• 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

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

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

High yield

News

• Vieo fights back in ruffled Nordic bond mart
• Tullow Oil’s refi coupon teases pension funds
• Paprec plants refi green in recovering HY

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 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

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

Columns

The Naked Broker

• The Pained Trader: objective correlative