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• Variation margin relief on forwards arrives, but anxiety persists
• TrueEX and MarkitSERV settle court case
• Raiffeisen securitizes €1.2bn of Slovak loans for cap relief
• SwapAgent processes first cross-currency basis swap
• Renovate brings PACE ABS as US interest overshadows Europe
• BoE: New EU-UK derivatives rules needed for Brexit
• MOEX announces changes as MiFID II approaches

Comment

• Old Money: London's foreign listings
• Time for an SSA deal fee rethink
• Follow-the-leader leveraged newbies set to suffer most
• Something’s gotta give
• EU regs: relief needed

People & Markets

• HSBC push must survive Westerman fallout
• Leak reveals EU states' jostling for power over clearing
• MEP seeks to ease requirements for smaller banks
• EU to give more time for FRTB implementation
• BNPP takes a step up for MiFID II
• BoE and FCA to guide path from Libor
• Brexit could mean end of English law for bonds
• NPLs still holding back Europe, says EBA
• FCA accuses four UK IPO investors of illegally discussing prices
• TCI out for blood as LSE calls general meeting
• CS calls time on global markets cost cutting
• BNP offers M&A out West
• Moves in Brief

Bonds

• Investors spy lower SSA returns in 2018
• CAF taps 2027 Kangaroo for first time
• ADB launches first gender equality bond
• Deutsche takes short-dated floater to €1.25bn
• Bumper month for insurance debt ends with T2 mandate
• BondMarker: German election focus
• Ford and Deutsche Bahn steer fixed investors to FRNs
• Banco Comercial Português EUR300m 4.5% Dec 27 tier two
• ING Groep EUR1bn 1.375% Jan 28 senior holdco
• EC must clear up EBA’s covered bond confusion
• BMW leads the MTN race and returns to Eurodollars
• Bankers eye up GCC assets for financing following Fujairah F1
• Bulgarian Eurohold pulls off €70m rollover bond
• Telefonica hits Spanish hybrid sweetspot
• TSB Bank secures strong sterling covered bond entry
• Italian railway operator steams into green bonds
• PBB finds strong sterling demand in covereds
• Growthpoint to test appetite for SA after downgrade
• ECB to stop buying CPT covered bonds
• Johnson Controls taps into year end defensive play
• Santander gets solid execution for first Pfandbrief
• Stadshypotek sets tight covered bond spread, but size questioned
• No EM shutdown yet as mandates appear in tenge, yen and dollars
• Energo-Pro increases size of debut as orders reach €810m
• Sterling to end week among dreaming spires as debutants continue rally
• Novo Banco feud won't go away for Portugal
• ING grabs 10 year TLAC with ‘sensible’ execution
• UBS opco comeback leads record dollar charge
• Dollar market set for quiet run-in after record year
• HY book sizes fall, but sub-benchmarks price tight
• Action! Pinewood Studios debuts
• Greece debt exchange opens door for threes and sevens in 2018
• Perstorp injects high yield subordinated into early December deal pipeline
• Hopes of GrOAT rise ahead of Macron summit
• Land NRW EUR2bn 0% Dec 22
• Mexico CB chief ready for inflation challenge
• Cemex claims sub-3% coupon as IEnova readies debut
• High-flying Gol eyes comeback bond for LM
• LatAm HY on fire as Cemig rockets in grey
• Rio Negro seven year adds to Argentine provincial bucket
• Brazilian banks back as Voto brings AT1, Itaú lines up

Securitization

• Analysts flag 'stunning growth' of US student debt
• CMBS rally to lose steam in 2018, says JPM
• SoFi readies sixth student loan refi ABS
• UniCredit applies for GACS guarantee as FINO progresses
• Wendy's makes run at whole biz ABS market with $1bn deal
• US credit investors on the defensive amid late cycle lending

Equity

• Pierre & Vacances issues €100m CB to refi
• Maisons du Monde prices debut convertible at aggressive terms
• Adnoc Distribution covers $800m-$2bn IPO on the third day of bookbuilding
• Mystery shareholder sells $114m of Mail.ru GDRs
• Colonial raises €416m to finance its takeover of rival Axiare Patrimonio

Loans

• Lugano clinches tight pricing as Swiss settle for Christmas
• Schuldschein market does not need blue chips to be a success
• Schuldschein a victim of its own success as institutions get marginalised
• Russian loans become less secure as EM bankers’ get riskier
• DRT in potential levfin M&A deal pipeline
• OmanTel to sign $2.2bn loan next month
• BMC Software preps €3bn refi for bullish levfin buyers
• Another €2bn of LBOs in invulnerable loan mart
• Banks plan festive finish for €3bn Refresco LBO