• Swedish krona attracts covered FIG issues

    Swedish krona levels look attractive compared to euros, say bankers, leading to a raft of large deals being printed at the short end. Swedbank and Deutsche Pfandbriefbank both benefited from these levels when they printed covered bonds this week.

    • 02:15 PM
  • RBS pushes funding costs and NIM accounting onto NatWest Markets

    NatWest Markets made a loss in the first quarter, Royal Bank of Scotland said on Friday when presenting its results, partly thanks to it being made to account for the cost of old RBS plc debt. The group will also now stop including NatWest Markets when reporting its net interest margin, and one analyst said this could raise questions about commitment to the investment bank.

    • 01:30 PM
  • CICC hauls in $1bn with dual tranche bond

    China International Capital Corp (CICC) priced a $1bn dual tranche bond transaction with the support of 15 banks on Thursday.

    • 09:00 AM
  • Fabulous covered bonds deserve to be voted on

    Please take a couple of minutes to cast your confidential vote for the last 10 euro covered bond benchmarks, including stellar deals issued most recently by MuenchenerHyp, ABN Amro and DZ Hyp. You don't need to be a GlobalCapital subscriber to vote and see all the related content.

    • 06:30 AM
  • Deutsche-Commerz talks fall through: what next?

    Deutsche Bank and Commerzbank will have to sort themselves out without the help of each other, after merger talks collapsed this week. Speculation mounted as to whether Deutsche would now be forced to slash its investment banking operations, and about whether Commerzbank would be embraced by another European peer.

    • 25 Apr 2019
  • Créd Ag adds to long end action in covered bonds

    Crédit Agricole has become the latest European bank to tap into strong demand for long-dated covered bonds in euros, raising €1.25bn of 15 year funding on Wednesday without paying a new issue premium to investors.

    • 25 Apr 2019
  • RBC rips up Canadian script with royal green

    Royal Bank of Canada has wrought havoc with the traditional pecking order for Canadian financial institutions in the credit markets, beating a better-rated peer for spread amid a string of recent senior issuance out of the country in euros. Market participants took the stunning developments this week as clear proof for a long-standing belief: green funding is simply cheaper. Tyler Davies reports.

    • 25 Apr 2019
  • IMF, BIS hail potential for fintech to tackle financial exclusion

    The heads of two of the world’s leading global financial regulators have hailed the potential of financial technology to help lift people out of poverty by connecting them to the banking system. But both Agustín Carstens, General Manager of the Bank for International Settlements, and Christine Lagarde, the managing director of the International Monetary Fund, warned of potential risks.

    • 25 Apr 2019
  • North American banks come back to Europe as funding costs flatten

    The cost of funding in euros or sterling has swung back into favour for dollar-focused financial institutions in recent months, heralding the return of several North American banks to the market, including Morgan Stanley and Wells Fargo.

    • 25 Apr 2019
  • Royal Bank of Canada EUR500m 0.25% May 24 green

    • 25 Apr 2019
  • Little to cheer in UBS’s IB results

    UBS investment bank’s profit before tax fell by more than half in the first quarter of 2018, with year-on-year declines in almost all divisions, the Swiss institution revealed on Thursday.

    • 25 Apr 2019
  • SG delves 'DEEP' with first blockchain covered bond

    Société Générale may have provided market participants with a glimpse into the future after becoming the first bank to issue a covered bond as a security token on a public blockchain. Development of this technology is still at an early stage and is not without its risks, but proponents believe blockchain could revolutionise the covered bond market, reducing settlement times to just a few seconds.

    • 25 Apr 2019
  • Bank resolutions: long weekend

    Patience is a virtue for anyone looking to challenge decisions made during a bank resolution.

    • 25 Apr 2019
  • Svenska sails close to covereds with tight sterling senior

    Svenska Handelsbanken was well received for a new senior unsecured transaction in the sterling market on Thursday, despite having pushed the spread towards a level that some investors might be able to pick up from a covered bond.

    • 25 Apr 2019
  • ASR attracts ‘blow-out’ reception for Loyalis tier two

    ASR Nederland was more than 10 times subscribed for a new tier two in the euro market on Thursday, the proceeds of which will be used to finance its takeover of disability insurance specialist Loyalis.

    • 25 Apr 2019
  • Rates come to the rescue for Barclays

    Barclays beat expectations in fixed income, currencies and commodities trading (FICC), according to its first quarter results announced on Thursday, which it attributed to a strong performance in rates. This helped to offset reduced fees for deals and an equity trading slump, as its corporate and investment bank seeks to provide the return on capital in the face of shareholder pressure.

    • 25 Apr 2019
  • Luzerner goes larger, longer and lower in AT1

    More evidence of the strength of demand from Swiss retail investors for attractive coupons was provided last week when Luzerner Kantonalbank (LuKB) priced an additional tier one (AT1) transaction shortly before the Easter break. Led by LuKB and ZKB (sole structurer), and priced at a coupon of 1.8%, this non-call 6.5 year deal raised Sfr250m.

    • 25 Apr 2019
  • Crédit Agricole creates benchmark in Singapore dollars

    Crédit Agricole turned to the Singapore dollar market on Wednesday to sell its latest subordinated transaction, marking the French bank’s first bond sale in the currency.

    • 25 Apr 2019
  • ‘Devil is in the detail’ for pan-Baltic covered bond project

    Valdis Dombrovskis, vice president of the European Commission, joined a chorus of voices at a European Covered Bond Council plenary meeting in Riga this week in praising efforts to create a harmonised covered bond framework for the Baltic states. But market participants said the project still had some way to go, with those involved working hard to flesh out the final details.

    • 25 Apr 2019
  • Goldman’s reboot suffers mission creep

    A tough quarter scuppered Goldman Sachs's strategic update but the bank places deeds before words and is already well advanced in its new strategy, writes David Rothnie

    • 24 Apr 2019
  • Credit Suisse’s IBD lags behind US rivals

    Credit Suisse was first off the blocks among big European investment banks in releasing its first quarter results on Wednesday. While trading revenue was strong, underwriting and advisory revenues disappointed, compared with US peers.

    • 24 Apr 2019
  • Plans for energy-efficient mortgages spread to the Baltics

    The Energy-Efficient Mortgage (EEM) initiative took another important step towards its objective of delivering a standardised European framework on Wednesday, with an event in Latvia bringing together various sponsors to discuss plans for the market’s development.

    • 24 Apr 2019
  • Société Générale issues first covered bond on blockchain

    Société Générale has issued the first covered bond as a security token on a public blockchain last week.

    • 24 Apr 2019
  • Créd Ag adds to long end action in covered bonds

    Crédit Agricole became the latest European bank to tap into strong demand for long-dated covered bonds in euros, raising €1.25bn of 15 year funding on Wednesday without paying a new issue premium to investors.

    • 24 Apr 2019
  • RBC outdoes TD for spread on ‘astonishing’ green debut

    Royal Bank of Canada stunned market participants with its first public euro offering of bail-inable senior debt on Wednesday, pricing the deal inside equivalent trades from Toronto-Dominion Bank and Bank of Nova Scotia. The trade was RBC’s first ever green bond.

    • 24 Apr 2019
  • No relief yet for SNS bondholders after long wait for compensation decision

    A Dutch court has asked a panel of experts to further investigate what SNS might have been worth had it not been nationalised six years ago, forcing former bondholders to wait even longer to learn whether they can expect compensation for their losses.

    • 24 Apr 2019
  • Labels matter more than details in bank capital

    If the architects behind the complicated world of bank resolution and prudential capital regulation have proved one thing, it is that the devil is not always in the detail. Sometimes labels matter more.

    • 23 Apr 2019
  • RBC to go green in euros amid run of Canadian senior deals

    Royal Bank of Canada said on Tuesday that it was looking at the euro market for its first green senior unsecured bonds, at a time when issuers seem to be more in control of pricing than investors.

    • 23 Apr 2019
  • Cœuré: ECB wants to ‘protect’ achievements of TLTRO II

    A prominent member of the European Central Bank’s executive board has said that the institution will be keen on protecting ‘remarkable progress in lending to the real economy’ when it announces the terms of a new funding scheme for banks later this year.

    • 23 Apr 2019
  • Chinese private sector defaulters pile up

    The Asian debt markets have been hit with a number of defaults from Chinese borrowers. China Minsheng Investment Corp (CMIG) has missed bond payments, as has Kangde Xin Composite Material Group.

    • 23 Apr 2019
  • New regulations cause Formosa decline

    Structured issuance in Formosa format has tumbled amid a wider decline in structured MTN volume year to date, which Dealogic data shows has fallen from $9.98bn across 213 trades at this point in 2018 to $5.08bn across 119 deals this year.

    • 18 Apr 2019
  • JPM picks Piepszak as CFO

    JP Morgan has appointed Jennifer Piepszak as its chief financial officer, replacing Marianne Lake, who will now run consumer lending.

    • 18 Apr 2019
  • NatWest hires covered bond trader

    NatWest Markets has hired an experienced covered bond trader from Nomura. The move is the latest example of staff swapping between the two firms, but also underscores the UK’s bank ambitions plans.

    • 18 Apr 2019
  • Strasbourg approves the covered bond legislative package

    The covered bond industry and the Capital Markets Union (CMU) hit a new milestone on Thursday after the European Parliament’s plenary in Strasbourg adopted the text of the Covered Bond Directive just after midday.

    • 18 Apr 2019
  • Trajectory bodes well for US banks’ Q2s

    Investment banking activity suffered a sluggish start to the year at the top US names, particularly in equity underwriting, but conditions brightened as winter turned to spring.

    • 17 Apr 2019
  • La Banque Postale EUR750m 1.375% Apr 29 green

    • 17 Apr 2019
  • EU ready for bank reg overhaul after EP approval

    The European Parliament this week approved a package of measures that will overhaul prudential capital rules for banks, ending more than two years of debate in time for new parliamentary elections in late May.

    • 17 Apr 2019
  • Wells Fargo EUR1bn 0.5% Apr 24

    • 17 Apr 2019
  • Self-funders re-open dollars with swagger

    US banks tapped the market this week on the back of a strong earnings season, exploiting favourable market conditions going into the Easter holiday weekend.

    • 17 Apr 2019
  • ASR Nederland readies T2 for Loyalis acquisition

    ASR Nederland is planning a 30 year non-call 10 tier two bond issue, it said on Wednesday, as looks to finance its recent acquisition of disability specialist Loyalis.

    • 17 Apr 2019
  • ECB tiering no panacea for ailing banks, say analysts

    The European Central Bank has indicated that it is looking into how to mitigate the costs that years of negative interest rates have exacted on banks. That has led some in the market to bet that it will introduce tiered interest rates at some point. But analysts are not convinced that tiering deposit rates will help weak lenders — or make any difference at all. Mike Turner reports.

    • 17 Apr 2019
  • Hunt for yield as ABN trails MuHyp in 20 year covereds

    ABN Amro tapped into bank investors’ thirst for yield amid low interest rates this week with a 20 year covered bond. The Dutch deal followed a previous 20 year from MünchenerHyp (MuHyp) and comes as European investors are increasingly under pressure to reach for yield.

    • 17 Apr 2019
  • Structured MTN issuance falls

    Low market volatility, a fall in Formosa issuance and the introduction of alternative risk free rates have all led to a sharp decline in structured, callable and floating rate MTN issuance, said MTN bankers.

    • 17 Apr 2019
  • People news in brief

    Gaab retires from Deutsche — Bank of America nabs FIG banker from Morgan Stanley — Credit Suisse bumps up IG trading team

    • 17 Apr 2019
  • IsDB USD1.5bn 2.843% Apr 24 sukuk

    • 17 Apr 2019
  • Middle East pair snag bonds ahead of Ramadan

    Islamic Development Bank and Qatar National Bank hit the market for dollar paper on Wednesday, scooping up funds ahead of Ramadan.

    • 17 Apr 2019
  • TD leads the way for Canadian TLAC in euros

    Euro investors have been treated to their first ‘bail-inable’ senior bonds from Canadian banks, as Bank of Nova Scotia followed Toronto-Dominion into the market this week.

    • 17 Apr 2019
  • Ecobank jumps several points in secondary

    Ecobank launched its debut bond on April 11, but less than a week later, the price has shot up by between four and five points, prompting questions about the bond’s execution.

    • 17 Apr 2019
  • Toronto-Dominion Bank EUR1.5bn 0.375% Apr 24

    • 17 Apr 2019
  • MUFG relocates all European DCM and sales to Paris

    MUFG has relocated 21 staff to Paris, including all its European DCM origination bankers, all its sales people who cover European investors and an MTN banker.

    • 17 Apr 2019
  • Credit Suisse adds to IG sales and trading line-up

    Credit Suisse has made a number of hires from other banks in investment grade trading for its London office, according to an internal memo seen by GlobalCapital.

    • 17 Apr 2019
  • Raiffeisen raises the Swiss curtain for sustainable bonds

    Raiffeisen Switzerland chalked up a notable first for Swiss francs on Monday when it priced the market’s inaugural sustainable bond. Endorsed by a second-party opinion from ISS-Oekom, the Sfr100m ($99m) five year issue was priced at mid-swaps plus 43bp, for a yield to maturity of 0.06%.

    • 17 Apr 2019
  • Moody’s takes aim at Estonia’s new covered bond law

    Moody's has given Estonia’s newly established covered bond framework a mixed report, an assessment that will be a helpful guide for the other countries in the Baltic region, which plan to use special purpose vehicles to get around some of the problems their neighbour faces.

    • 17 Apr 2019
  • No NIP for Wells Fargo's first euro deal since 2017

    Wells Fargo attracted plenty of interest in a new five year senior bond in euros on Wednesday and was able to squeeze all of the new issue premium out of the transaction, its first in euros for two years.

    • 17 Apr 2019
  • ICBC paves BRI with green bonds in three currencies

    Industrial and Commercial Bank of China raked in the equivalent of more than $2.2bn on Tuesday across four tranches of notes in three different currencies.

    • 17 Apr 2019
  • BNS chases TD into euro senior market amid arb opportunities

    Euro investors have been treated to their first two ‘bail-inable’ senior bonds from a Canadian bank this week, after Bank of Nova Scotia followed closely behind Toronto-Dominion Bank with a deal of its own on Wednesday.

    • 17 Apr 2019
  • Co-op features in bond market resurrection ahead of Easter

    Co-operative Bank managed to raise £200m of tier two capital this week, in its first bond sale since coming close to failing in 2017. A healthy coupon of 9.5% helped the UK lender to find the demand it needed, even if one investor said that there was still “not much to like” about its credit profile.

    • 17 Apr 2019
  • UK’s FCA plans to adopt EU covered bond law

    The Financial Conduct Authority has set out plans to amend the UK’s regulated covered bond framework once European Union legislation comes into force.

    • 17 Apr 2019
  • Shinhan serves up first SDG bank capital dollar bond

    Shinhan Bank of South Korea managed tight pricing on its Basel III-compliant tier two deal on Monday. Investors overwhelmed the $400m transaction with orders that covered the book more than seven times at its peak, thanks in part to its rare 10 year tenor but also as a result of its status as Asia’s first dollar-denominated UN Sustainable Development Goals-linked bond. Morgan Davis reports.

    • 17 Apr 2019
  • Bank capital investors stay wary of weaker names

    Investors have resisted the temptation to pile into new subordinated bonds from lesser known banks in recent weeks, fuelling expectations that funds will remain prudent in the market, even as it becomes harder for them to find high yielding assets.

    • 17 Apr 2019
  • David Slade to take over UBS's combined DCM and levfin ops in EMEA

    UBS has reorganised its debt capital markets business, following the decision of global head Amir Hoveyda to step down from his role. It will merge leveraged finance and DCM, with David Slade heading the combined group in EMEA.

    • 16 Apr 2019
  • BBVA picks up Santander vet for liability management

    BBVA has hired a former MTN banker at Santander as a director in its liability management team.

    • 16 Apr 2019
  • Capital markets need an Extinction Rebellion

    Sustainable finance is bubbling with exciting new initiatives. But making people feel good is not enough. Activity needs to produce results, and so far there is more noise than movement. The tone is far too sedate — it needs some hard core activism to break the torpor.

    • 16 Apr 2019
  • ECB tiered depo hike not bad for covereds

    Covered bond spreads are expected to widen if the European Central Bank increases its deposit rate from minus 0.4% to 0% across its whole portfolio. But some market participants think the ECB will adopt a tiered approach to the €2tr of excess liquidity held on deposit, which should not greatly affect covered bond spreads.

    • 16 Apr 2019
  • Goldman looks forward to tech IPOs

    Goldman Sachs said that its equity underwriting pipeline swelled during the first quarter, with IPO interest rising among technology companies.

    • 16 Apr 2019
  • FAB joins Middle East sterling spree

    First Abu Dhabi Bank has printed two sterling private placements in the last week — the most recent Tuesday morning’s £120m note through JP Morgan — adding to a flurry of sterling trades from the Middle East.

    • 16 Apr 2019
  • Santander exercises call option on dollar AT1

    Another day, another Santander call option. The bank revealed this week that it will call its 6.375% $1.5bn additional tier one perpetual note. In February it became the first bank ever to extend the life of an AT1, but its move this week gave market participants better insight into how it is likely to treat call decisions.

    • 16 Apr 2019
  • TD sets strong precedent for Canadian bail-in paper in euros

    Toronto-Dominion Bank has become the first Canadian issuer to launch a bail-inable senior bond publicly in euros, impressing on-looking bankers by landing the deal with a very tight spread to mid-swaps.

    • 16 Apr 2019
  • EMEA revenue beats North America in Citi’s investment bank

    Citi’s institutional clients group registered a higher revenue in the EMEA region than it did in North America in the first quarter of the year, the first time this had happened in more than six years.

    • 16 Apr 2019
  • Rare IG supply as Shinhan adds SDG label to bank capital deal

    South Korea’s Shinhan Bank sold Asia’s first dollar-denominated UN Sustainable Development Goals-linked bond on Monday, raising $400m from the Basel III-compliant tier two deal.

    • 16 Apr 2019
  • UniCredit’s HVB fined for helping weapons of mass destruction distributor

    UniCredit has settled with US authorities and agreed to pay about $1.3bn for breaking US sanctions, but the Italian bank said this amount was fully covered by provisions.

    • 16 Apr 2019
  • S&P goes its own way on ESG ratings

    Enel and NextEra Energy have, on a pilot basis, become the first companies to obtain one of S&P Global’s new ESG Evaluations. The product, launched last week, takes S&P into direct competition with providers of ESG ratings like MSCI and Sustainalytics — and with Moody’s, which a few days after S&P’s launch acquired Vigeo Eiris, the French-based ESG rating firm.

    • 16 Apr 2019
  • Climate change losses could hit $20tr, warns Bank of England

    Estimated losses in the transition to a low carbon economy could top $20tr, according to a speech delivered on Monday by the Bank of England’s Sarah Breeden. The warning was delivered as the UK’s Prudential Regulation Authority published a new supervisory statement on plans to enhance banks’ and insurers’ management of risks from climate change.

    • 15 Apr 2019
  • Moody's buys Vigeo Eiris in drive for ‘global standard’ on ESG

    Moody’s has acquired a majority stake in Vigeo Eiris, the environmental, social and governance research and ratings provider, as the credit rating agencies move increasingly into the area of ESG investing. The announcement comes just days after S&P Global launched its new ESG Evaluation product.

    • 15 Apr 2019
  • La Banque Postale arrives through fair value on green debut

    La Banque Postale saved around 2bp on pricing by going green on its latest inaugural 10 year senior non-preferred paper, reaffirming the discrepancy between supply and demand in the euro green bond market.

    • 15 Apr 2019
  • Investors flock to ABN’s 20 year as asset purchase programme fears grow

    ABN Amro returned to the covered bond market on Monday to issue the largest 20 year transaction so far in 2019. Banks have increasingly found favour in placing deals with the ultra-long maturities, amid renewed speculation that the European Central Bank could restart asset purchases.

    • 15 Apr 2019
  • NY Life wins its biggest order book on third sterling outing

    New York Life has returned to the sterling market for a third time as it looks to build out a maturity curve in the currency. Its latest offering proved to be its most popular sterling bond to date.

    • 15 Apr 2019
  • Debt underwriting fees bolster JP Morgan

    On Friday, JP Morgan and Wells Fargo posted falls in investment banking revenue for last quarter. But debt underwriting business was a bright spot for both banks.

    • 15 Apr 2019
  • Ecobank gets $450m five year in oversubscribed debut

    Ecobank Transnational, the pan-African bank based in Togo, hit screens this week for a five year dollar benchmark — its first ever bond.

    • 12 Apr 2019
  • Dollar supply hits lull as FIG market gears up for Q1 results

    The financial institutions bond market was confined to a handful of small trades this week, as Wall Street self-funders prepared to pull the trigger on multi-billion trades after reporting season.

    • 11 Apr 2019
  • BPM offers glimmer of light for Italy’s middle tier after breaking into AT1 ranks

    Banco BPM split opinion with a debut additional tier one bond this week, paying up to issue but proving that there’s a chance for the middle tier of Italy to access the market. The bank joined only two other Italians in having sold deals in the asset class — the national champion banks Intesa Sanpaolo and UniCredit, writes David Freitas.

    • 11 Apr 2019
  • Bramson will lose the battle but may win the war

    Activist investor Edward Bramson will be hard-pressed to succeed in his bid to get a seat on the board of Barclays. But his push to get the firm to retreat from investment banking could well find a better reception among weary investors.

    • 11 Apr 2019
  • Investors pile up orders for ABN and Erste deals

    The week started on a green note with ABN Amro issuing its fourth green bond on Monday. It was more than three times subscribed. On Tuesday, Erste Group also enjoyed favourable market conditions with demand at nearly 10 times its final books.

    • 11 Apr 2019
  • PRA helps FIs race towards new world order in capital

    Yorkshire Building Society gave market participants a snapshot of the future this week, when it ditched some of its excess tier two capital in favour of building up a layer of non-preferred senior debt. The good news in the UK is that the Prudential Regulatory Authority looks like it is on board with this kind of transition, and is stepping aside to let financial institutions get on with it as quickly as possible.

    • 11 Apr 2019
  • IMF warns on risks to corporate sector debt

    The creditworthiness of corporate borrowers in advanced economies has deteriorated while the volume of debt and financial risk taking has risen, the International Monetary Fund has warned. It also flagged up concerns about the sovereign-bank nexus in the eurozone and about market conditions for low income and frontier countries.

    • 11 Apr 2019
  • People moves in brief

    Diamond hires ex-colleague at Atlas — Salorio leaves DCM head vacancy at Soc Gen — Forese to retire from Citi

    • 11 Apr 2019
  • King of Diamond: ex-Barclays IB head joins Atlas

    Atlas Merchant Capital, the fund founded by ex-Barclays CEO Bob Diamond, has hired Tom King, former chief of investment banking at Barclays.

    • 11 Apr 2019
  • Yorkshire Building Society GBP275m 3% Apr 25 non-preferred

    • 11 Apr 2019
  • Erste Group EUR500m 0.375% Apr 24

    • 11 Apr 2019
  • ABN Amro EUR750m 0.5% Apr 26 green

    • 11 Apr 2019
  • Issuer calls on peers to stop ‘greed’ during bond executions

    Issuers are showing the same kind of “greed” they did in the run-up to the global financial crisis, according to a fiery call to arms to treat investors better from a European agency funding official.

    • 11 Apr 2019
  • SocGen promotes Salorio to UK global finance head

    Société Générale has appointed Demetrio Salorio, its global head of debt capital markets, as UK head of global finance, replacing Alvaro Huete.

    • 11 Apr 2019
  • MuHyp's 20 year Pfandbrief creates demand frenzy

    MünchenerHyp (MuHyp) issued the longest-ever benchmark Pfandbrief on Thursday, tapping into investors’ thirst for yield amid low interest rates. Investors poured into the book, lodging more demand than for any Pfandbrief issued for at least eight years.

    • 11 Apr 2019
  • Mediobanca enhances French presence with boutique buy

    Cross-border bank M&A in Europe is not completely dormant. Mediobanca has bought two-thirds of Messier Maris & Associés and will also partner with the French corporate finance house.

    • 11 Apr 2019
  • BPM stretches number of Italian AT1 issuers to three

    Banco BPM hit the euro market on Thursday with its first additional tier one (AT1), becoming only the third Italian bank to sell a deal in the asset class following national champions Intesa Sanpaolo and UniCredit.

    • 11 Apr 2019
  • Ecobank deal heads for low end of size range

    Ecobank Transnational, the pan-African banking group based in Togo, has set the yield for a $400m five year bond at 9.75%. The size indicated is at the lower end of the $400m-$500m range it suggested earlier in the day.

    • 11 Apr 2019
  • Nykredit plans first green covered bond

    Nykredit has published a green bond framework and intends to issue its first green covered bonds, in floating rate Danish kroner and Swedish kronor, in May. The benchmark deals are expected to qualify for the best capital and liquidity treatment.

    • 11 Apr 2019
  • Fed dodges branch question with new foreign bank rules, leaves six firms in limbo

    This week the US Federal Reserve side-stepped the question of whether it should apply new liquidity and capital rules to the US branches of foreign banks, publishing proposals that instead focused on tailoring requirements for their intermediate holding companies (IHCs).

    • 11 Apr 2019
  • UOB nabs tight pricing for dollar tier two return

    Singapore’s United Overseas Bank this week set a new benchmark after the country introduced an enhanced bank resolution regime allowing the statutory bail-in of subordinated debt. Addison Gong reports.

    • 11 Apr 2019
  • BRI blowout: BOC nails annual multi-tranche deal

    Bank of China sold another blockbuster Belt and Road transaction on Wednesday, raising $3.8bn across eight tranches of notes in five currencies across five bank branches, It was the largest transaction sold under the BRI label.

    • 11 Apr 2019
  • NY Life chalks up a new record in Swissies

    Commerzbank analysts had been expecting a “very constructive market” in Swiss francs this week, bolstered by supportive cross-currency swaps and an uptick in the secondary market. It is questionable, however, if anybody foresaw the explosion of volume on Tuesday, when more than Sfr1bn ($997m) of new issuance had been priced by early afternoon.

    • 11 Apr 2019
  • NPL trading directive on hold until after EU elections

    The European Parliament decided this week to cancel a vote on the draft text for a directive that would boost the secondary market for non-performing loans. Final negotiations with member states are now unlikely to start before September.

    • 10 Apr 2019
  • Yorkshire Building Society surprises market with T2 for SNP swap

    Yorkshire Building Society on Wednesday went to market with an inaugural sterling six year non-call five non-preferred deal after it said it would tender for its 2024 non-call 2019 tier two notes, opening a case for smaller institutions to decrease capital costs by replacing tier twos with senior non-preferred notes.

    • 10 Apr 2019
  • Updated: DBS brings rare deal to three year buyers

    Singapore’s DBS Group Holdings on Tuesday sold a three year senior unsecured bond, giving investors a scarce opportunity to buy a fixed rate deal at that tenor and format from one of the highest rated financial institutions in the region.

    • 10 Apr 2019
  • Aareal pays up for first Reg S covered bond

    Aareal Bank launched the first Reg S dollar covered bond of the year on Wednesday. With the bonds offering a substantial pick-up to where Aareal’s euro benchmarks trade, heavy demand came from European investors.

    • 10 Apr 2019
  • Alpha gears up for Romania’s first covered bond

    Alpha Bank Romania plans to issue the first covered bond from Romania under the country’s newly established legal framework.

    • 10 Apr 2019
  • DNB diversifies into sterling after tight euro print

    DNB Bank dipped into the sterling market on Tuesday to raise £300m of preferred senior funding, less than a week after it issued the tightest-priced euro deal so far this year.

    • 10 Apr 2019
  • BRRD safeguards for covered bonds better than the Directive

    The newly published Covered Bond Directive is viewed favourably by credit rating agencies, but it will not necessarily drive covered bond rating upgrades— in stark contrast to the Bank Recovery and Resolution Directive.

    • 09 Apr 2019
  • Credit Suisse hires SSA banker for FIG syndicate

    Credit Suisse has hired a banker from NatWest Markets for its European financial institutions syndicate team.

    • 09 Apr 2019
  • SocGen to cut in trading

    Société Générale is looking at cutting around 1,600 jobs across the group, while also closing its over-the-counter (OTC) commodities business and proprietary trading firm.

    • 09 Apr 2019
  • Investors flock to popular senior print from Erste

    Erste Group was nearly 10 times subscribed for a €500m five year senior bond on Tuesday, with issuers enjoying extremely favourable conditions in the euro market.

    • 09 Apr 2019
  • Yorkshire riffs on Coventry’s innovative tend and extend refi

    Yorkshire Building Society is looking to buy back a series of tier twos before their first call date, after Coventry Building Society showed last month that the UK regulator was more relaxed than expected around what firms can do with their capital. But rather than replacing the bonds with an instrument of equal standing, Yorkshire is going one step further than its peer and proposing to issue its first non-preferred senior notes.

    • 09 Apr 2019
  • Deloitte: BRRD changes not enough to solve problem of retail MREL stock

    Strategists at Deloitte fear that there is ‘no simple answer’ to the issue of retail investors holding bail-inable bank debt, despite changes in the Bank Recovery and Resolution Directive (BRRD) aiming to reduce participation from the sector.

    • 09 Apr 2019
  • DZ scoops 15 year Pfandbrief funding

    DZ Hyp attracted an order book that was more than three times subscribed in 30 minutes for its 15-year Pfandbrief issued on Tuesday. Under normal circumstances, this would be astonishing, but in the context of central bank monetary policy, the hunt for yield and the paucity of supply in this part of the curve, the result was to be expected.

    • 09 Apr 2019
  • UOB brings Singapore's first T2 under new bail-in rules

    United Overseas Bank priced on Monday the tightest Basel III-compliant tier two deal from an Asian borrower, setting a new benchmark following the strengthening late last year of the bank resolution regime in its home jurisdiction of Singapore.

    • 09 Apr 2019
  • IndusInd Bank completes voyage of price discovery to land debut

    IndusInd Bank, the privately owned Indian lender, priced its inaugural dollar bond on Monday after a careful approach by bookrunners led to a sale that was priced tighter than some investors demanded but kept on tightening in the secondary market.

    • 09 Apr 2019
  • Nationwide switches balance sheet to Sonia, readies first RMBS on new benchmark

    Nationwide announced the first distributed Sonia-linked RMBS on Monday, a milestone for the securitization market, which has lagged behind public sector and covered bond markets in switching to the post-Libor benchmark. The UK building society also switched the basis of its whole balance sheet to the new benchmark at the start of its new financial year on Friday.

    • 08 Apr 2019
  • Sherborne: Barclays’ trading model doesn’t work

    Activist shareholder Edward Bramson’s Sherborne Investors Management has made a detailed critique of Barclays’ markets business in a letter penned to shareholders, saying it did not have enough support from asset management or corporate banking operations to work well.

    • 08 Apr 2019
  • DZ Hyp to issue scarcely supplied 15 year Pfandbrief

    DZ Hyp has mandated lead managers for a rare 15 year benchmark Pfandbrief, which is expected to go very well in the context of the negative rate environment and scarcity of supply in this part of the curve. The transaction could well catalyse other issuers to bring 15 year deals of their own.

    • 08 Apr 2019
  • ABN Amro paints its longest senior note green

    ABN Amro issued its fourth green bond on Monday, pushing its maturity curve out to 2026 in senior debt. The deal was subscribed more than three times over its size of €750m.

    • 08 Apr 2019
  • BRRD supports covered bonds more than the Directive

    The Bank Recovery and Resolution Directive (BRRD) probably offers more definitive protection for covered bond investors than the newly minted Covered Bond Directive, delegates at the 12th annual IMN covered bond conference in London heard last week.

    • 08 Apr 2019
  • SREP results show that one bank breached MDA triggers in 2018

    The results of the European Central Bank’s latest supervisory review and evaluation process (SREP) showed that one bank fell in breach of its capital requirements in 2018.

    • 08 Apr 2019
  • Nomura jobs 'carnage' hits MENA chairman, capital solutions, converts

    The executive chairman of Nomura’s Middle East and North Africa business is among those set to leave the firm as part of a big restructuring. Senior bankers in EMEA capital solutions and convertibles are at risk of redundancy

    • 08 Apr 2019
  • Barclays buys into market simulation fintech that boosts algo trading

    Data modelling firm Simudyne, which uses an innovative approach to simulating market scenarios, has said its technology will help banks execute trades, as different asset classes grapple with algorithmic trading and risk predictions. The company has closed a new round of fundraising led by Barclays.

    • 08 Apr 2019
  • EC’s Millerot discusses the Covered Bond Directive with GlobalCapital

    The head of financial reporting and accounting at the European Commission, Didier Millerot, speaks to Ruth Beddows, managing director of GlobalCapital and Euromoney Conferences, about the Covered Bond Directive and third country equivalence.

    • 05 Apr 2019
  • UBS DCM head Hoveyda to step down

    Amir Hoveyda, UBS’s global head of debt capital markets, is stepping down from his job at the firm.

    • 05 Apr 2019
  • Dollars dwindle as banks prepare for blackouts

    Life insurers and Yankee banks had the dollar market to themselves, this week, as US banks prepared to kick off first quarter earnings season.

    • 04 Apr 2019
  • KBC Group EUR500m 0.625% Apr 25

    • 04 Apr 2019
  • NIBC Bank EUR300m 2% Apr 2024 non-preferred senior

    • 04 Apr 2019
  • UBI Banca EUR500m 1.5% Apr 24 green

    • 04 Apr 2019
  • IMF: beef up housing rules to avoid crash

    House prices in some advanced and emerging countries are at risk of a crash that could trigger a new bout of financial volatility, the International Monetary Fund warned on Thursday. It said that governments should tighten financial rules rather than hike interest rates to take steam out of the market, in an analysis published ahead of the spring meeting of its 189 country members next week.

    • 04 Apr 2019
  • Timing is key as UniCredit comes into frame as possible Commerzbank buyer

    UniCredit will seek to ensure it hits its 2019 financial targets before going ahead with a bid for Germany’s Commerzbank, if the latter’s talks with Deutsche Bank collapse.

    • 04 Apr 2019
  • ING starts the quarter with a bang

    It was a busy week for ING’s funding team, as they kicked off the quarter by issuing euro-denominated notes on Monday and a series of dollar bonds on Tuesday.

    • 04 Apr 2019
  • Citi EUR1.35bn 1.25% Apr 29

    • 04 Apr 2019
  • ING Bank EUR1bn Apr 21 FRN, EUR750m Apr 22 FRN, EUR1.25bn 0% Apr 22

    • 04 Apr 2019
  • After rough ’18, small banks pick single bookrunners

    Smaller financial institution issuers have been welcomed back to the European bond market in recent weeks, after their hopes of raising deeply subordinated capital were dashed by turbulent market conditions in late 2018. But they are not taking chances this time, seeking comfort in using the support of just one investment bank rather than a group of bookrunners.

    • 04 Apr 2019
  • Ageas EUR500m 3.25% Jul 49 tier two

    • 04 Apr 2019
  • People moves in brief: April 5, 2019

    SG hires UK global markets head — Former financials bankers look to create bond platform — Credit Suisse hires for securitization sales

    • 04 Apr 2019
  • String of senior names leave Barclays

    A number of important bankers have quit Barclays. The exodus follows the departure of Tim Throsby, chief executive of Barclays International and Barclays Bank, and staff receiving their annual bonuses.

    • 04 Apr 2019
  • European banks hunt for green paper as Italy’s UBI debuts

    Investors turned their attention to UBI Banca on Wednesday as it issued its debut green bond, sending a clear message about their demand for the product. Two other European banks are already set to follow in the Italian bank’s footsteps.

    • 04 Apr 2019
  • Yield hunters flock to rare insurance sub from Ageas

    Ageas gave investors a rare chance to invest in subordinated debt from an insurance company this week, with the firm’s new €500m tier two attracting eight times as many orders from investors.

    • 04 Apr 2019
  • FIG market soaks up new senior supply ahead of blackouts

    Financial institutions flocked to the euro market this week to take advantage of extremely favourable issuance conditions in the run-up to earnings season. As many as 13 borrowers raised close to €9bn of senior funding in the space of four days.

    • 04 Apr 2019
  • Sub-benchmark trades find favour in red hot FIG market

    Stellar market conditions have been helping smaller financial institutions find room to access funding, with Iceland’s Islandsbanki joining Aareal Bank and NIBC Bank in selling senior bonds with sizes of below €500m this week.

    • 04 Apr 2019
  • Staley stakes his future on CIB turnaround

    Barclays’ corporate and investment bank has reached the endgame in its fight to boost returns following the departure of Tim Throsby, as group CEO Jes Staley takes control for the second time in three years.

    • 04 Apr 2019
  • Diversity reigns in Swissies as Q2 kicks off

    It has been a lively start to the second quarter of the year in Swiss franc bonds, marked by geographical diversity in the international sector and a welcome appearance from an industrial borrower in the domestic market.

    • 04 Apr 2019
  • CM Arkéa draws big crowd with non-pref deal

    Crédit Mutuel Arkéa sold a seven year non-preferred senior note on Thursday, in a market where investors are thirsty for supply. The €500m deal attracted €2bn of orders — demand that even surprised the arrangers, given that funds are still ignoring growing risks around a no-deal Brexit.

    • 04 Apr 2019
  • Nomura plans to pivot away from EMEA

    During an investor day on Thursday, Nomura said it will scale back some secondary trading operations in Europe, the Middle East and Africa (EMEA), as it seeks to adapt to global challenges in the wholesale sector and the region’s slower growth.

    • 04 Apr 2019
  • Sub-benchmark trades find favour in red hot FIG market

    Stellar market conditions have been helping smaller financial institutions find room to access funding, with Iceland’s Islandsbanki joining Aareal Bank and NIBC Bank in selling senior bonds with sizes of below €500m this week.

    • 04 Apr 2019
  • RBI prepares to issue debut covered bond

    Moody's has published a new issue report for the mortgage covered bond programme of Raiffeisen Bank International (RBI), assigning the bonds which are expected to be retained for central bank repo' purposes, a rating of Aa1.

    • 04 Apr 2019
  • Final Covered Bond Directive sparks debate on national discretions

    The Covered Bond Directive provides a basis for harmonisation of the European covered bond market and sets a standard for other countries to follow suit. But following approval of the final text this week, market participants expect the new law will give member states plenty of leeway to interpret the rules.

    • 03 Apr 2019
  • Investors hesitate over Jyske AT1 amid AML noise

    Jyske Bank said it was "proud" to have hit its targets with a new additional tier one in the Swedish krona market last week, but a slow bookbuilding process showed how recent money laundering scandals are affecting Nordic financial institutions in the capital markets.

    • 03 Apr 2019
  • UBI Banca attracts impressive demand with green debut

    UBI Banca on Wednesday showed that green bonds still rank high on the list of preferences for investors, after it sold a €500m five year senior preferred deal with an order book three times as large.

    • 03 Apr 2019
  • Fillip for French finance: first own-law insurance securitization deal launches

    CCR Re, a French reinsurer, has issued the first insurance-linked securities (ILS) trade to be governed by French law. Those on the deal spoke of starting up an ILS market in the country, as the UK — which introduced its own ILS law less than 18 months ago — grapples with Brexit.

    • 03 Apr 2019
  • Barclays’ head of private loan sales quits, Jurdjevic to land at QIA

    Barclays’ head of private loan sales has quit the bank. GlobalCapital can also reveal that Peter Jurdjevic, the bank’s head of global finance solutions, who we reported is leaving the bank earlier on Wednesday, is joining the Qatar Investment Authority as head of FIG.

    • 03 Apr 2019
  • JP Morgan names new insurance structuring head

    JP Morgan has created a new unit within its global equity derivatives division focused on insurance structuring – an area that the US bank sees as a key component of the growth of its equities franchise.

    • 03 Apr 2019
  • FIG market bursts into life as Citi and KBC head up super day for senior

    Citi and KBC Group led the way on Wednesday in what was a very busy day for new bond supply from financial institutions, with issuers taking advantage of stellar market conditions to raise funding ahead of reporting their first quarter earnings.

    • 03 Apr 2019
  • Buyers flock to park cash in FAB $1.1bn FRN

    First Abu Dhabi Bank printed a rare three year floating rate note on Tuesday inside its fixed rate curve. Investors flocked to the deal as a “risk-free” way to park cash, according to a syndicate official on the deal.

    • 03 Apr 2019
  • Rakbank grabs $500m with aggressive price move

    The National Bank of Ras Al-Khaimah came to market for $500m on Tuesday, managing to slice 25bp from initial price thoughts to the final spread.

    • 03 Apr 2019
  • TD prices well inside January levels

    Toronto–Dominion Bank’s (TD) €1.75bn five year covered bond, which was issued on Wednesday, was priced 13bp tighter than where it might have launched in January when five other Canadian borrowers entered the market with similar deals.

    • 03 Apr 2019
  • Nijboer and Elling set up bond platform firm

    Two capital markets specialists have founded an electronic auction platform for issuing benchmark bonds.

    • 03 Apr 2019
  • FOMO drives covered bond demand

    Despite higher than expected issuance so far this year, the covered bond market shows little sign of fatigue. Investors seem desperate to get hold of whatever comes their way, for fear of missing out.

    • 03 Apr 2019
  • Barclays head of global finance solutions quits for buyside

    Barclays’ head of global finance solutions has quit in a move to the buyside.

    • 03 Apr 2019
  • Barclays head of EMEA FIG syndicate quits

    Barclays’ head of financial institutions bond syndicate for Europe, the Middle East and Africa has left the bank.

    • 03 Apr 2019
  • AIA visits US for $1bn of bonds

    Hong Kong’s AIA Group looked to the US market for its latest $1bn bond sale on Tuesday.

    • 03 Apr 2019
  • BOC Aviation flies off with $750m deal

    BOC Aviation sold its second dollar bond of the year on Tuesday, snapping up $750m from the sale of a 5.5 year trade, after raising $500m from a five year bullet in January.

    • 03 Apr 2019
  • DNB lands tightest 2019 senior despite money laundering noise

    Norway’s DNB Bank on Tuesday broke a record for the tightest pricing in preferred senior format so far this year, finding strong demand for a new transaction, despite market concerns about money laundering among Nordic financial institutions.

    • 03 Apr 2019
  • Covered Bond Directive realises perfect balance

    The final text of the covered bond directive strikes a balance that provides the flexibility to introduce new assets while defending the product’s credit quality and avoiding potential market disruption.

    • 02 Apr 2019
  • MetLife’s FAB reveals investor thirst for euro insurance paper

    MetLife closed a funding agreement-backed (FAB) deal on Tuesday — its first euro bond offering since January 2015. The deal was more than three times subscribed, showing that investors are eager to diversify their portfolios into euro insurance paper.

    • 02 Apr 2019
  • Gentlemen’s agreements: time to reassess

    Gentlemen’s agreements seem like a quaint idea when billions of dollars are up for grabs, yet, bafflingly, the capital markets continue relying on them. It’s time to stop assuming borrowers will blindly do what financiers want when there is a cheaper, easier or more sensible option for treasuries to take.

    • 02 Apr 2019
  • Leeds leads with first Sonia covered

    Leeds Building Society showed genuine leadership on Tuesday with its first Sonia-linked covered bond, a deal that was priced tightly with a well subscribed order book. Its stance stood in contrast to UK Parliamentarians, who dithered on a series of indicative votes on alternative Brexit strategies that were held on Monday night.

    • 02 Apr 2019
  • Covered Bond Directive ‘strikes right balance’

    The final text of the Covered Bond Directive offers the opportunity for issuers and regulators to secure covered bonds by a wider range of assets than currently permitted. Bankers said on Tuesday that the wording strikes a good balance that provides flexibility for innovation while also protecting the product’s credit quality.

    • 02 Apr 2019
  • Volksbank Wien dusts off unfinished business in AT1

    Volksbank Wien placed its debut additional tier one deal on Tuesday, becoming the latest financial institution to revisit a transaction that was first floated in late 2018.

    • 02 Apr 2019
  • FIG market goes ‘loco’ as NIBC scores impressive MREL debut

    Blowout books helped NIBC Bank crank in the pricing by 50bp for its first ever non-preferred senior transaction on Tuesday, with the Dutch lender eyeing a ratings upgrade as a result of its work to build out a stack of debt for the minimum requirement for own funds and eligible liabilities (MREL).

    • 02 Apr 2019
  • MEPs postpone NPL trading vote

    The European Parliament on Monday decided to postpone a vote on a directive that would set up a secondary market for non-performing loans (NPLs) until next week. The delay increases the pressure on MEPs to reach an agreement before before the current Parliament’s mandate ends on April 18.

    • 02 Apr 2019
  • ING kicks off new quarter with blowout opco print

    ING Bank started the new quarter with supply from its operating company on Monday, giving investors a rare chance to buy paper in floating rate format. It quickly followed with a holding company level deal from its opco.

    • 02 Apr 2019
  • Berlin Hyp offers to buy its unrated public Pfandbrief back

    Berlin Hyp has offered to buy its sole remaining public sector Pfandbrief, which is due to mature in May, after Moody’s withdrew the bond’s Aaa rating on Monday.

    • 01 Apr 2019
  • Carige remarkets covered bond as hunt heats up

    Banca Carige has sold one of its outstanding covered bonds back into the market as the ailing Italian lender comes into a crucial period for turning its business around and attracting buyout bids.

    • 01 Apr 2019
  • Westpac and CFF fly high in covered bonds

    Westpac and Compagnie de Financement Foncier (CFF) kicked off the new quarter on Monday with large euro benchmarks that were priced flat to their curves.

    • 01 Apr 2019
  • Investors, bankers call for wider China bond roadshows

    Chinese issuers have become too focused on Hong Kong when marketing their dollar bonds, panelists at Euromoney's China Debt Capital Markets Summit said last week.

    • 01 Apr 2019
  • SSA funding official joins UniCredit FIG

    A senior director in the capital markets funding team at a German agency has left to join UniCredit’s FIG team in Munich, GlobalCapital understands.

    • 01 Apr 2019
  • UK resets date for Brexit Bond launch

    The UK’s new Brexit Bond Management Office is still preparing to issue its first notes, originally scheduled for last Friday. The Brexit-themed Gilts are sized at £36.4bn, equivalent to £350m a week over their two year maturity.

    • 01 Apr 2019

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 6,931.77 33 6.20%
2 LBBW 6,617.58 37 5.92%
3 UniCredit 6,316.04 54 5.65%
4 Natixis 5,053.55 24 4.52%
5 Barclays 4,929.54 27 4.41%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 35,600.89 166 6.97%
2 Bank of America Merrill Lynch 32,632.36 129 6.39%
3 JPMorgan 31,763.70 148 6.22%
4 Morgan Stanley 24,368.78 129 4.77%
5 Goldman Sachs 19,750.77 186 3.87%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 28,638.78 104 12.08%
2 Citi 27,548.82 130 11.62%
3 JPMorgan 25,397.86 116 10.71%
4 Morgan Stanley 18,293.95 91 7.72%
5 Goldman Sachs 15,513.30 161 6.54%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 LBBW 4,463.09 17 7.40%
2 Natixis 4,178.19 15 6.93%
3 HSBC 3,974.99 14 6.59%
4 Credit Agricole CIB 3,965.56 16 6.58%
5 Deutsche Bank 3,304.65 12 5.48%

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 Credit Agricole CIB 3,425.91 10 11.43%
2 UBS 3,334.58 12 11.13%
3 Barclays 3,229.69 10 10.78%
4 BNP Paribas 2,554.19 12 8.52%
5 HSBC 1,877.94 13 6.27%