Issue 1727

Cover Stories

From rock to hard place: ECM turns against cornerstone investors

Riskier bank credits face rocky road to MREL targets

Bankers glimpse capital markets peak, but still plenty to do in 2022

Go-vember? Corp bond players clash over primary prospects

CLO spread stability drives market towards record global issuance

Leader

Alternative debt needs alternative covenants

It’s time to chip away at cornerstones

Public Sector

World Bank draws huge demand, boosted by new climate plan

Gilt curve flattens after UK DMO slashes funding far more than expected

EU likely to extend NGEU curve with final syndication of 2021

SSA sextet star in sterling as non-UK supply approaches £30bn

Bond Comments

CPPIB Capital GBP900m 1.625% Oct 71

MuniFin GBP250m 0.875% Dec 24 green bond

World Bank USD5bn 1.625% Nov 31

Covered Bonds

BayernLB Pfandbrief prices through fair value despite order exodus

SpaBol speeds into seven year covereds

CIBC finds opportunity for covered tap

HCB plans Ship-Pfandbrief following covered bond return

Jumpy rates outlook keeps traders on their toes

Financial Institutions

Monte T2s seesaw as UniCredit calls off merger talks

UBS follows post-earnings euro trip with sterling sale

Triodos circles back around for debut deal

Svenska rounds off Swedish flurry with super-tight senior

Bond Comments

Securitization

Avenue Capital lands maiden flight in aircraft ABS

Barrow Hanley to usher family offices into US CLO market

Sallie Mae returns to ABS amid sweeping student loan forgiveness

ABS deals fly off the shelf

Corporate Bonds

CK Hutchison and Bouygues join A-team in corp bonds

Howoge romps home with stellar debut

P&G finds roaring demand on euro return

High Yield

Ecopetrol nets big book on first deal since HY downgrades

NPL hunter Arrow Global shrinks sterling and pumps euros in high yield LBO

Syndicated Loans and Leveraged Finance

Asda readies sterling bonds after pulled petrol station sale to EG

Tesco shops in local market for second SLB

GlobalCapital launches syndicated loans and leveraged finance awards poll for 2021

Arcadis upgrades terms for sustainability refi

Emerging Markets

Emirates Islamic Bank gets record spread

Teva lining up alone in EM bonds

Europe fines Poland as rule of law beef ratchets up

Petrofac raising equity and debt for SFO fine

Argentine airport manager pushes ahead with debt swap despite weak response

Peru debuts sustainable bond framework with $4bn triple trancher

Telecom Egypt boosts tenor for new loan

Equity

Cint Group soars after $512m M&A financing

Volvo Cars remodels IPO after investor push-back

Intercos looks at €1.2bn valuation despite ugly IPO market

TUI recap closes with high take-up from shareholders

Market News

HSBC’s ‘pivot to Asia’ makes presence felt in markets revenues

ESG bond issuance to reach record $1tr in 2021, says Moody’s

UBS puts wealth biz ahead of IB with Americas strategy

Deutsche bucks trend with drop in IB revenues

UniCredit touts streamlining drive in Q3 results

People Moves

HSBC plucks sustainability banker from BNPP

BNPP picks energy and infra banker to lead ‘low-carbon transition group’

Barclays hires replacement for Africa banker who left for Goldman

Barings hires SEB Germany levfin chief for private debt

Alcentra’s Glaser to join Macquarie AM as head of private credit and asset finance

MetLife hires Lloyds veteran to bolster private placement team

Southpaw

Citi’s ‘Step Change’ project shows lofty ambitions