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Leader

• Schuldscheine is growing up fast
• Draghi's French dilemma

Public Sector

News

• CDP ends February on a high note despite overall lull
• Relief in euros as volatility abates
• Sub-sovereigns bloom in SRI market flurry
• SSAs enjoy ‘Goldilocks’ conditions in dollars, as March Fed hike looms
• Trio buff up Kangaroo long end

Bond Comments

• Bank of England USD2bn 1.75% Mar 20
• EBRD USD1.25bn 2.125% Mar 22
• KfW USD4bn 1.75% Mar 20
• SEK USD1.4bn 2.375% Mar 22
• EIB EUR5bn 0.25% Oct 24
• Land NRW EUR1.825bn 0.5% Feb 27 sustainability bond

Covered Bonds

• OP takes cautious stance to covered bond pricing

News

• Lift-off for TSB’s covered bond programme
• Covered buyers flock to DG Hyp’s Pfandbrief

Financial Institutions

News

• Bankia rides blowout books for 40bp T2 pricing revision
• ING draws €4bn order book in holdco senior debut
• RBS holdco senior finds favour after rally in UK credit
• Investors show thirst for AT1 in Barclays sterling sizzler
• Amex leads charge in $15.2bn FIG funding raid
• Run of low beta senior hits snag as ASB and SpareB face difficulty

Bond Comments

• ASB Finance EUR500m 0.5% June 22
• Bankia EUR500m 3.375% Mar 27 tier two
• ING Groep EUR1.5bn 0.75% Mar 22
• National Australia Bank EUR500m 0.35% Sep 22 green
• Royal Bank of Scotland EUR1.5bn 2% Mar 23
• SpareBank 1 SMN EUR500m 0.5% Mar 22
• Barclays GBP1.25bn 7.25% AT1

Securitization

• Home prices aiding defaults, but equity loans a concern
• Fitch fires WAC cap warning shot
• VW’s UK ABS prices at tight end
• Commercial solar lenders plot growth

News

• Bullish Fed talk puts MBS supply in spotlight
• Eliminate implicit bias to boost gender parity — Men of WiS
• Growth of CRT could lead to complacency around GSE reform
• Regulatory gurus downbeat on harmonisation
• Panel says to expect friendlier regulators under Trump
• PACE appetite goes global, say SFIG speakers

Derivatives

• CBOE completes acquisition of Bats Global Markets
• BIS guides regulators on UTI requirements
• Exegy helps speed access to US data
• Class dismissed: ICAP off hook for group suit over Euribor fix
• VM rules pressure OTC derivative traders
• Political risk drives US and Europe apart

Corporate Bonds

News

• Air Liquide dodges French headline risk
• Pfizer provides heady cocktail of debt
• Coke triple leads IG market as primary starts to fizz

High yield

News

• HY covenants in line of fire as European issuance ramps up
• Rexel leads domestic borrower march back to euro high yield
• Nyrstar increases single-B, buys back convert
• Avis drives first reverse Yankee of March into HY

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

• Schuldscheine show adventurous streak with IIB launch

Emerging Markets

News

• Russ Railways surprises with Asia allocs
• Primary GCC bonds in rude health as perps prove perfect purchase
• Helios Towers Africa bags $1.9bn book for HY debut
• Slovenia makes strong dual euro reopening
• MAF makes nice with rare Gulf hybrid
• Oman triple tightens and trades up as Kuwait prepares
• PDVSA April payment in focus as IIF goes bear on Venezuela
• Brazil returns to lead Lat Am pipe post-carnival

Bond Comments

• Helios Towers Africa USD600m 9.125% March 22
• Majid Al Futtaim USD500m 5.5% perp call Sep 22
• Sultanate of Oman USD1bn 3.875% Mar 22, USD2bn 5.375% Mar 27, USD2bn 6.5% Mar 47
• Russian Railways RUB15bn 8.99% Mar 24
• Republic of Slovenia EUR800m 1.25% Mar 27 tap, EUR500m 3.125% Nov 40 tap

Equity

• Hot blocks give boost to European IPOs
• Cobham brings second rights issue since June
• Laird starts its £184m rights issue after profits slide
• RPC nets £552m for M&A in popular rights issue
• Berenberg, Citi hired to lead Aumann IPO
• BASF and Deutsche’s solution to equity-neutral riddle: warrants
• Banks chilled about UK IPO shake-up — but effects could be profound

Columns

MTN Leak

• MTN Leak: to infinity, and beyond!