Leader

• Nordic banks: hold on to your buffers

Public Sector

News

• KfW enjoys better reception in dollars than euros
• Portugal sets out Q3 funding plans
• Azores set for capital markets return
• MuniFin eyes debut social bond in 2020
• Sterling SSA market reopens to meet Brexit-fuelled demand
• EFSF ‘has to go long’ with first outing in Q3

Bond Comments

• KfW GBP300m 1% Dec 22 tap
• Asfinag EUR600m 0.10% Jul 29
• Bpifrance EUR750m 0.625% May 26 tap
• MuniFin EUR500m 0.05% Sep 29 green bond
• KfW EUR1bn 0.25% Sep 25 tap
• EIB GBP400m 2.50% Oct 22 tap
• KfW USD4bn 1.75% Aug 22

Covered Bonds

• Rare CIBC wins strong covered welcome
• Soc Gen to issue France’s first green covered bond
• Negative yielding covered supply expectations rise

News

• Covered bond correction is overdue but will take time

Financial Institutions

News

• Lloyds lays down pricing marker with first public deal from NRF bank
• LBP pays less than 5bp NIP on pref senior debut
• Commerzbank finally surfaces in AT1, draws $11bn of demand
• Pru wins huge demand for unusual tier two transaction
• BoI hits euros for blowout holdco senior print
• Budget boost gives hope to outcast Italian banks
• Less risk equals higher premium, say FIG bankers
• Foreign banks jump into Kangaroos

Derivatives

• Traiana automates equity swaps
• FX pioneer to launch 24 hour derivatives exchange
• Xetra launches RFQ trading service
• FCA eyeing crypto derivatives ban
• ICAP launches Indian derivs information service

Corporate Bonds

• Galapagos accidentally pays bond coupon as unsecured creditors reject deal

News

• BKW gives renewed impetus to Swiss green bonds
• Blackstone to model Merlin bond on notorious Refinitiv deal
• Aroundtown and Deutsche Telekom return to euros
• Cuspy Marks & Spencer bags a £2bn book
• FS Italiane shunts green bond into empty market
• Merck, Arcelor catch bullish wave after US-China detente
• Sprint, Symantec M&A talk spices bond mart

MTNS and CP

News

• Lloyds wraps up debut bond offering from non-ringfenced bank
• Volvo revs into Hong Kong ‘melt-up’
• Israel sees 50 year note as key part of ‘strategic issuance plan’
• BNG goes long and low

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

• Żabka 'benchmarks off Allegro', launches loan for div recap
• City of London launches US PP notes
• National Express first off line with Sonia loan
• Loans in brief: July 5, 2019
• Schuldschein agents buoyed by first half, look to break records

Leveraged finance loans

• Outokumpu breaks ground with ESG lev-loan
• Finnish pension behemoth explains attraction of ESG-linked loans
• Skin Health LBO sees second lien success

Emerging market loans

• EM lenders to push limits as volumes collapse

Emerging Markets

News

• Saudi success with first ever euro bonds, books over €14.5bn
• Tunisia heads towards seven year in EM rally
• Turkey snags $2.25bn thanks to rallying market
• Ukraine Railways mops up yield-hungry investors
• Investor reluctance begins to show as yields plummet
• Window open for more Argentines, say investors
• Latins line up for LM rush after July 4 break
• Petrobras targets euro, sterling notes in latest buy-back

Bond Comments

• Saudi Arabia €1bn 0.75% Jul 27, €2bn 2% Jul 39

Equity

• Energean wins investor acclaim with M&A bid
• Voltalia CEO urges equity investors to follow 'bold' EBRD
• Domestic demand drives NLMK block
• Growth IPOs boost 2019 returns but political risks persist
• Cembra Money Bank turns to ECM to fund Cashgate merger
• Synthomer unveils £204 rights offer for US growth plans

Market News

• UK Green Strategy has everything but a finance plan

News

• UK’s new Green Finance Institute to ask the hard questions
• Changing of Lagarde at ECB heralds the end of the 'econo-wonks'
• SG targets sponsors biz in investment bank restructuring
• Relief as hawk Weidmann kept off ECB throne
• EBA: Europe's banks face €135bn capital shortfall after Basel IV

People Moves

• People Moves in Brief — July 5, 2019
• Commerz names new heads in DCM reorg

Columns

GlobalCapital View

• NatWest Markets should reap rewards for Sonia loan first
• UK aims to pull away with Green Finance Strategy but is still in the slow lane

Southpaw

• Jefferies enters the banking mainstream

Tuesday view

• Switzerland-EU row shows equivalence will not work for UK