Issues

‘The market is all fired up’ ahead of possible rate cuts from the European Central Bank

Company seeks to raise capital after equity ratio fell to ‘unsustainable’ level

Unrated companies keep trickle of successful bond issues coming

◆ Rival bankers praise deal ◆ Caution as leads ‘don’t have buyers at any price’ ◆ Secondary market performance seen as key to investor appetite

Czech property company ‘would love to issue bonds again’

Normally issuance drops off steadily, but primary activity was high in March

‘A lot more’ covered bond supply expected ahead of ECB meeting on Thursday

Puig plans to raise €1.25bn of primary capital alongside a larger secondary raise

Nikolov promoted from co-head to head

◆ Investors find tier two FIG debt appealing ◆ Simultaneous execution helped by supply and demand mismatch, ECB rate cut expectations ◆ Both deals land flat to FV with multiple times coverage ratios

Most activity has been refinancings with little change in terms

◆ Do investors want unified capital markets coverage? ◆ Corporates fear democracy ◆ Why are FRNs trending? ◆ Second lien mortgages in arrears ― yes please