• PBB takes fives in size
• Sprint to issue spectrum bond offering

Leader

• Schuldschein’s best interests are secondary

Public Sector

News

• Alberta opens up dollar 10s but fives expected to rule supply
• UK MBA takes step to debut bond amid calls for sub-sov deals
• EIB issues first benchmark floater in zloty
• Land NRW breaks size record with sustainability bond
• Tough euro market faces down risks

Bond Comments

• KommuneKredit EUR1bn 0.25% May 23
• OeKB USD1.5bn 2.875% Mar 23
• Land NRW EUR2.025bn 0.95% Mar 28 sustainability bond
• EIB EUR5bn 0.875% Jan 28
• Finnvera EUR1bn 1.25% Jul 33
• SEK USD1.25bn 2.875% Mar 23

Covered Bonds

News

• Vakif places €800m covereds, others seen
• Bank of Ireland covereds enjoy rarity appeal
• TD goes large in euro covereds at record spread

Financial Institutions

News

• Yorkshire BS offers senior for ‘unsettled times’
• NBC and Commerz navigate sevens in tricky market
• Hiscox brings rare senior deal in ‘cheap’ sterling market
• Credit Suisse eyes renewable energy with debut green trade
• Premiums rise in FIG as macro jitters make investors choosy
• Small is beautiful for new Belfius tier two
• Insurers eye up RT1 as Scor leads the way

Bond Comments

• Bank of Montreal EUR500m Mar 22 senior FRN
• Crédit Agricole EUR1bn 1.375% Mar 2025 non-preferred senior
• SEB EUR1bn 0.5% Mar 23 senior
• Sparebank 1 Østlandet EUR500m 0.875% Mar 23 senior
• Scor USD625m 5.25% PNC11 RT1

Securitization

• Vegas trip pays off for Santander’s Holmes

News

• NYSERDA debuts resi solar loan ABS
• Leverage on the rise in bullish US CMBS, but property values a growing concern
• Investor demand for exotic CLOs spurs new structures
• Progress in Women in Securitization, but too much marketing and a missed opportunity

Residential MBS

• RMAC fight goes down to the wire as Clifden tips hand

Derivatives

• Index provider Limeyard partners with Vienna Stock Exchange
• Futures and options boom in February as vol returns
• Euroclear to shift holding company to Belgium
• Italy election result calms market, but worries remain
• Regulators close in on cryptocurrency spot market

Corporate Bonds

News

• Big pharma: CVS sells major debt dose as bankers pin hopes on M&A
• Maersk finally returns after ratings cut
• SAP exploits rarity value for tight triple-trancher
• Sterling investors offered variety from rare names
• Prologis sells first green bond from logistics Reit
• Gecina adds to 2018’s property rush with its first deal of the year

Bonds Comments

• ChemChina USD1bn 4.125% Mar 2021, EUR1.2bn Jun 2022, USD1.3bn Mar 2023, USD800m Mar 2025, USD1.75bn Mar 2028, USD100m Mar 2048
• SAP EUR500m 3mE+15 Mar 2021, EUR500m Mar 2026, EUR500m Mar 2030

High yield

News

• High street crunch sets off HY restructurings over real estate costs
• Stark LBO bonds hit by Italian suspense
• Teva bags HY debut success giving buyers rare premium
• Belden launches euro trade to pay for dual tender

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

• Broadcom mega $100bn loan under threat as CFIUS issues warning
• Axa gets XL bridge loan for acquisition
• UK's BBA Aviation plans to land refi early
• GVC opens £1.9bn for Ladbrokes buyout
• Hammerson hacks Intu short term debt cost
• Technopolis swaps bilateral for syndication
• Tech platforms nip at heels of Euro PP market
• Secondary SSD platforms spy opportunities in Steinhoff’s wake
• Nordics in vogue as Wihuri launches Schuldschein
• Portsmouth Uni debuts in PP market

Leveraged finance loans

• Lev loan investors fancy biggies, HY tougher

Emerging market loans

• Saudi Arabia increases loan to $16bn as demand swells
• Russian Copper Co signs $250m refinancing
• Standard Bank Kenya launches $100m loan

Emerging Markets

News

• CEEMEA YTD issuance at record breaking level
• Senegal prints tightest African dollar 30 year
• Sharjah scores $1bn with zero NIP, eyes more regular bonds
• Gazprom returns to euros, roadshows with five banks
• Paraguay gets slim premium to reopen Lat Am
• Brazil’s Unigel leads Lat Am corporate pipeline

Bond Comments

• Republic of Senegal EUR1bn 4.75% Mar 28, USD1bn 6.75% Mar 48

Equity

• John Laing to raise £210m to fund US and Asian pipeline
• Eurazeo exits Accor in quiet week for blocks
• Energean opens the books on Mediterranean energy IPO
• HNA's Gategroup prepares SIX Swiss Exchange comeback
• Siemens Health covered on first day as gentle range works
• BioPharma Credit to raise $300m to fund more investment
• Italian equity markets await clarity after election drama

Market News

• Reyl joins the dots between wealth management and securitization
• Piraeus Bank pioneers sale of secured NPLs
• EU green finance plan: what’s going to happen

News

• How to take big losses and still boost capital
• Gary Cohn: welcome to your future

People Moves

• New role for BAML's Coben as capital markets vice-chair

Columns

Southpaw

• Activism wave could redefine investment banking relationships

Tuesday view

• The Lebara crisis can still kill the Northern European bond market dream