• Sterling week for Middle East bank MTNs

    A pair of Middle Eastern banks, Emirates NBD and Abu Dhabi Commercial Bank, both placed short-dated sterling MTNs this week.

    • 31 May 2019
  • Nordic green investors try to put bonds to work for climate

    Ulf Erlandsson, the well known green bond investor, and Knut Kjaer, founding CEO of the $1tr Norwegian oil fund, are exploring starting a new investment strategy called Diem Green Credit.

    • 31 May 2019
  • MasterCard dashes for cash

    MasterCard ventured into volatile markets on Tuesday to print its first bond since February 2018, but investors paid the price as spreads widened.

    • 30 May 2019
  • Greek election euphoria is misplaced

    Greek stocks and bonds jumped this week on the news of a bad result for governing left-wing party Syriza in the European elections and the announcement of a snap national election, increasing the prospect of pro-market and centre-right party New Democracy taking power soon. But the revision of asset valuation on the back of this doesn’t add up.

    • 30 May 2019
  • People news in brief

    Mizuho hires for new CLO role — Boskamp to join Crédit Agricole for corporate DCM — JP Morgan shakes up SSA team

    • 30 May 2019
  • Eurobank preps €2bn non-performing mortgage sale ahead of likely Greek GACS

    Eurobank has securitized a €2bn portfolio of non-performing mortgages, ahead of the likely development of a Greek version of the Italian guarantee scheme for senior tranches of NPL deals.

    • 30 May 2019
  • KIB USD300m 5.625% PNC5AT1 sukuk

    • 30 May 2019
  • Greek non-performing exposures to hinder bank debt issuance

    Equity investors welcomed the prospects of elections in Greece, sending bank stocks up 25% this week. But with banks in the country struggling with non-performing exposures (NPE), the debt market is unlikely to see a change in negative sentiment, said FIG bankers.

    • 30 May 2019
  • Münchener Hypothekenbank EUR250m 0.5% Jun 26

    • 30 May 2019
  • Commerz pushes ahead with IB Plan A

    Commerzbank is expanding its investment banking business as it doubles down in its domestic heartland, writes David Rothnie.

    • 30 May 2019
  • Rates plunge to send investors scurrying for higher yielding covered bonds

    A sharp fall in Bund yields and swap rates has heightened the search for better returns. Bankers have been quick to tout covered bonds that pay a spread above mid-swaps as the answer to rates investors' troubles.

    • 30 May 2019
  • KIB gets monster book for AT1 debut

    Kuwait International Bank (KIB) made a spectacular bond market debut on Wednesday, securing a $4.6bn book for a $300m additional tier one sukuk bond. The issuer also impressed by placing 51% of the paper with investors from outside the Middle East region.

    • 30 May 2019
  • FIG market wobbles but issuers to head out on the road

    Issuers will be hoping for better conditions than what has been seen this week, as four of them head out on roadshows on Monday.

    • 30 May 2019
  • Credit Suisse boosts tier one with Singapore dollar debut

    Credit Suisse Group made its debut in the Singapore dollar market on Wednesday, finding a significant price advantage for its perpetual tier one bond in the new currency.

    • 30 May 2019
  • Kühne + Nagel debut gets investors moving

    It may have been a short week for Swiss franc investors, bookended by public holidays overseas and at home. But that did not stop them responding ravenously to Tuesday’s dual-tranche debut transaction from Kühne + Nagel, the borrower having presented to investors on Monday during a lunch in Zurich and a breakfast in Geneva the following morning.

    • 29 May 2019
  • Bail-in debt issuance could become a challenge, ECB says

    Low growth in the euro area could harm banks’ ability to issue bail-in debt, the European Central Bank said on Wednesday. Capital ratios are resilient enough in the face of a downside scenario, but the central bank expects profitability levels to remain low.

    • 29 May 2019
  • Huge book as Kuwait International Bank brings AT1 debut as sukuk

    Kuwait International Bank has come to market for its first ever bond — a $300m additional tier one capital benchmark. It has met strong demand, despite the limited size.

    • 29 May 2019
  • TBC Bank mounts bicontinental roadshow for dollar bond

    TBC Bank, Georgia’s largest bank by assets, loans and deposits, is hitting the road to market a dollar senior unsecured bond.

    • 29 May 2019
  • MuHyp ventures out with tight senior non-pref amid market pause

    Münchener Hypothekenbank was the only financial institution to issue a euro bond this week, selling a senior non-preferred deal on Wednesday. The German lender attracted demand roughly similar to the bond's size of €250m, set from the start.

    • 29 May 2019
  • Covered bond spreads to widen as investors take profits

    Covered bond spreads have tightened a long way since the year began and, with risk aversion creeping up, it is likely that new issue premiums will rise too, particularly since some investors will be inclined to book profits.

    • 29 May 2019
  • KEB Formosa brings in $400m

    KEB Hana Bank turned its attentions to Taiwan on Tuesday, raising $400m in a Formosa bond sale.

    • 29 May 2019
  • Revision of Canadian covered bond limit could help smaller banks

    The Office of the Superintendent of Financial Institutions (OSFI) in Canada has increased covered bond issuance limits which should improve issuance flexibility among Canada’s smaller banks — leading to possible issuance from names like Equitable Bank among others.

    • 28 May 2019
  • SMBC preps for dollar and euro covered bonds

    SMBC has mandated leads for a roadshow with plans to issue its first dollar covered bond and the second in euros.

    • 28 May 2019
  • Covered bond ‘fatigue sets in’ as SCBC settles for less

    Covered bond deals issued on Tuesday by the Swedish Covered Bond Corp (SCBC) and UniCredit Bank Austria were priced tightly but the market proved softer than recent sessions and price sensitivity limited the Swedish bank’s size ambitions.

    • 28 May 2019
  • German banks face higher capital buffer

    The German Financial Stability Committee suggested on Monday that the country’s financial supervisory authority (BaFin) raise the countercyclical capital buffer in the face of what it sees as increasing systemic risk.

    • 28 May 2019
  • Sterling Sonia switch within sight

    The speed with which sterling sub-sectors have switched their benchmark rate from Libor to Sonia has been astonishing. There’s still some way to go, particularly in the corporate market, but the transition, which looked almost unassailable in 2017, might just be done on time.

    • 28 May 2019
  • MuHyp and Luminor ready guns for euro deals

    Münchener Hypothekenbank is looking to execute a trade for a seven year senior non-preferred bond, in a week pockmarked by national holidays across Europe. Meanwhile, Estonian bank Luminor will start investor meetings next week for senior preferred notes.

    • 28 May 2019
  • Nationwide promotes treasury official for new SRI role

    Nationwide Building Society has promoted treasury official Carly Thomas to a newly created role, tasking her with leading the firm's strategy in sustainable finance.

    • 28 May 2019
  • Green finance, CMU and banking union among priorities for next Commission

    As the newly elected European Parliament and member states are just starting talks on who the next European commissioners will be, the Commission’s administration is already working on a draft strategy for the next five years.

    • 28 May 2019
  • Santander hires D’Ercole for DCM

    Anna D’Ercole is joining Santander from Crédit Agricole, where she has been working in the FIG team.

    • 28 May 2019
  • Comment: Markets must prepare again for a No Deal Brexit

    Theresa May’s statement today that she will step down as leader of the Conservative Party on June 7 has increased the likelihood that the UK will leave the European Union without a deal, meaning capital markets need to prepare for the worst again.

    • 24 May 2019
  • MTN head joins exodus to Paris

    The head of the MTN desk at a major US bank is relocating from London to Paris.

    • 24 May 2019
  • Huarong leans on 30 bank syndicate for $1.9bn deal

    Huarong Asset Management Co hired 30 banks to lead its triple tranche transaction on Thursday, relying on some orders from the leads to secure $1.9bn.

    • 24 May 2019
  • Deutsche Bahn and Partners Group fire up Swiss francs

    The Swiss franc market for corporate borrowers sprang back to life this week, with more than Sfr1bn priced within a single session on Wednesday. Even against the backdrop of demonstrable pent-up demand for corporate exposure among investors, Zurich-based bankers said they were pleasantly surprised by how effortlessly the market absorbed this week’s new supply.

    • 24 May 2019
  • Green innovation: Dutch classify buyers, Germans mull strippable labels

    The green bond market is going through one of its most intense periods, with a wide variety of high profile issuers joining the market. But there are also hints of novelty in the market. The Netherlands and KfW have used systems for classifying green investors, while Germany is considering a radical idea: whether Bunds could be issued with detachable green certificates. Jon Hay reports.

    • 23 May 2019
  • Deutsche prepared to make ‘tough cutbacks’ in CIB

    Deutsche Bank CEO Christian Sewing has pointed the way to further cuts in the corporate and investment bank, speaking at the firm’s annual general meeting on Thursday.

    • 23 May 2019
  • FIG market sees no appetite for risk

    Bank capital deals were firmly off the agenda this week as the FIG bond market followed equities into risk-off mode. Auto financing firm LeasePlan did find demand for an additional tier one deal and Credit Agricole printed an Australian dollar tier two, but otherwise a tense macro backdrop led issuers to stick to senior debt.

    • 23 May 2019
  • People news in brief

    JP Morgan picks levfin top brass — Ex-Barclays boss turns up at Wells Fargo — Fixed income portfolio manager leaves Mirova.

    • 23 May 2019
  • Goldman inks SOFR debut in busy US FIG week

    Goldman Sachs led a stampede by US banks to the dollar market this week with its debut bond offering using an alternative to Libor.

    • 23 May 2019
  • SMFG EUR500m 0.465% May 24 green

    • 23 May 2019
  • Regulators lock sights on asset management

    Asset managers’ steady growth over the last 10 years is attracting the attention of regulators, who reckon they are of increasingly systemic importance to the financial system. But investment firms have pushed back, arguing that their activity is already well regulated and does not present the same risks as banks.

    • 23 May 2019
  • Commerzbank EUR1bn 0.625% Aug 24

    • 23 May 2019
  • NatWest Markets EUR1bn 1% May 24

    • 23 May 2019
  • Nordea EUR750m 0.375% May 26 green

    • 23 May 2019
  • LeasePlan brings 'unique' AT1

    Vehicle leasing firm LeasePlan Corporation issued its debut additional tier one capital on Thursday, a rare move for a firm outside the conventional banking sector. Pricing of the €500m perpetual non-call five year was not tightened from initial price thoughts.

    • 23 May 2019
  • BoQ offers yield ahead of TLTRO squeeze

    Bank of Queensland was able on Thursday to shave off the new issue premium for its new covered bond. It offered a juicy spread at a time when supply of high coupon deals in the asset class is threatened by the European Central Bank’s liquidity operations.

    • 23 May 2019
  • Standard Bank draws book over $2bn for T2

    Standard Bank printed a $400m 10 year non-call five tier two bond on Wednesday from a book of more than $2bn in a deal that even rival syndicate bankers called a roaring success.

    • 23 May 2019
  • Tesco: checking out

    The UK’s approach to regulating banks points in opposite directions, as Tesco Bank’s decision to exit the mortgage market shows. But this will not matter to the customers it is supposed to benefit.

    • 23 May 2019
  • NN, Oberbank, Capital One head to senior

    NN Bank entered the market on Thursday to seek €500m of senior funding, while Oberbank and Capital One are the latest names to announce plans to raise funding in the format in euros.

    • 23 May 2019
  • European banks hop into Kangaroos

    Barclays plans to follow Crédit Agricole and Handelsbanken into the Kangaroo bond market. The UK lender mandated leads for a deal on Wednesday after the other two banks brought deals on Tuesday.

    • 23 May 2019
  • TDB Mongolia pulls deal after extended book build

    The Trade and Development Bank of Mongolia (TDBM) postponed its proposed dollar bond on Thursday, after opening the order book for the three year notes on Tuesday.

    • 23 May 2019
  • GlobalCapital Bond Awards 2019 : the winners

    GlobalCapital revealed the winners of its 2019 Bond Awards at its annual Bond Awards Dinner at the Jumeirah Carlton Tower in London on May 22. The complete results are below. GlobalCapital congratulates all the winners and nominees.

    • 23 May 2019
  • Chinese financials raise $1.15bn of senior debt

    Chinese issuers were out in force again in the bond markets on Wednesday, with financial companies ICBC International Holdings and Avic International Leasing Co raising $1.15bn between them.

    • 23 May 2019
  • SMFG avoids premium as investors go for green

    Sumitomo Mitsui Financial Group issued a green senior bond on Wednesday and paid no new issue premium after it received demand of twice its final size of €500m.

    • 22 May 2019
  • Nationwide takes size with tightest UK covered bond spread

    Nationwide Building Society priced the tightest UK covered bond this year on Wednesday and still managed to issue in a good size. The deal was well timed to take advantage of recent spread tightening with little hint of investor hesitation, even though Brexit concerns are set to mount.

    • 22 May 2019
  • Berlin Hyp unearths good demand for 10 year Pfandbrief debut

    Berlin Hyp (BHH) was able to price its first 10 year Pfandbrief flat to fair value reflecting the paucity of supply in this part of the curve. But even though the bonds were well subscribed, a little investor sensitivity was evident.

    • 22 May 2019
  • Lloyds faces Santander moment as AT1 call looms

    Lloyds is yet to confirm whether it will redeem an outstanding additional tier one (AT1) deal, callable on June 27, just as banking authorities have increased the pressure on financial institutions to justify their decisions to call such debt.

    • 22 May 2019
  • Indiabulls hooks $350m maiden bond

    Indiabulls Housing Finance raised $350m in its debut dollar transaction on Tuesday.

    • 22 May 2019
  • TDB Mongolia drags bookbuilding into second day

    Bookbuilding for the Trade and Development Bank of Mongolia’s (TDBM) three year notes was carried over into a second day on Wednesday, giving investors more time to stew over the risks facing the embattled bank.

    • 22 May 2019
  • LBBW prices green Reg S Pfandbrief in line with 144A deals

    LBBW attracted good demand for a $750m three year Reg S Pfandbrief on Tuesday, enabling the issue to be priced in line with where 144A deals had been indicated in the secondary market. A day later Deutsche Pfandbriefbank issued another three year.

    • 21 May 2019
  • AIB pays little for third euro holdco

    Allied Irish Banks was able to pay a minimum new issue premium for its third home-currency senior bond issued from the holding company, as it builds up its debt for minimum requirements for own funds and eligible liabilities (MREL). HSBC was also issuing from its holding company on Tuesday, but in sterling.

    • 21 May 2019
  • Plain sailing for Commerz, Nordea, while BNPP tightens too far for some

    Commerzbank did not appear hindered by uncertainty around its future in its senior preferred issue on Tuesday, while Nordea picked up green demand for its own offering. Meanwhile, BNP Paribas drove in pricing on its senior non-preferred deal, and ended up turning off some investors altogether.

    • 21 May 2019
  • Optimal Cédulas reform is possible, but tricky

    Spain has a limited amount of time to bring its Cédulas framework into line with the EU's Covered Bond Directive. A legal update is probably going to be less disruptive than a completely new law — but neither option is perfect.

    • 21 May 2019
  • Kuwait International Bank lines up debut AT1 sukuk

    Kuwait International Bank hit screens on Tuesday morning announcing a roadshow for its first ever bond — an unrated additional tier one sukuk with a five year call date.

    • 21 May 2019
  • AT1 tax crackdown to spread to Denmark amid state aid fears

    Denmark is likely to become the next European member state to scrap its policy of allowing the interest payments on deeply subordinated capital instruments to be tax deductible. The move comes after the European Commission voiced its concern that the practice could constitute a breach of state aid rules.

    • 21 May 2019
  • JP Morgan issues €400m Siemens synthetic

    JP Morgan has raised €400m by issuing a cash-settled bond, exchangeable into shares of Siemens, at an extremely aggressive price level. The purpose of the deal is not clear.

    • 20 May 2019
  • LBBW to issue first green dollar Pfandbrief as KHFC hits the road in euros

    Hot on the heels of its senior non-preferred last week, LBBW has mandated leads for a three year green Pfandbrief. The Korean Housing & Finance Corporation (KHFC) is also preparing issuance, after mandating leads for a roadshow with plans to issue a euro covered bond.

    • 20 May 2019
  • BPCE and Swedbank covered bonds draw solid demand despite ‘heavy traffic’

    BPCE and Swedbank attracted good demand for their sizeable 12 and six year covered bonds on Monday. Although the bonds were priced tightly, initial order book momentum was slow. The Swedish issuer did particularly well in the context of money laundering charges.

    • 20 May 2019
  • Nomura’s insurance solutions head joins Invesco

    Richard Glenn has left his position as head of the insurance solutions group for Europe, the Middle East and Asia at Nomura, joining Invesco. Another head of that group departed the bank last year.

    • 20 May 2019
  • NatWest and Cred Ag push out safer products

    NatWest Markets and Crédit Agricole both came to the market on Monday with supply from the safest end of the capital stack. Both deals were heavily subscribed in the face of trade war tensions and uncertainty over Brexit.

    • 20 May 2019
  • Insurance issuance picks up pace in Q2

    Insurance companies are finally picking up bond issuance after a first quarter that suffered the lowest issuance volumes since 2017. Finnish firm Sampo was the latest issuer this week.

    • 20 May 2019
  • PKO Bank Hipoteczny SA gears up for green

    PKO Bank Hipoteczny has published its green covered bond framework which complies with the International Capital Market Association’s Green Bond Principles, the Climate Bonds Initiative’s standard for residential buildings and has a second party opinion from sustainability rating agency, Sustainalytics.

    • 17 May 2019
  • Metro Bank cheers Brexit-weary UK with £375m block

    Metro Bank completed its long awaited equity capital raise on Thursday night, providing a rare bit of good news to UK bankers and investors despondent over a tortuous Brexit process.

    • 17 May 2019
  • Slovenska Sporitelna to roadshow euro covered bond

    Slovenska Sporitelna is planning to market its first internationally syndicated Aaa-rated euro covered bond, which could be sold in benchmark size. The expected deal follows Slovak Vseobecna uverova banka’s (VUB) €500m five year which was one of the best performing trades this year.

    • 17 May 2019
  • Chinese SOE, FIs serve up IG bond feast

    The market welcomed a dose of investment grade rated corporate and financial supply on Thursday. State-owned enterprise (SOE) Shougang Group saw its bond rally in the aftermarket, while onshore brokerage Huatai Securities and China Ping An Insurance Overseas also managed to price deals tightly.

    • 17 May 2019
  • ANZ NZ forced to use standardised op risk model after ‘persistent’ control failures

    ANZ New Zealand has been informed by its regulator that it can no longer use its own internal models to calculate operational risk, leading to a 60% jump in its capital requirements in this field.

    • 17 May 2019
  • Hamburg Commercial Bank EUR500m 0.572% May 22

    • 16 May 2019
  • HSBC re-opens Yankee bank market

    HSBC led a surge in dollar bond supply as high-grade banks sprang back into issuance mode after a two-week layoff.

    • 16 May 2019
  • Crédit Mutuel Arkéa EUR500m 1.625% May 29 non-preferred

    • 16 May 2019
  • LBBW EUR750m 0.375% May 24 non-preferred green

    • 16 May 2019
  • Erste Group EUR500m 0.875% May 26

    • 16 May 2019
  • HSBC France EUR1bn 0.25% May 24

    • 16 May 2019
  • EU struggles to complete vital banking union pillar

    As the term of the EU Parliament and EU Commission draw close to an end, the institutions are busy congratulating themselves about the success of the capital markets union action plan that was launched in early 2015. Work in the field of banking and financial regulations over the last years nevertheless includes one big failure: failure to agree on the euro-area deposit guarantee scheme.

    • 16 May 2019
  • Abanca takes size with juicy Cédulas spread

    Abanca Corporacion Bancaria did well to raise 10 year funding for its debut covered bond, which offered a generous spread, but even at just €750m the deal was still one of the least subscribed covered bonds of the year.

    • 16 May 2019
  • ING DiBA shows thriving covered bond bid

    The frenetic pace of buying seen in covered bonds issued earlier this month may have ebbed as rates market volatility has increased, but Thursday’s dual tranche offering from ING DiBA showed that demand is still vigorous.

    • 16 May 2019
  • Hamburg Commercial issues pref note in strong debut

    Hamburg Commercial Bank priced its inaugural public bond on Thursday, a preferred senior deal which seemed to be unaffected by the litigation threat the bank is facing as it attracted €1.2bn of demand.

    • 16 May 2019
  • Asian issuers ramp up tender, exchange offers

    Bond exchanges and tender offers are rising in popularity among Asian issuers, as funding officials race to beat a mountain of maturities next year. Addison Gong reports.

    • 16 May 2019
  • Green bonds gather momentum in Swissies

    Zuercher Kantonalbank added momentum in the Swiss franc market for sustainable bond issuance at the end of last week, when it launched its second green bond. The proceeds of this Sfr200m ($198m) trade are for refinancing existing and future facilities under its Umweltdarlehen (environmental loans) programme, which dates back to 1992.

    • 16 May 2019
  • Debt issuance comes to the fore at Créd Ag

    Crédit Agricole highlighted euro DCM activity as a successful area in its first quarter results, with the league table showing it mixed with the big banks here.

    • 16 May 2019
  • Erste Group achieves impressive demand on non-pref debut

    Erste Group priced its inaugural non-preferred senior bond on Wednesday, meeting demand of more than more than four times the deal's €500m size.

    • 15 May 2019
  • LBBW makes an impact with second green senior deal

    LBBW's second green senior bond, issued on Wednesda,y was comfortably oversubscribed and had many more orders than its debut deal, even though the market backdrop was more volatile this time round. At the same time Westpac New Zealand mandated leads for a roadshow ahead of its own debut green senior bond.

    • 15 May 2019
  • FIG investors show greater caution as trade war rages

    Investors in bank bonds were taking profits this week and heading for cover, hoping for better markets before they participate in new deals following the escalation of trade antagonism between the US and China.

    • 15 May 2019
  • ECB tightens covered bond repo requirements

    The European Central Bank (ECB) is making it more difficult for banks to enter into covered bond repurchase agreement (repo) trades with it. That, along with a recent widening in the spread between senior unsecured bonds pay over banks' secured debt, such as covered bonds, could boost the supply of the latter to public markets.

    • 15 May 2019
  • Metro debacle shows the strength of UK banking

    Metro Bank shareholders are nursing losses of around 70% since the start of the year. But if this is the worst of UK banking’s problems right now, the sector is in pretty good shape as it faces Brexit and digital disruption.

    • 14 May 2019
  • Bank of New Zealand sets sights on euros

    Bank of New Zealand (BNZ) has mandated leads for a roadshow ahead of a possible euro senior unsecured or covered bond benchmark.

    • 14 May 2019
  • Investors frantically pile into covered bonds

    Covered bonds issued on Tuesday by UniCredit Bank AG and Hypo Vorarlberg Bank (HVB) found good demand, mainly from bank investors. Despite their meagre and diminishing returns, the bonds offered a better spread compared to other regulated assets.

    • 14 May 2019
  • FIS makes big appearance in euro and sterling markets

    Fidelity National Information Services (FIS) went to market today to issue a six-tranche euro and a two tranche sterling deal. It intends to raise debt to finance the acquisition of Worldpay as announced last month.

    • 14 May 2019
  • Alpha Bank issues first Romanian covered bond

    Alpha Bank’s subsidiary in Romania has issued its inaugural covered bond (CB) — the first from the country. The ground-breaking deal represents an important milestone in the development of the Romanian capital market and helps diversify the bank’s funding.

    • 14 May 2019
  • European banks eye Maple market as next MREL frontier

    European financial institutions have made very limited use of Canadian dollars in recent years, but the region’s issuers could soon start to embrace the Maple market as they look to diversify their funding bases for the minimum requirement for own funds and eligible liabilities (MREL).

    • 14 May 2019
  • Citibank scoops bumper A$1.25bn Kangaroo

    It was a g’day for Citibank on Friday, as the issuer returned to the Australian dollar market to print its largest ever Kangaroo, according to Dealogic. In recent weeks, the Aussie market has presented a good alternative for FIG issuers looking to sell senior unsecured debt.

    • 13 May 2019
  • Opportunistic long end covereds wait for HVB's 15 year test

    UniCredit Bank AG (HVB) and Hypo Vorarlberg Bank AG are expected to open books on Tuesday for Pfandbriefe in the 15 and eight year tenors. The longer deal follows a series of other long-end trades and may be followed by more, as borrowers take advantage of remarkably strong market conditions to do their most difficult deals.

    • 13 May 2019
  • Metro to launch £350m capital raise within weeks

    Metro Bank, the embattled UK challenger bank, is expected to launch its planned £350m equity capital raise in the coming days after the bank was forced to quash rumours of financial instability on social media over the weekend. It may also sell or securitize some loans.

    • 13 May 2019
  • NAB hunts for cheap dual-tranche deal in euros

    National Australia Bank went to investors on Monday with a dual-tranche deal, looking to make use of favourable conditions in the euro market. It was the first Australian name to issue euro-denominated notes since Westpac in November 2018.

    • 13 May 2019
  • Middle East FIG MTNs flow

    MTNs from Middle Eastern banks have flowed freely over the last week, with borrowers printing a range of currencies to take advantage of basis swap opportunities, amid little competition from European financials, say bankers.

    • 13 May 2019
  • BOQ and BNZ consider covered bond sales

    Bank of Queensland has mandated leads for a roadshow for a potential second euro conditional pass through (CPT) covered bond, and Bank of New Zealand has mandated leads for a roadshow with plans to issue a covered bond or a senior unsecured deal.

    • 10 May 2019
  • Investors put in €1.5bn orders for HSBC’s preferred senior

    HSBC reopened the financial institutions bond market on Friday with the sale of a senior preferred note that pulled in demand of €1.5bn two hours after the trade started.

    • 10 May 2019
  • Low yields no deterrent for Swiss franc investors

    Vaduz-based Liechtensteinische Landesbank (LLB) kicked off Swiss franc bond issuance after an investor lunch in Zurich on Monday with its debut Sfr150m seven year senior preferred.

    • 09 May 2019
  • Barclays and Lloyds find Sonia success

    Barclays and Lloyds Banking Group kept the sterling covered bond market busy this week with Sonia-linked trades that drew strong demand and were priced with no new issue premium.

    • 09 May 2019
  • Learning Curve: An index — the cure for Sonia calculation headaches

    As UK loan, bond and derivative market participants work to the deadline of December 31, 2021 to stop using Libor, one of the biggest hurdles is how to calculate the new reference rate: Sonia.

    • 09 May 2019
  • Investors to snub Hamburg Commercial Bank debut

    Hamburg Commercial Bank is looking to land a debut senior bond in the euro market in May, hoping to open a new chapter in the history of the restructured HSH Nordbank. But the institution may find it difficult to move on, with a group of influential investors angry over previous management decisions threatening to derail the deal.

    • 09 May 2019
  • BlackRock backs out of Carige recap, raising bailout fears

    US fund manager BlackRock has pulled the plug on a rescue deal for ailing Italian bank Carige, setting the stage for a difficult political argument over whether to approve yet another costly government bailout.

    • 09 May 2019
  • UniCredit to change structure to reduce funding cost

    UniCredit provided details of its intention to strengthen its balance sheet further on Thursday, as it produced a well-received set of earnings results.

    • 09 May 2019
  • Ramaphosa set for re-election, banks hope to get back to deals

    Opinion polls indicate that South Africa’s incumbent African National Congress party and president, Cyril Ramaphosa, will win the country’s hotly contested general election, held on Wednesday, with a reduced majority. Bankers expect financing business to return to normal soon, after pausing in the run-up to the election.

    • 09 May 2019
  • Sampo to hunt for non-call tier two in euros

    Sampo Group started to meet investors on Thursday, aiming to print a tier two note. ASR Nederland was the last insurer to raise tier two capital, in a deal that was more than 10 times oversubscribed.

    • 09 May 2019
  • Lloyds takes sterling covered funding in size

    Lloyds Bank found good demand for its third visit to the sterling covered bond market in the last eight months and the largest Sonia linked bond of that type issued this year. Attractive relative value and a prospective supply slowdown propelled demand, enabling the deal to be priced flat to fair value.

    • 09 May 2019
  • CCB Leasing opts for price over size in 10 year tranche

    CCB Financial Leasing Corp sold a $700m dual-tranche transaction on Wednesday, without paying a new issue premium on either tranche, and pushing the pricing on the $200m 10 year some 10bp inside its curve.

    • 09 May 2019
  • French bid to widen EU green Taxonomy received well

    The attempt by France to broaden the European Union’s proposed Taxonomy of Sustainable Economic Activities away from the “green niche” has made a good start. Financial officials from all the EU governments discussed the idea on Tuesday, with many member states being “very supportive”, according to sources close to the situation.

    • 09 May 2019
  • Baltic countries target single index classification

    The EBRD is working with Latvia, Estonia and Lithuania to have the Baltic region classified as a frontier market initially and is working on a pan-area covered bond framework

    • 08 May 2019
  • Yapi Kredi loan flies as banks stick with troubled Turkey

    Yapı Kredi Bank signed its spring loan refinancing on Thursday, having wrapped up the deal at $1.03bn. Bank of America Merrill Lynch and UniCredit are coordinators of the deal, which has 49 banks participating. The political uncertainty triggered by the decision to re-run the municipal elections in Istanbul has not dented international lenders’ appetite for financing Turkey’s banks.

    • 08 May 2019
  • Lithuania ‘distinguished’ from other Baltics on money laundering

    Lithuania’s finance minister tells GlobalMarkets why he is confident that his country has a lower exposure to money laundering risk than its Baltic neighbours because of its relatively low level of non-resident deposits.

    • 08 May 2019
  • UniCredit acts fast to sell FinecoBank block

    UniCredit surprised investors with its speed when it sold a €1bn block in FinecoBank on Tuesday — the same day it announced that it would seek to reduce its stake in the online brokerage.

    • 08 May 2019
  • Co-op finds good demand despite long absence

    Co-operative Group returned to the sterling market on Wednesday with its first senior deal since 2011 and was set to price an increased transaction at the tight end of guidance.

    • 08 May 2019
  • FIG market near the top, analysts fear

    FIG bond issuers this year have been enjoying favourable conditions and heavy demand, but there is growing scepticism that it will continue. Some analysts believe spreads and new issue premiums cannot shrink much further.

    • 08 May 2019
  • Barclays issues Sonia-linked first

    Barclays Bank kept the primary covered bond market alive on Wednesday, launching its first deal of the year and its first Sonia-linked transaction — though at £500m it was the bank’s smallest covered bond yet.

    • 08 May 2019
  • Woori turns Formosa green

    Woori Bank turned to Taiwan this week for its latest dollar transaction, raising $450m from the first sustainability-labelled Formosa deal.

    • 08 May 2019
  • Basel rules ‘curbing infra investment in emerging markets’

    Hopes of attracting private finance to fill the funding gap for much-needed infrastructure projects in developing and emerging countries are being threatened by new rules aimed at making banks safer.

    • 07 May 2019
  • Bank of England worries about UK-EU relationship post-Brexit

    Sir Jon Cunliffe, deputy governor for financial stability at the Bank of England, this week outlined the risks the UK will face once it breaks from the European Union. Foremost is the uncertainty of the relationship after the divorce.

    • 07 May 2019
  • UniCredit starts FinecoBank separation with €1bn share sale

    The formal separation of FinecoBank, the Italian online brokerage, from UniCredit has begun with Italy’s biggest bank selling almost half stake to institutional investors via an equity block trade – a strategy UniCredit has used numerous times in the past to shed non-core assets under its CEO Jean-Pierre Mustier.

    • 07 May 2019
  • Market eyes EBRD role in cat bonds for western Balkans

    Catastrophe bonds could be a useful tool for countries in the western Balkans to insure against the impact of weather related disasters — especially if bodies such as the EBRD and UN play a role

    • 07 May 2019
  • Abanca mandates leads for debut covered bond

    Abanca Corporación Bancaria will add its name to the growing list of debut covered bond issuers after mandating leads on Tuesday for a roadshow.

    • 07 May 2019
  • Flat NIPs for triumphant trio as investors rush for paper

    Santander UK, Sparebank 1 Boligkreditt (Spabol) and Erste Group were able to price flat or through their covered bond curves on Tuesday after stoking up hefty demand for their new issues.

    • 07 May 2019
  • Trading in German bank senior preferred CDS to begin

    German bank senior preferred credit default swaps (CDS) will begin trading from May 13, after changes in German national law in 2018 that created a way for banks to issue senior preferred debt.

    • 07 May 2019
  • Fineco AT1 forthcoming as bank grows apart from UniCredit

    FinecoBank may look to boost its leverage ratio with a €200m issuance of additional tier one securities in the coming months, as part of plans for the entity to operate independently from the UniCredit group.

    • 07 May 2019
  • France, Romania support bolder versions of green Taxonomy

    Financial officials of all the EU governments are meeting in Brussels on Tuesday to discuss whether to broaden the Taxonomy at the heart of the union’s Sustainable Finance Action Plan (SFAP). Some states, led by France, want it to be not just a label for the “green niche” but a guide to wider efforts towards a healthier economy.

    • 07 May 2019
  • SG to downsize FICC and cut costs, though financing beats

    Société Générale’s financing and advisory operations again produced strong revenues in the first quarter, according to results announced on Friday. Revenue in global markets and investor services fell, however, and here the bank is slashing risk-weighted assets, to refocus its business.

    • 03 May 2019
  • Covered bond supply eyed for short week ahead

    Covered bond supply is possible next week with core issuance in the ultra-long end and UK supply in the intermediate to long-end looking promising — despite holidays in the UK and France.

    • 03 May 2019
  • Transaction banking buoys HSBC’s IB

    HSBC’s global banking and markets division registered a small rise in income in its first quarter results announced on Friday. Transaction banking lines helped outweigh revenue declines in trading and the global banking business.

    • 03 May 2019
  • Markets cheer as UK raises hopes of net zero carbon

    The UK’s so far quixotic response to climate change stands a good chance of becoming more serious and organised, after the government welcomed a bold policy report calling for net zero carbon emissions by 2050.

    • 02 May 2019
  • Recession, what recession?

    Dismal European growth has weighed on rates, forcing buyers down the curve in search of yield and spread. A sharp turnaround feels distant, but a stabilisation has already materialised and investors that piled into long-dated bonds may come to regret it.

    • 02 May 2019
  • Banco de Sabadell EUR1bn 1.75% May 24 non-preferred

    • 02 May 2019
  • Rabobank EUR1bn 1.125% May 31 non-preferred

    • 02 May 2019
  • LBBW EUR500m 2.2% May 29 tier two

    • 02 May 2019
  • The Fed will copy Europe on climate policy, despite Trump

    While other central banks have started to grapple with climate change, the Federal Reserve has been conspicuous by its absence. But as green shoots begin to emerge in the US, the Fed will not be able to ignore the topic for much longer.

    • 02 May 2019
  • JP Morgan picks up the slack in dollars

    JP Morgan injected some life into the FIG dollar bond market with a $2.5bn trade this week, after US banks and financial names delivered another moribund month of supply.

    • 02 May 2019
  • BNPP shares Europe’s FICC uplift

    BNP Paribas recorded a sharp rise in revenue in its fixed income, currencies and commodities trading (FICC) operations during the first quarter, it said on Thursday. Other European investment banks have registered relatively good scores on this front so far this reporting season, with the exception of Deutsche Bank.

    • 02 May 2019
  • Pfandbriefzentrale keeps momentum despite quiet market

    In a week shortened by a public holiday, the only borrower to put its head over the parapet in the Swiss franc bond market was Pfandbriefzentrale der Schweizerischen Kantonalbank, the issuance vehicle owned by Switzerland’s 24 Cantonal banks.

    • 02 May 2019
  • CIBC skirts bail-in with short Kangaroo

    Canadian Imperial Bank of Commerce issued its second Australian dollar deal of the year on Thursday. The senior unsecured short-term debt is not subject to Canadian bail-in regulation.

    • 02 May 2019
  • UK banks bide their time for euro senior comeback

    Euro investors have become more receptive to UK bank debt this year, leading to a blowout reception for a covered bond from Yorkshire Building Society this week. But issuers are yet to break a long period of silence in sales of unsecured products, mindful as they are of a Brexit hangover in the euro market.

    • 02 May 2019
  • Hamburg Commercial Bank to hunt for debut senior preferred note

    Hamburg Commercial Bank is set to meet with investors from May 6 to explore the possibility of selling its first ever preferred senior bond in euros. Onlooking bankers expect a positive reception for the German lender, which used to be known as HSH Nordbank.

    • 02 May 2019
  • ‘Bullet-proof’ covered bonds are a ‘no brainer’ for UK banks

    The euro covered bond market is ‘wide open’ for any UK bank following a successful transaction this week from Yorkshire Building Society (YBS) and before that, Lloyds Bank. This supply could also provide a vital stepping stone to the first UK senior deal in euros this year, said bankers.

    • 02 May 2019
  • Deposits flowed out of Metro ahead of debt, equity raises

    Metro Bank’s first quarter trading update, published on Wednesday, revealed that commercial depositors pulled cash out of the bank after the January trading update that stunned capital market participants. Metro is looking to raise equity in the next two months, before issuing £500m of tier two debt later in the year.

    • 02 May 2019
  • RBS follows Barclays into dollars after earnings results

    Royal Bank of Scotland Group was marketing a long-dated senior bond in the dollar market on Thursday, copying Barclay’s choice of currency with its first deal after results.

    • 02 May 2019
  • Deutsche holds firm despite Whitbread broking loss

    For all its woes, Deutsche Bank’s corporate finance business has much to play for in EMEA, writes David Rothnie.

    • 02 May 2019
  • Santander returns with rare Cédulas

    Santander attracted strong demand for a €1.5bn 12 year covered bond issued on Tuesday, helped by the rarity of Spanish covered bond supply and the relatively attractive return over mid-swaps.

    • 01 May 2019
  • NatWest hires country head to build in Germany from BNPP

    NatWest Markets has hired an experienced debt capital markets banker to be its country head for Germany, based in Frankfurt.

    • 01 May 2019
  • Covered bonds steady for now, but overvalued

    This year’s covered bond market's performance could come back to bite it. Limited supply should support the market, but ultra-tight spreads and low yields have left investors vulnerable to a sell-off — not least because they have been forced to extend duration in search of a return.

    • 01 May 2019
  • Barclays gets to work in sterling on Labour Day

    Barclays has wasted little time in accessing the debt markets after publishing first quarter results, selling senior bonds out of its holding company in both dollars and sterling this week.

    • 01 May 2019

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 10,283.03 88 6.01%
2 HSBC 9,924.14 51 5.80%
3 LBBW 8,393.04 48 4.91%
4 Natixis 7,239.94 37 4.23%
5 UBS 7,025.55 38 4.11%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 55,206.99 242 6.06%
2 JPMorgan 52,753.76 271 5.79%
3 Citi 52,120.64 279 5.72%
4 Morgan Stanley 41,067.38 223 4.51%
5 HSBC 36,375.06 225 3.99%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 45,511.73 199 11.58%
2 JPMorgan 42,181.52 207 10.73%
3 Citi 40,920.97 214 10.41%
4 Morgan Stanley 30,577.16 152 7.78%
5 Goldman Sachs 27,936.22 261 7.11%

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 14.33%
2 UBS 4,233.38 20 9.83%
3 BNP Paribas 3,846.71 16 8.93%
4 Credit Agricole CIB 3,549.81 11 8.24%
5 HSBC 2,321.22 16 5.39%