Issue 1744

Cover Stories

EM funds on edge with Ukraine contagion yet to spread

Supras and agencies break records but yearn for duration

Russian equity market faces catastrophe following MSCI expulsion

Predators or saviours? Private debt’s role in a crisis

Energy sector to drum up funds as Europe freezes out Russian oil and gas

Leader

Whose loan is it anyway?

For the ECB, there are no good options

Public Sector

CEB drives spread down

Opec Fund heads out on major global roadshow

Germany rides long end volatility to tap 30 year bid

EIB secures solid dollar trade in turbulent times

Rentenbank prints biggest, tightest euro trade in its history

Supras and agencies ride swap spread wave

No Bund splurge expected for Germany to meet €100bn military spend

EBRD plans to cut Russia and Belarus off from funding

Bond Comments

Covered Bonds

BMO and BNS test sterling and dollar covered bond demand

Covered bond hopefuls pick over Rentenbank reopener

Rocketing demand drives huge CIBC covered bond

‘Surprise’ BNS shows dollar covered bond market is firmly open

Elevated Bund swap spread underpins secondary market spreads

Financial Institutions

Yankee banks take up the dollar baton

The TLTRO clock is ticking

Stage set for senior FIG market to reopen in euros

Sberbank exits Europe as RBI prepares to delay dividend

Swiss risk appetite limited to smaller sales

Bond Comments

Securitization

Russian invasion to interrupt aircraft ABS cashflows

EBA recommends adjustments to EU Green Bond Standard for securitization

EBA’s sustainable securitization ideas ‘level the playing field’, says Afme

Corporate Bonds

March hares ahead as corporates return in dollars

Blow-out deals show corporate bond market is open again

High Yield

Syndicated Loans and Leveraged Finance

Axa raise demonstrates growth of private debt dry powder pile

Big institutions walk away from Alcentra sale

Western lenders look to reassure investors over Russian loans

BNPP hauls Armor-Imaak over the line

Emerging Markets

Russia Eurobond default and CDS questions arise as OFZ coupons halted

As Chile shines, SLBs hailed as way to align sov bonds with NDCs

Chile sweeps aside vol to tighten SLB landmark

ESG risks manageable for Brazilian meatpackers, says Fitch

Gulf issuers in strong position when EM primary bond market reopens

Bond funds move ahead of sanctions to halt Russian debt investments

Equity

Germany military spending boost sparks defence stock rally but IPOs unlikely

Western banks will lose billions of Russian deal value if stand-off continues

European banks out of favour after Ukraine invasion

Opportunistic Hensoldt sell-down raises €209m for KKR

Market News

NAB creates European outpost in Paris

Capital markets Prometheans: The case for being a first mover in blockchain

FCA lays down law to rating agencies

UK to push ahead with consolidated tape amid complaints over data prices

People Moves

Barclays hires BofA levfin exec

Arduini, Farkas to do two year terms at top of GFMA

Danske’s head of Danish sustainable finance to join EY

Santander hires from NatWest for FIG DCM

Southpaw

BNP Paribas sets sights on US as corporate finance ambitions go global