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• Garanti Bank plans debut green mortgage covered

Leader

• The BRRD has teeth

Public Sector

News

• NRW.Bank doubles up with dollar floater ahead of Fed
• Gilt yields, sterling deals await UK election result
• Italy enjoys searing demand as investors ignore election fear

Bond Comments

• FADE EUR1bn 0.031% Jun 20
• Bpifrance EUR1bn 0% Nov 22
• EAA EUR1bn 0% Jun 20
• ESM EUR1.5bn 1.8% Nov 46 tap
• Italy EUR6.5bn 3.45% Mar 48
• Ontario EUR1.5bn 0.375% Jun 24

Covered Bonds

News

• Berlin Hyp finds new names for second green Pfandbrief
• Finland's Hypo and BNZ join the covered pipe

Financial Institutions

News

• Regulators draw ‘big line’ between senior and capital
• AT1 market weathers first ever write-down
• Strategic trades in focus as banks rattle through MREL plans
• Sumitomo targets euros in TLAC sprint
• Popular is resolved as BRRD draws first blood
• Popular resolution puts T2 in 'grey area'
• US banks pull back from TLAC onslaught

Bond Comments

• Sumitomo Mitsui Financial Group EUR750m Jun 22 FRN / EUR500m 1.413% Jun 27

Derivatives

• Banco Popular rescue poses CDS conundrum
• Clearing experts clash on CCP recovery and resolution
• The EU should not relocate euro clearing
• French regulator snubs US model for clearing of euro products
• No delay for MiFID II, says Maijoor
• CFTC bans spoofing Singapore trader
• European derivative exchanges beat US

Corporate Bonds

News

• Mandates stack up as corporates take breather
• AT&T gets Time Warner bond funding under way
• US corporates steam in ahead of ‘triple threat’ Thursday
• Ecofin council to launch ‘concerted’ work on NPLs

Bonds Comments

• AT&T EUR1.25bn Euribor+85 Sept 24, EUR750m 1.05% Sept 23, EUR1.75bn 1.8% Sept 26, EUR1.5bn 2.35% Sept 29, EUR1.75% 3.15% Sept 36
• Louis Dreyfus USD300m 5.25% Sept 23
• Volkswagen EUR1.25bn 2.7% Sept 22, EUR2bn 3.875% June 27

High yield

News

• Kirs raises £800m bond for five-way merger
• Superior forges ‘double HY challenge’ for Uniwheels buy
• Single-B UPC takes 12 year money at sub-4%
• Ardagh hedges dollar rate risk with sterling debut
• New cov-dotcom player adds to HY game

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

• Schuldschein taps ground with B. Braun hit
• Fresenius looks for refi after Moody’s upgrade

Emerging market loans

• Revealed: Oman's loan shopping list
• ICBC fuels loan hunger with $1.25bn facility
• Afreximbank signs its largest syndicated loan at $1.2bn
• Banks in the dark about Qatar with predictions mixed
• Agrokor gets new €400m loan but Sberbank fights it

Emerging Markets

News

• Rising Qatar crisis highlights vulnerability of GCC market
• Africa pipe swells as Nigeria, Sibanye, Afrexim line up
• Strong book sees Turkey forgiven, but Qatar takes toll on pricing
• Gulf crisis rattles capital markets but extent of damage uncertain
• Investors euro-phoric as Côte d’Ivoire pays to open new market
• Argentina to opt for euros to complete external funding
• Uruguay preps global pesos in quiet Lat Am
• Desperate Venezuela defaults to Russia amid bond fire sale

Equity

• Credit Suisse wins 99% take-up for Sfr4bn 2-for-11 rights issue
• Santander prepares €7bn rights issue to recap Banco Popular
• Kinnevik bails out of Rocket via €218m clean-up block
• Bayer offloads €2bn of Covestro via block, CB
• Société Générale’s ALD aims for €6.3bn initial valuation
• Delivery Hero enters busy European IPO fray
• Second ConvaTec increased to £805m after robust demand

Market News

• French regulator calls for single European authority

News

• Banks set to finance own NPL exits through guarantees

People Moves

• Osborne follows Dean out of Barclays
• People Moves In Brief, June 8, 2017

Columns

Southpaw

• UK competition hots up but Brexit, election hits deals

MTN Leak

• MTN Leak: Tales from Don Smit-xote