Leader

• Le Pen is flightier than the Tories
• Leave the Fed alone

Public Sector

News

• Dollars still red hot for SSAs as EIB and KfW tipped to come
• SSA, covered borrowers left to sweat over French election
• Call for Green Bond Principles to clarify eligible assets

Bond Comments

• Ontario USD2.5bn 2.4% Feb 22
• FADE EUR1bn 0.625% Mar 22

Covered Bonds

News

• Election jitters start to send French covered bonds into disarray
• Covered bonds to continue hot Q1 streak
• PBB gets quick covered execution with five year
• Brazil consults on covered bond legislative draft

Financial Institutions

News

• Mixed fortunes in euro tier two market as caution builds
• SEB to kick off FIG green issuance in 2017
• Society of Lloyd’s buoyed by huge sterling book
• TLAC evolution: BoA brings fixed to FRN first

Bond Comments

• Bank of America EUR1.25bn 0.736% Feb 22
• BBVA EUR1bn 3.5% Feb 27 tier two
• Crédit Mutuel Arkéa EUR500m 3.5% Feb 29 tier two
• Society of Lloyd’s GBP300m 4.875% Feb 47 tier two

Securitization

Asset Backed Securities

• SoFi hits primary with first dual-compliant MPL deal

News

• Investors pile into Mosaic solar loan ABS
• US CLO managers push refis as primary stalls
• Upstart issuer readies debut MPL ABS deal
• RMBS, covered bond spreads converge — JPM
• Rare turboprop deal enters busy aircraft pipeline
• Deutsche Bank sells first European CLO of 2017
• RMBS market embraces new STACR structure
• Bumper 8 thrives with swollen sterling book

Residential MBS

• Buy-to-let behemoth creeps closer as Cerberus slips out

Derivatives

• FSB sets out CCP resolution guidelines
• TP ICAP makes data push with first buyout
• Blame and begging as market bleats for margin reprieve

Corporate Bonds

News

• Marcolin speeds up floater following LVMH JV
• Bond market ready for more hybrids after Porr’s perpetual
• SGS serves up nines to hungry Swiss market
• Swiss money markets turn to Aduno in ‘crazy situation’
• Louis Dreyfus raises €400m bond at second try with €1.7bn book
• Auchan sells first bond since downgrade
• Investors like Unilever ‘aggressive’ sterling return
• US Inc shuns repatriation play with megadeals

High yield

News

• HY vows to keep market ‘warm’ after hot January
• Europe eyes HY reverse Yankee dealflow

Syndicated loans and leveraged finance

• Big Turkish reprice as Akbank sets tone
• Opacity of Glencore-QIA Rosneft deal worries lenders

Investment grade or Non-leveraged loans

• Met Group grabs €560m revolver and heads back east
• Brenntag extends funding profile in good conditions
• Varex signs acquisition loan as it sees through spin-off

Leveraged finance loans

• Sterling loans tighten as managed accounts bulk up
• Cerba mandates banks but multiples crippling buyouts
• Tekni-Plex brings repricing to ‘best ever’ market
• Ineos concocts repricing in flushed market
• Xella builds on loan again as demand raises the roof

Emerging market loans

• Long line to checkout: date set on Profi loan
• Test for coal rule and Russian loan market as SUEK begins talks

Emerging Markets

News

• Tunisia, Nigeria to end African sov drought with euros and dollars
• Polyus pulls pricing punches to bring $800m
• Equate, Dubai Islamic Bank swell dollar sukuk pipeline
• PBA ready after Entre Ríos resumes provincial run
• AA2000, Supervielle fly in hot Argentina
• Sigma brings back Mexico with seven year blow-out
• Cosan link helps Rumo ride away with big book

Bond Comments

• Polyus Gold USD800m 5.25% July 23s

Equity

• UniCredit gets cracking with €13bn recap
• Lonza's Sfr865m block covered in 40 minutes
• Investec Australia Property Fund begins R1.5bn rights offer to buy Sydney offices
• RenoNorden rises 6.4% after launching Nkr350m rights offer
• Amundi wins shareholder approval to raise €1.4bn
• Zoopla gets £76m to buy Hometrack in block flat to close
• European IPO market heats up as Detsky’s $430m deal gets covered
• Goldman ups Dong sale to €874m in big week for equity blocks

Market News

News

• EBA and ESM push for public bad loans scheme
• Republicans keen for Trump regime to oust CFPB boss
• UK government aims for ‘freest possible trade’ in finance
• Fired-up Republicans target Fed independence
• High hopes as EU starts green finance push
• DB's fixed income engine in question after €1.4bn loss

People Moves

• HSBC hires Doody to take leveraged finance to next level
• Credit Suisse switches ECM leaders, promises ‘novel approaches’
• BNP Paribas changes Asia Pacific IB leadership
• People Moves in Brief

Columns

Southpaw

• UBS comes out fighting after testing year

MTN Leak

• MTN Leak: Chinese New Year — HSBC style