Issue 1778

Top Stories

ECB's ripping up of TLTRO terms may spur FIG issuance

Loan market tempts corporate bond issuers as yields rocket

‘Rishi rally’ cheers London’s long-suffering ECM bankers

Rising mortgage rates raise fears around non-QM RMBS

The GlobalCapital Podcast

Credit Suisse: breaking up is hard to do

Leader

ECB’s nixing of TLTRO is too hasty

Delaying fiscal plan carries risks for UK

Public Sector

SSA issuers learn to pick way through tricky market as peers fall away

OeKB to fund rest of programme away from public benchmark market

AfDB, NRW.Bank add to busy week for SSAs in dollars

New Zealand picks tenor for green debut

Dollar revival carries on with SSA trio

SNCF tests sentiment in euros ahead of ECB meet

Gilt market rejoices as Sunak becomes UK prime minister

Italy’s agencies must pedal hard to catch the spread leaders

Covered Bonds

ECB tipped to cut support for covered bond market

Deterioration in covered bond sentiment signals alarm

Crelan pays double digit concession for covered bond as ECB looms

Issuers push for size with covered bonds

Financial Institutions

Barclays follows HSBC $6bn in Yankee market

ANZ sells biggest ever Aussie dollar FIG deal

DNB goes domestic for AT1 boost

Handelsbanken gives bond investors what they want

Raiffeisen Schweiz and CGD face different outcomes on euro deals

ICS scores debut deal

CS bonds all over the place after restructuring news

Nationwide escapes negative ratings action on UK lenders

UnitedHealth leads FIG frenzy with $9bn whopper

Securitization

Clydesdale Bank prices enlarged RMBS

Europe set for worst year of ABS issuance in a decade

CarMax, MetroNet clinch over $1bn each despite waning investor appetite

RMBS market slows down, but more deals in pipeline

Apollo, Pimco win race for CS structured products unit

Corporate Bonds

Low cash prices give corps a fair value headache

Suez stamps down curve as investors go long

NIE Networks pushes curve out to 10 years as Gilts settle

Investors down Pernod Ricard shot and chaser

Cyclical corporate spreads under cosh after weak PMI

Triple-Bs back in business in US bond market

Syndicated Loans and Leveraged Finance

Pricing widens by 200bp on Akbank loan refi

Nuveen buys into private debt with $1bn Arcmont purchase

Ineos issues new loan to expand term loan ‘B’

Trafigura increases Asian loan, gets $800m with German guarantee

Schneider Electric gets £1.5bn term loan to pay down bridge

Emerging Markets

Bond sales window for CEEMEA borrowers is narrowing

Tunisia headed for debt restructuring despite IMF help

Chile to increase peso focus after strong primary showing

CEEMEA lenders turn to alternatives as syndicated market slows

Pricing widens by 200bp on Akbank loan refi

Equity

Underwriting slots available on two-legged CS recap deal

Ithaca Energy lures funds with double digit yield

Marafiq’s IPO 59 times covered as funds pile in

Empower next on the block as Dubai IPO wave continues

Market News

Former HSBC DCM boss joins Finsmart

NowCM lands former Tradition boss as senior adviser

Southpaw

CSFB’s return cheered by bankers, but casts a shadow over Europe