Issue 1497

Main

Leader

US government cannot walk the Trump talk

Public Sector

News

Asian interest sparks Kangaroo activity

Inflation knocks shine off sterling SSA market

IFC’s social bond alone at bouncing dollar market party

French credits return but eurozone risk lingers

Bond Comments

Unédic EUR2bn 1.25% Mar 27

BNG EUR650m 1.5% Mar 38

IFC USD500m 1.75% Mar 20 social bond

SNCF Réseau EUR1bn 1.875% Mar 34 green bond

Covered Bonds

News

Bond Comments

Financial Institutions

News

Caixa Geral AT1 sparks risk-reward debate with 10.75% coupon

FIG market shrugs off any softness as sub deals pile up

PKO Bank closes first Polish euro covered benchmark of the year

Toronto-Dominion Bank sees strong demand for seven year

Euro covered bond issuers enjoy strong conditions

Banks embrace equity conversion structures in dollar AT1 drive

Soc Gen and HSBC chase in-demand TLAC FRNs

Bond Comments

Danske Bank USD750m 6.125% AT1

Caixa Geral de Depósitos EUR500m 10.75% AT1

Banque Fédérative du Crédit Mutuel (BFCM) EUR500m 2.625% Mar 27 tier two

HSBC Holdings EUR1.5bn Sep 22 FRN

Mapfre EUR600m Mar 47 tier two

Société Générale EUR1.25bn Apr 22 FRN

Securitization

Cross River hires top Massachusetts bank regulator

SLABS set to swell despite policy turmoil

Mexican mining company debuts ABS

Asset Backed Securities

News

Spire Partners grinds CLO spreads to new tight levels

Securitization initiatives could replace wholesale GSE reform package

Post-election exuberance to fuel equipment performance in 2017, says panel

Marlette prices latest deal tight even as firm preps layoffs

Residential MBS

Structured Credit

Derivatives

Commission grants reprieve to EU OTC derivatives traders

Euronext to launch two new indices with Morningstar

ESMA publishes CSDR guidelines

LCH nabs first buy-side client for CDSClear

Corporate Bonds

News

Westfield’s long print snapped up in sterling bond mart debut

Inflation print puts boot into UK corporate spreads

Veolia rushes into seller's market at the double

Dollar market falters over Trump fears

Investors pile into spready €8bn beast as they forgive VW

Bonds Comments

Ferrovial Emisiones EUR500m 1.375% Mar 25

Veolia Environnement EUR650m 0.672% Mar 22

Veolia Environnement EUR650m 1.496% Nov 26

Volkswagen International Finance EUR2.5bn Mar 19 FRN / Volkswagen International Finance EUR1.5bn Mar 21 0.5% / Volkswagen International Finance EUR1.5bn Mar 23 1.125% / Volkswagen International Finance EUR2.5bn Mar 27 1.875%

High yield

MTNS and CP

News

World Bank goes long on a 40 year MTN

Bond Comments

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

Huhtamäki launches amid Schuldschein shrinking margins

Leveraged finance loans

Direct lending funds stalk bigger targets but credit cycle will be vicious

Emerging market loans

Eight more take Akbank over $1bn

Spearhead International rakes in first syndication

Kenya loans signed after confusion and delays

Ukraine’s MetInvest pulls off debt restructuring

Emerging Markets

News

Agrokor bondholders face hefty haircut, says Exotix Partners

Argentina turns to receptive Swiss market

CEEMEA pipeline swells as investors warn against opportunistic borrowers

Alfa-Bank draws €750m book for three year euros

Paraguay pounces to feed hungry Lat Am

Arcos Dorados joins corp pipe after Unicomer success

Nafin still looking to diversify after yen debut

Bond Comments

League Table

Equity

Ontex completes first capital increase since IPO

Life Healthcare sets terms for R9bn rights issue

Carl Zeiss and TBC Bank blocks attract strong demand

John Laing Infrastructure Fund begins £122m recap

Deutsche Bank starts €8bn rights issue to boost capital

Ambea opens the books on Skr3bn Swedish care homes IPO

Credit Suisse capital increase ‘would please investors’

European IPOs shrug off mid-week dip to power into Easter

Market News

People Moves

Columns

Leader

Money for nothing: passive bookrunners are the least-bad solution

The Naked Broker

Credit Matters

GlobalCapital View

Food for thoughts

Southpaw

Diamond’s Panmure purchase marks bet on building on in mid-market

Euroblog

MTN Leak

MTN Leak: the art of Morgan Stanley

Loans Ranger

Tuesday view

Telling a bonus from a ‘retention award’

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons