Issue 1533

Main

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

Cover Stories

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

Taipan

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