Leader

• Testing Brexit stress scuppers stress testing
• Fintech M&A: the future is here

Public Sector

• KBN USD1.5bn 3.125% Oct 21

News

• Portugal resilient, not immune to risks
• FADE eyes PPs following syndication blowout
• Italy contained in SSAs but 400bp the ‘contagion point’
• UK DMO looks to syndicated linker in 2019
• What volatility? SSAs wrap up quartet of strong dollar deals
• Euro SSAs to pay up for long end supply
• Ireland and SGP soar through green debuts

Bond Comments

• FADE EUR1bn 0.85% Dec 23
• ESM EUR3bn 0% Jan 22
• SGP EUR1.75bn 1.125% Oct 28 green bond
• Ireland EUR3bn 1.35% Mar 31 green bond
• AFD EUR1bn 1.5% Oct 34
• UK GBP5.25bn 1.625% Oct 71
• Ontario USD2.5bn 3.4% Oct 23
• Land NRW USD1bn FRN Oct 20
• KfW USD4bn 3.125% Dec 21

Covered Bonds

News

• SMBC unleashes $1.6tr mortgage market with first ever Japan covered bond
• SR Boligkreditt issues largest euro covered bond
• EBRD buys first triple-A Slovak covered
• Traders constructive on core covereds

Financial Institutions

News

• Luminor looks to light up new funding path after senior debut
• NSFR targets will drive big surge in senior supply, says JP Morgan
• Market closes its doors on sub-benchmark bank capital
• Carige kicks back after Fitch says bank has 'real possibility' of failing
• ProCredit to meet investors for first green bond
• Aegon announces long-awaited RT1

Securitization

News

• Second UK government student loan ABS hits primary
• Wells Fargo files for first post-crisis PL RMBS deal
• ABS volumes stand out in sluggish bond markets
• Pair of conduits prepped as CMBS sees pickup

Derivatives

• Eurex loads up SIX index for Saron futures launch
• BoE, trade bodies pressure EU for derivatives deal
• BoE's Brexit intervention is welcome
• Hermes: ESG risk correlates with CDS
• ICE releases alt-Libor term rates tool
• Vol woes leave strategists pondering bear market
• Astaldi event proves a reminder of CDS intricacies

Corporate Bonds

• WeWork bond jumps on SoftBank investment reports

News

• EDP joins the green party as Schiphol readies for take-off
• S&P warns on corporate leverage but investors eye growth
• Western Power opts for size over price in sterling
• Volkswagen finds strong demand for three wheeler
• Demand remains strong for Digital Realty in sterling
• Corporate supply slows to a trickle as Conagra steps down
• Record outflows in US HY as yields spike and vol bites

Bonds Comments

• Western Power Distribution £350m Oct 2026

High yield

News

• Recordati HY bond wins over global vol
• Euro levfin primary steady amid Italian noise

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

• Southern Electric hits road with dollar and sterling PP
• Loans in Brief: 11/10/2018
• IHS Markit launches loans database and position platform
• US investors launch into sterling to boost PP demand for UK names

Emerging market loans

• Non-Saudi ME loan pipeline dwindles
• DAE ramps up revolver
• ‘First test’ loan for Sonangol as oil price improves
• Masdar lands first green ME RCF

Emerging Markets

News

• Gulf International Bank cancels planned dollar deal
• CPI bags €600m, plans bond build out to Swissies and yen
• Downside risks for Turkey loom over Brunson hearing
• Brazil challenges persist despite election rally
• Lat Am issuers chance arm despite volatility
• Peru waits, Millicom defies volatility as investors embrace concessions

Bond Comments

• CPI Property EUR600m 1.45% Apr 22

Equity

• LeasePlan pulls Amsterdam IPO amid global market sell-off
• Knorr-Bremse sellers price IPO at pragmatic range
• Volatility could kill off market, say ECM bankers
• Shurgard narrows IPO price range, covered throughout
• Westwing trades below issue price on debut in Frankfurt
• Global sell-off rocks capital markets

Market News

• IFC in new push to build local capital markets
• London Connect throws up more questions than answers
• Governments must back banks' efforts to end dirty financing
• Kim to use Human Capital Index to put pressure on governments

News

• How to fix a $512bn Libor problem
• Transparency is coming to a bank resolution near you
• Brexit causes BoE to delay exploratory stress test
• Tobam founder attacks passive investing

People Moves

• MUFG reorg puts three global heads outside Japan
• People moves in brief

Columns

• ABN restructuring aims to cut lending, target returns

The Naked Broker

• The Pained Trader: you don't have to be mad to work here…