “the least worst option” in a spread widening environment, said bankers.

    • 08 Jan 2019
  • Secondaries settle in senior as ABN and BPCE bring deals

    FIG bankers were encouraged to see credit spreads holding firmer in the secondary market on Tuesday, despite fresh supply of senior debt from ABN Amro and Groupe BPCE.

    • 08 Jan 2019
  • Yapi Kredi to offer first non-sovereign Turkish paper since April

    Yapı ve Kredi Bankası is planning an additional tier one dollar benchmark that looks likely to be the first issue of non-sovereign international bonds from the country since April.

    • 08 Jan 2019
  • Risk-free rates: Sonia and Sofr at the forefront of new era

    The bond market is well ahead of schedule in its adoption of potential Libor replacements, with several issuers having printed notes linked to the Secured Overnight Financing Rate (Sofr) in the dollar market, and to the Sterling Overnight Index Average (Sonia) in sterling. Borrowers are setting strong standards for other participants to take up, as well as adjusting structures to ensure the eventual market is optimal. That does not mean the job is finished, of course. GlobalCapital spoke to some of the pioneers in the Sonia and Sofr markets about their work so far — and the challenges ahead.

    • 08 Jan 2019
  • Westpac reopens dollar covered bonds

    Westpac has issued the first dollar covered bond of the year, and its first in that currency in more than two years. The borrower took advantage of a quiet market to issue a sizeable $2bn five year deal that provided a considerable cost saving to senior unsecured — sending a strong signal to other issuers.

    • 08 Jan 2019
  • Guotai Junan HK arm dips offshore for $200m

    Guotai Junan International Holdings paid a premium over the curve of some of its Chinese brokerage peers for a $200m bond on Monday.

    • 08 Jan 2019
  • HSH Nordbank bondholders file lawsuit

    Investors in some tier one instruments issued by HSH Nordbank are taking their complaints to court in Germany, claiming that the way in which the notes were written down and the coupon payments missed was improper.

    • 07 Jan 2019
  • Over half of UK banks and brokers could shift to EU

    Twenty-seven universal banks, investment banks and brokerages have confirmed or are considering moving operations or staff from the UK to the rest of the EU, according to EY. Paris is gaining in popularity as a destination for UK financial services firms, but Dublin appears to be the top choice.

    • 07 Jan 2019
  • Caffil mandates for two part covered bond

    Caffil has mandated joint leads for a two part covered bond which, at the long end, is expected to offer a juicy spread.

    • 07 Jan 2019
  • Lloyds issues second Sonia covered bond

    Lloyds Bank issued a £750m three year Sonia linked covered bond on Monday, taking advantage of the steepness of the sterling curve to cut the funding cost. But having issued almost £4bn ($5.1bn) in the last 12 months, demand was much less compelling than Nationwide’s recent Sonia debut.

    • 07 Jan 2019
  • DNB ticks all the covered bond boxes

    DNB Boligkreditt attracted a comfortably oversubscribed order book for its €1.5bn seven year covered bond on Monday, illustrating the market’s sweet-spots for tenor, name and jurisdiction.

    • 07 Jan 2019
  • Credit Ag’s 10 year lands as rivals debate deal's timing

    Crédit Agricole managed to reach considerable size expectations and raise €1.5bn of covered bond funding in the challenging 10 year tenor on Monday. Although a tighter price might have been possible on Friday, the issuer’s size ambitions would probably have been thwarted.

    • 07 Jan 2019
  • ING throws down new pricing marker in euros

    ING Groep was set to raise €1bn of senior notes for the minimum requirement for own funds and eligible liabilities (MREL) on Monday, showing for the first time in 2019 what kind of a premium issuers may have to pay to complete new unsecured deals in euros.

    • 07 Jan 2019
  • French banks adapt to 2019 with preferred

    Banque Fédérative du Crédit Mutuel and Société Générale came out on Monday with euro-denominated deals in the safest part of the unsecured capital stack, as issuers adjust to a pessimistic mood at the start of 2019.

    • 07 Jan 2019
  • Deutsche DCM director joins Blackstone Tactical Opportunities

    A former director in Deutsche’s insurance solutions business has joined Blackstone’s Tactical Opportunities team as a principal.

    • 07 Jan 2019
  • ECB bemoans states' missing capital buffers

    A member of the supervisory board of the European Central Bank has hit out at European member states for failing to introduce countercyclical buffer rates for banks during this economic cycle.

    • 07 Jan 2019
  • Danske returns to unsecured after laundering revelations

    Danske Bank is looking to issue a senior non-preferred bond, giving primary market investors a chance to judge the institution after developments in a money laundering scandal have raised the prospect of it receiving a large fine from US authorities. Danske follows BNP Paribas, which paid up to print a new deal on Thursday.

    • 04 Jan 2019
  • Bid in the belly supports covered bonds from BNS and BayernLB

    Bank of Nova Scotia and BayernLB found good demand for their covered bonds issued in the belly of the curve on Friday, but UniCredit AG (HVB) experienced a more challenging sales process for its 10 year Pfandbrief. Crédit Agricole will be hoping for a better reception when it issues a 10 year next week.

    • 04 Jan 2019
  • Catastrophes wear out ILS investors

    A year and a half of costly insurance losses from the disasters such as the 2017 US hurricanes and last year’s wildfires in California are grinding down investors in catastrophe bonds and other insurance-linked securities. That raises questions over the direction of a market that has experienced consistent growth up to now, writes Jasper Cox.

    • 03 Jan 2019
  • Sterling boom ahead of Brexit gloom

    Issuers are flocking to the sterling bond market ahead of the crunch vote in the UK Parliament on prime minister Theresa May’s Brexit deal, which is scheduled for January 14. Issuers are taking full advantage of a parliamentary recess and a break in the political mayhem that saw the vote, originally due to take place last month, postponed due to May's fears it would be voted down. Burhan Khadbai and Tyler Davies report.

    • 03 Jan 2019
  • BNPP shows ‘leadership’ with first callable non-pref

    BNP Paribas has become the first European bank to put a callable non-preferred senior deal into the public market, after opening books on a new dollar deal on Thursday.

    • 03 Jan 2019
  • No certainty in sight for the UK or sterling

    Borrowers flocked to the sterling bond markets this week, at possibly greater pace than the usual January rush. Some of that seemed to be an attempt to get ahead of a crucial Brexit vote in the UK parliament later this month. But if anyone expects clarity on the UK’s future relationship with Europe after that date, they’re delusional.

    • 03 Jan 2019
  • ECB looks to unlock capital block for Carige

    It might be a new year but the same old problems are haunting the Italian banking sector. On Wednesday the European Central Bank took the unprecedented step of appointing administrators to run struggling Banca Carige. The supervisor hopes that the intervention will solve long-standing governance problems, but it may not be enough for the bank to pull off an equity raise and ensure its survival.

    • 03 Jan 2019
  • MTN desks heartened by public market pick-up

    A busier public bond market has caught the attention of MTN dealers, particularly as new issue premiums appear to be rising — which might lead to more inquiry for private debt.

    • 03 Jan 2019
  • BayernLB, UniCredit and Crédit Agricole to jump into covered bonds

    The covered bond market is likely to remain equally busy on Friday as it was on Thursday with a further three deals mandated. Bankers say next week could become even more frenetic.

    • 03 Jan 2019
  • Swiss franc market quietly optimistic for 2019

    Zurich-based syndicate heads entered the new year cautiously optimistic about the outlook for Swiss franc bond issuance in 2019.

    • 03 Jan 2019
  • Nationwide reopens sterling covered bond market

    Nationwide raised £1bn of five year covered bond funding on Thursday with its first Sonia-linked trade. It was perfectly timed to take advantage of the UK parliament’s recess and the brief period of political calm that this offered.

    • 03 Jan 2019
  • ABN and LBBW issue ‘workmanlike’ covered bonds as BMO gets ‘swashbuckling’ result

    ABN Amro and LBBW issued perfectly respectable, though uninspiring, euro covered bond trades on Thursday, deals that stood in contrast to a heroic deal from Bank of Montreal (BMO).

    • 03 Jan 2019
  • Investors face extended wait for fresh sub debt

    Poor market conditions at the start of 2019 could leave investors facing a long wait for new subordinated bank bond supply in euros, adding to a month without any issuance in the sector.

    • 03 Jan 2019
  • Will Europe regret stringing out the Carige debacle?

    The European Central Bank is giving Banca Carige yet more time to boost its capital. If the lender cannot turn itself around, authorities will regret dithering while the private sector walked away.

    • 03 Jan 2019
  • Asian bond issuers strap in for choppy 2019 market

    Asian bond issuers are set to face a test of endurance in 2019, given their huge refinancing requirements. While the market will still be open, risks of defaults loom large over DCM bankers and investors, writes Addison Gong.

    • 03 Jan 2019
  • Italian NPL servicer doBank expands European reach with Altamira acquisition

    Italian NPL servicing specialist doBank on Wednesday announced a deal to buy 85% of Altamira Asset Management to push into other potentially lucrative southern European markets, adding €55bn in assets under management to its existing €140bn.

    • 02 Jan 2019
  • LBBW takes time to follow Commerz in covered bonds

    LBBW decided against competing for investors' attention with Commerzbank on Wednesday and has opted to give investors time before opening order books for its first covered bond of the year on Thursday.

    • 02 Jan 2019
  • Nomura makes FIG DCM hire

    Nomura has hired Tom Lowe to cover financial institutions in the UK and Ireland.

    • 02 Jan 2019
  • Commerzbank kicks off 2019 with covered reopener

    Commerzbank reopened the covered bond market with the first covered bond of the year and the first in more than a month. The generously priced two part transaction was slow to start, but in the context of a weak and volatile market backdrop, the size was impressive.

    • 02 Jan 2019
  • Agarwal leaves CS for new opportunity

    Sandeep Agarwal, a veteran of the financial institutions bond market, has parted ways with Credit Suisse to join a new company.

    • 02 Jan 2019
  • ECB takes charge of Carige

    The European Central Bank has seized control of Banca Carige after a majority of board members resigned. The new administrators include the old CEO and chair, originally proposed by the Malacalza family, as well as a lawyer with experience of merging financial entities.

    • 02 Jan 2019
  • FIG bankers fear slow start to 2019 as bonds and equities falter

    DCM bankers believe financial institutions will seek to hold back on launching new bond deals if markets cannot find a footing at the beginning of the new year.

    • 02 Jan 2019

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 10,226.87 87 5.98%
2 HSBC 9,924.14 51 5.80%
3 LBBW 8,393.04 48 4.91%
4 Natixis 7,217.47 36 4.22%
5 UBS 7,025.55 38 4.11%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2019
1 Bank of America Merrill Lynch 52,563.97 240 5.87%
2 Citi 52,120.64 279 5.82%
3 JPMorgan 51,592.41 265 5.76%
4 Morgan Stanley 37,731.07 213 4.21%
5 HSBC 35,834.12 222 4.00%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 42,999.30 198 11.21%
2 JPMorgan 41,206.47 202 10.74%
3 Citi 40,920.97 214 10.67%
4 Morgan Stanley 27,539.54 145 7.18%
5 Goldman Sachs 27,200.66 258 7.09%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,939.43 23 6.77%
2 LBBW 5,403.66 21 6.16%
3 UniCredit 5,082.55 24 5.79%
4 HSBC 5,076.13 19 5.78%
5 Credit Agricole CIB 4,965.07 22 5.66%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 6,170.54 15 14.50%
2 UBS 4,233.38 20 9.95%
3 BNP Paribas 3,846.71 16 9.04%
4 Credit Agricole CIB 3,549.81 11 8.34%
5 HSBC 2,155.16 15 5.06%