• Ocelot raises $425m in London Spac IPO for European tech acquisition

Leader

• Brazil is back despite upset markets
• Green securitization: an answer to several prayers

Public Sector

News

• UK DMO sets lowest target in 10 years amid Brexit warnings
• ESM rebounds to €3bn as Draghi sets relaxed tone
• Innovative issuers taking next green steps
• MuniFin goes long on 35 year MTN
• Dollar floaters find favour in MTNs
• AfDB joins dollar party but can the fun last?

Bond Comments

• AfDB USD2.5bn 1.875% Mar 20
• EIB USD3bn 2.375% Jun 22
• MuniFin USD1bn 2.375% Mar 22
• ESM EUR3bn 0.75% Mar 27
• Ile-de-France EUR500m 1.375% Mar 29 green
• Italy EUR3bn 1.3% May 28 linker

Covered Bonds

News

• Covereds price tight as ECB squeeze gets under way
• TD prices wider and in smaller size in sterling covereds

Financial Institutions

News

• All bonds on table as Co-op mulls debt swap, equity raise
• Nykredit hits soft market with new-look ‘senior resolution notes’
• Deutsche AT1s surge on approval of 2017 coupon payments
• Credit Suisse gives Swiss investors rare chance for AT1
• FIG issuers take stock as hot market cools before eventful week
• BNP Paribas shows TLAC options are open in non-core currencies
• Sterling shows ‘relevance’ in surprisingly busy week

Bond Comments

• Liberbank EUR300m 6.875% Mar 27 tier two
• Nykredit Realkredit EUR500m 0.375% Jun 20 senior resolution notes
• Unione di Banche Italiane EUR500m 4.625% Sep 27 tier two
• BNP Paribas USD1.25bn 4.625% Mar 27 tier two
• HSBC USD2.5bn 3.262% Mar 23, USD2.5bn 4.041% Mar 28

Securitization

• Lending Club chief says market will thrive in 2017, signals more ABS
• CréditAg's $3bn capital deal starts green ABS race

News

• For funds shorting CMBS, retailers’ turnaround plans are key

Derivatives

• NEX Group heralds regulatory reporting platform

Corporate Bonds

News

• Roche returns for a further Matterhorn ascent
• Volkswagen eyes public bond return after Schuldschein success

Bonds Comments

• Motability Operations Group EUR500m 0.875% Mar 25 and GBP350m 2.375% Mar 32
• Thermo Fisher Scientific EUR500m 1.45% Mar 27
• The Priceline Group EUR1bn 0.8% Mar 22

High yield

News

• US supply flows into rock solid euro market
• Lone Star keeps single-B sale private
• Market open for more after ECB no move
• NJJ Capital pushes HY ‘to the edge’ with complex Salt Mobile deal

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

• Novomatic cashes out with RCF
• EIB shores up Polish curve with zloty tap

Leveraged finance loans

• Levloan repricing car rolls further downhill
• Cerba ratchets in pricing for LBO
• Funeral group OGF to pay divi with €960m loan as OTPP ups stake
• Advent adds div recap to Allnex repricing
• Styrolution prints ‘exceptional’ double-B loan under 300bp
• Verisure launches €350m loan refi
• Alcentra takes direct lending capital to €5.7bn with new fundraise

Emerging market loans

• Mid Europa cuts pricing on Profi loan as demand swells
• Credit Bank of Moscow to launch syndication
• Vakifbank initiates refi syndication

Emerging Markets

News

• Qatar Re bags $6.5bn book for first ever Gulf insurance hybrid
• GCC demand swells books for Warba Bank’s AT1 sukuk
• Azerbaijan's Southern Gas navigates choppy rates to raise extra $1bn
• PTA Bank bags $2.2bn book for five year dollar return
• Croatia revives Eurobond after political turmoil
• Gazprom, Evraz add dollars to swelling Russia pipe
• Turkish tier two comes of age as Akbank takes $2bn book for T2
• Akbank USD500m 7.2% Mar 27 Tier two
• Belize nears restructuring agreement after amendments
• CAF skips into largest ever Kangaroo bond
• Nemak comes up trumps in Mexico’s third euro outing
• Brazilians battle through pre-Fed jitters as rates fears hit

Bond Comments

• Warba Bank USD250m 6.5% perpetual NC5 AT1 sukuk
• Eastern and Southern African Trade and Development Bank (PTA Bank) USD500m 5.5% March 2022
• Qatar Re USD450m 4.95% perpetual NC5.5
• Southern Gas Corridor USD1bn 7% March 26 tap

Equity

• EMEA IPO pipeline grows as five more names come to market
• Seven companies test IPO market as French, Dutch elections cast shadows
• Avantium IPO covered on day three
• Credit Suisse leads Cryan's €8bn turnround rights for Deutsche
• RB Platinum digs up R1.2bn with debut CB
• RAG-Stiftung returns with third Evonik exchangeable
• Citi, HSBC and SG sell EDF rights France does not want in block trade
• Ascential gains 1.4% after clean-up as Folksam sells Swedbank at tight discount
• Deutsche EuroShop gets €165m to buy Czech shopping centre

Market News

News

• Bloomberg bids to drag ABS trading out of the dark ages

Columns

MTN Leak

• MTN Leak: the chamber of secrets

Tuesday view

• How to revive European HY: let’s think small to grow bigger