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

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

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

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

News

• Fallen angel K+S swoops down on HY
• New trio serve BB deals for HY’s tourist investors
• Adler Pelzer adds new refi deal to high yield mart
• High yield keeps strong streak with reverse Yankees
• NH Hotel to trim ‘astronomic’ debut costs with tap
• Tobam launches HY fund to take on passive underperformers

MTNS and CP

News

• World Bank goes long on a 40 year MTN

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

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

News

• Deutsche protects payouts with ‘retention awards’
• Deutsche drawn into SSA bond trading probe
• Panmure Gordon to hire in M&A after purchase by Diamond
• Ghose aims to double Investcorp debt fund

Columns

Leader

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

Southpaw

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

MTN Leak

• MTN Leak: the art of Morgan Stanley

Tuesday view

• Telling a bonus from a ‘retention award’