Leader

• Elon Musk and the Trumpification of investor relations
• Ain’t nothing but a number

Public Sector

News

• Greece 10 year ‘in August or September’
• Who said what now? Italy’s ministers take BTPs on ride
• EIB: no funding cut with ECB oversight
• First mover advantage: euro market braced for stormy year-end
• California rebuts Trump ‘lunacy’ with green bond pledge
• California’s push could restart idling US municipal green bond issuance

Covered Bonds

News

• Kiwi covereds to widen, but not due to affordability
• Covered bonds can green Italy’s economy

Financial Institutions

News

• US fins plunge into market as Discover innovates
• UniCredit seeks Cashes compensation from Caius
• HSBC is dancing around disco issue, say investors
• Barclays and BNPP pick summer window for AT1 splurge
• Lloyds and BNPP jump on dollar gravy train
• Italian budget ruckus threatens fragile banks

Bond Comments

• Barclays USD2bn 7.75% PNC5 AT1
• BNP Paribas USD750m 7% PNC10 AT1

Securitization

News

• Kushners’ troubled CMBS-financed tower finds hope in Brookfield
• WeWork’s footprint in US CMBS set to surpass $1bn
• Clifden’s Fairhold CMBS move gets its day in court
• BAML surprises summer market with sterling CMBS
• MPL ABS notches record breaking second quarter
• Commercial PACE firms plot regular ABS outings

Derivatives

• Default resources concentrated at two CCPs, say watchdogs
• Rates derivatives trading surges on Tradeweb
• Turkey drama shines light on robust CDS liquidity
• Byte Me: Crypto flying right?

Corporate Bonds

News

• Volkswagen triple dips amid hot summer demand across Europe
• US corporate issuance fades after pacy start to week
• US high yield bounces back after slowest July since ’09
• Tesla investors caught up in buy-out maelstrom

Bonds Comments

• Volkswagen Leasing €1bn 0.25% Feb 2021, €750m Feb 2023, €750m Aug 2025

High yield

News

• KKR challenges investors over covs on CCCs
• Corporate leverage shrinking but mispriced, say HY investors

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

• Kroenke readies bridge loan for Arsenal takeover
• Mutual Energy turns private with £200m PPs

Leveraged finance loans

• Frontier hit with downgrade after earnings disappoint
• Wider spreads here to stay, say leverage finance investors

Emerging market loans

• Turkish soda firm lands large loan
• Global lenders stay loyal to Turkish banks as EM buyers flee

Emerging Markets

News

• Bondholders offer Mozambique bond refi
• High yields draw investors’ return to emerging markets
• Investor fears rise as US-Russia diplomatic tensions ratchet up
• Argentina adds concerns to risk-averse Lat Am
• Brazilian duo wrap up liability management deals

Equity

• Victoria raises £60m to fund Saloni takeover
• ECM investors still cautious on 'unloved' Italy
• Big Spanish IPO to boost ‘exciting’ autumn season
• Fever-Tree founders sell £103m of stock at highest price yet
• African dual listing plans set to give boost to London ECM
• Sibur IPO talk premature, says CFO

Market News

• Investors won't be compensated for Popular, says SRB
• No Brexit deal? No worries for bond deals… yet
• UniCredit grilled over Yapi as Turkey crisis deepens

News

• TP ICAP pivots to Paris for post-Brexit hub, raises broker pay
• Schuldschein shrugs off Nordic bank dressing down from ESMA

People Moves

• People Moves in Brief
• CS grabs Krim as Paris-based DCM head

Columns

The Naked Broker

• The Pained Trader: Big Brother

GlobalCapital View

• No creditor is better off without a good Popular precedent
• And the client lived appily ever after?
• ECB oversight of the EIB makes little sense