• Santander shows RBS the way in sterling covered bonds

Leader

• Mall bears to take a mauling
• A quantum leap for green bonds

Public Sector

News

• MTN market nervy despite Macron win
• UK slices £900m from target, selects next syndication
• The beginning of the end for negative rates
• Euratom returns to debt market, and more to come
• Rentenbank offers another run at 'Roo
• Turkish currency holds niche appeal
• Dollars red-hot as ADB hits $4bn, but long end out of reach
• BoE publishes code of conduct for UK money markets
• SSAs set for pre-summer issuance rush

Bond Comments

• EBRD USD1.5bn 1.625% May 20
• EFSF EUR6bn 0.75% May 27, EUR2bn 1.7% Feb 43 tap
• ADB USD4bn 1.625% May 20
• Quebec EUR2.25bn 0.875% May 27
• Spain EUR5bn 0.65% Nov 27 linker

Covered Bonds

News

• Senior preferred: the new cuckoo in the covered bond nest
• Crédit Ag soars in busy week for covereds
• Yapi Kredi and Isbank set for Turkish covered bonds

Financial Institutions

News

• Coventry BS takes its first sterling senior since 2010
• Phoenix Group diversifies away from senior with tender, T3 tap
• LeasePlan pleased to execute FRN plan after French vote
• Morgan Stanley grabs €3.5bn as US banks extend run
• Crédit Agricole hints at enduring value of preferred senior

Bond Comments

• Crédit Agricole EUR1.5bn 1.375% May 27
• Morgan Stanley EUR1.5bn Nov 22 FRN / EUR2bn 1.875% Apr 27
• LeasePlan EUR500m Nov 20 FRN

Securitization

• Time is ripe for PACE, solar ABS to grow investor base, says panel
• Thunderbolt deal prices as market hypes potential for aircraft ABS
• Caliber scales up in non-prime RMBS with largest post-crisis deal
• Policy turmoil not enough to dent latest PACE deals
• New rules set to reshape UK buy-to-let market
• Double-A debt proves a tough sell for US CLOs
• CLO issuers question depth of EU buyer base

Derivatives

• Dealers sneak in tougher terms under cover of variation margin

Corporate Bonds

• Brussels Airport lands in empty euro market
• Thames Water nabs £550m of ‘B’ debt in bond drought

News

• PepsiCo adds fizz to US market as firms emerge from blackouts
• Sterling shimmers as P&G and Martlet win attractive terms
• Investors sense danger in super-bullish credit

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

• Huhtamäki raises dollars as Schuldschein tempts Far East
• Becton, Dickinson uses rating-sensitive bridge for Bard takeover
• Schuldschein market hits record lows as margins tumble

Leveraged finance loans

• Labeyrie fattens pricing as market conditions bite

Emerging market loans

• Kenya loan surges to $1bn with 20 banks on board
• Sohar, so good as three early birds perch on new loan
• Vakifbank extends oversubscribed Turkish refi run despite political uncertainty
• Croatian commissioner detects 'errors' in Agrokor accounts

Emerging Markets

News

• Turkey rally put to the test as tier two banks line up tier two trades
• Investors flock to MHP’s plucky dollar market return
• Citi bumped up to top slot as ACWA returns
• Russians enjoy busiest week since golden era of 2013
• Metalloinvest USD800m 4.85% May 24
• Smoking hot Lat Am welcomes raft of debuts as Guatemalan flies
• BNDES waits for green opportunity in busy Lat Am pipe

Bond Comments

• Rusal USD500m 5.3% May 23
• PhosAgro USD500m 3.95% Nov 21s
• Credit Bank of Moscow USD700m 8.875% Nov 22s tier two

Equity

• Lonza jumps 3.8% after Sfr2.25bn rights issue wins approval from shareholders
• Tullow Oil raises £625m, Royal London rejects Heavey's elevation to chairman
• Delivery Hero considers IPO after sales boost
• Thiam hopes to be second time lucky with Sfr4bn CS recap
• Nomura, Philips, Bain bring big block trades after post-election rally

Market News

• LSE poised for launch of new debt platform
• Nomura’s international biz turns to profit

Columns

MTN Leak

• MTN Leak: Catch ‘em all

Tuesday view

• Netflix — investors shouldn't chill