Issue 1546

Main

PACEfunding taps Natixis for debut ABS

British Airways makes rare EETC run

CarVal snaps up non-prime Signet credit card portfolio

Wunder Capital looking at C&I solar ABS launch in 2019

CMBS rally is long in the tooth, as market runs at double speed

Paratus AMC heads straight to market with RMAC refi

US CLOs enjoy busiest ever start to the year

BNPP Fortis navigates crowded covered mart

PKO enjoys highest subscription ratio on busy day

Leader

Uber: no banks, no bother

Why passivity attracts our aggression

Public Sector

News

UK’s funding needs fall but syndication share steady

BondMarker: Land NRW tops February charts as euros reign

EBRD taps zloty for first ‘health’ bond

Absence makes the book grow stronger: investors return to KfW

SSAs rush in where others fear to tread

Sterling enjoys strong but likely short-lived deal spark

Bond Comments

AFD USD1.5bn 2.75% Mar 21

ADB USD3.25bn 2.75% Mar 23

Dexia GBP500m 1.625% Dec 23

AfDB USD2bn 2.625% Mar 21

KfW EUR4bn 0.125% Feb 23

Covered Bonds

BayernLB returns and pays Pfandbrief premium

Deutsche Hypo issues first sterling Pfandbrief

Lloyds covereds fly with positive premium

News

WL Pfandbrief starts tight and struggles

Bond Comments

Financial Institutions

News

AIB lines up first Irish senior holdco

Santander and Caixa give AT1s as BBVA takes away

Sterling market shows competitiveness in short end

DNB breaks callable tier two record

‘Positive’ response for Intesa in first Italian bank deal since election

Regulators fix on Aviva’s pref share cancellation notice

FIG new issues widen in stampede of deals

Yankee supply holds firm despite tough conditions

Bond Comments

BNP Paribas EUR750m 1.25% Mar 25 senior non-preferred

CaixaBank EUR1.25bn 5.25% PNC8 AT1

Santander EUR1.5bn 4.75% PNC7 AT1

Svenska Handelsbanken EUR600m 1.125% Mar 28

DNB Bank EUR600m 1.125% Mar 28 tier two

Securitization

BAML warns on MPLs, says stick with traditional consumer credit

Sprint spectrum bonds change hands in secondary

Asset Backed Securities

News

Residential MBS

Structured Credit

Crédit Ag sheds EM loan risk to IFC, makes social loan promise

Derivatives

10 years on from Bear Stearns

Markit column

TrueEX enters Bitcoin and Ether markets

FIA Boca kicks off, with call for regulatory reconciliation

Winklevoss bid for cryptocurrency self-regulation gets nod

Gloves off: Quintenz loses patience on clearing ambiguity

CFTC’s anger at Europe should surprise no one

Corporate Bonds

News

iHeart takes massive debt pile into bankruptcy

Sanofi €8bn shows Europe is a market for jumbo deals

Telefonica sells new pair of hybrids alongside tender

Issuers find conditions tougher as busiest week of year goes on

Ahold checks out again as it becomes a frequent issuer

Richemont turns on the style for €3.75bn corporate bond debut

WPP dual-trancher taps short end demand

Vonovia pays to put big dent in Buwog financing with €2.1bn bond

Dollar borrowers wade through soup

US Steel out with high yield refi after Trump tariff boost

Bonds Comments

High yield

MTNS and CP

News

Bond Comments

Syndicated loans and leveraged finance

E.On’s leverage likely to rise in Innogy acquisition

Investment grade or Non-leveraged loans

Volkswagen Immobilien launches first green SSD of 2018

China M&A fight intensifies with Broadcom block

Leveraged finance loans

CVC syndicates Spanish blockbuster loan for Gas Natural

Europe’s lev fin market revs up for action

Swissport increases its lev loan for Aerocare buy

Emerging market loans

Emerging Markets

News

JPM resumes selling Qatari MTNs as diplomatic stalemate drags on

Hungary slashes funding costs with Samurai

Itaú AT1 trades flat as Lat Am investors stay cautious

Deleveraging Vale to buy back debt with cash

Lat Am primary endures watchful buyside

Mastellone heard contemplating call of 21s

Bond Comments

League Table

Equity

Sellers shy away from EMEA’s blocks market as volatility bites

Qatar raises €506m from Veolia clean-up

IPO issuers trim asking prices amid deal rush and vol

NIBC opens the books with investor-friendly valuation

DWS secures anchor orders from Nippon Life, Tikehau Capital

Steinhoff sells KAP block, but investors wait for STAR action

B&S opens books on €493m IPO, seen as 'cheap'

Morgan Stanley issues investor-driven exchangeable into Daimler

Market News

Natixis announces triple boutique buy as it continues corporate finance acquisition spree

NPL action package has teeth — but not yet

IFC, Amundi close ground-breaking EM bank green bond fund at $1.4bn

People Moves

Columns

Leader

The Naked Broker

Credit Matters

GlobalCapital View

Food for thoughts

Southpaw

Euroblog

MTN Leak

Loans Ranger

Tuesday view

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons