Leader

• Deutsche’s decline may cause a German rethink

Public Sector

News

• AIIB to add Kangaroos, Pandas and Uridashis to funding mix
• EIB targets ‘unifying template’ for all post-Libor FRNs
• Kommuninvest sets target of a green bond every quarter
• SSA pair follow KfW through slim window
• UK DMO celebrates 60th syndication with linker hit

Bond Comments

• Italy EUR3bn 2.8% Mar 67
• UK GBP2.5bn 0.125% Aug 41 linker tap
• EFSF EUR2bn 0.05% Jul 29, EUR1bn 1.75% Jul 53 tap

Covered Bonds

• SG 'sets a standard' with first green OFH
• BHH just misses negative yield with green Pfandbrief
• Opportunistic covered bond supply tipped
• TD keeps active in euro and dollar covered bonds

Financial Institutions

News

• Apra tier two push leaves Australia banks to count the cost
• Fineco prices inside UniCredit with blowout AT1 debut
• AT1 investors reveal doubts about Deutsche Bank restructuring plans
• Rothesay breathes life into dormant tier three market
• ECB minutes boost hopes for pre-summer supply
• Greek banks revel in one-off issuance window
• Mediobanca gets hefty demand in return to senior pref
• Cembra Money Bank covers all the bases
• CNP Assurances postpones green T2
• Nationwide leads Yankee charge following Fed meeting

Bond Comments

• Banco de Sabadell EUR1bn 0.875% Jul 25

Securitization

News

• Interest rate cut to drive investors to esoteric asset classes
• Greencoat Investment loses latest court battle in CMBS dispute
• KKR ushers in first public Spanish NPL transaction
• Benchmark ABS to outperform higher yielding sectors
• Westfield Stratford City to refinance 2014 CMBS
• DLT firm starts securitization platform for private debt
• Red Cross volcano bond attracts UK state
• Kensington BTL deal tightens as pipeline churns

Derivatives

• Tradeweb and LCH transaction volumes soar
• ‘Net short’ defence language could prove useless in bonds
• TrueEx forced to shut
• TriOptima cuts down Eurex exposure with record compression

Corporate Bonds

News

• Metro LBO bid looks rough for debt holders, whatever happens
• A2A’s green debut gets ultra-negative NIP
• Westlake’s euro debut twice covered in empty market
• BASF profit warning raises fears of down cycle for chemicals
• Yankees romp as Panasonic back after 20 yrs
• Accent housing group makes tight debut in wider NIP mart

MTNS and CP

News

• Volvo and Heineken show the way
• MTN bankers await AIIB programme
• IFC kicks off funding year with green taps

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

• Tight bonds could stymie Schuldschein record
• Jan De Nul subsidiary turns bank facility green
• Schuldschein’s negative illiquidity premium

Emerging market loans

• Bahraini lender BCFC borrows from local banks
• TSKB closes annual loan as lenders gear up for refi round
• ‘Tight’ Cocobod loan to close by September

Emerging Markets

News

• Tunisia’s tight €700m a sign of EM allure
• Eurotorg leads sov into roubles
• Negative NIPs for DP World deals as investors vie for long end paper
• Romania scores in busy euro market
• Turkey investors disregard Erdoğan’s central bank meddling
• Telecom returns but investors wary on Arg
• Lat Am borrowers flock on busiest day of year

Bond Comments

• Tunisia EUR700m 6.375% Jul 26

Equity

• Voltalia raises €376m of equity capital to grow power capacity
• Swiss Re calls off ReAssure IPO due to tepid investor demand
• UniCredit finishes FinecoBank separation

Market News

• Industry ignores Paris, worsens climate change
• FCA homes in on bad behaviour
• UBS to make a splash in private pools
• Deutsche to keep ECM sales, retreat from blocks market
• Add-backs take leverage levels above 2007 — BoE
• Deutsche hopes to leave the sick bay after equities cull
• Amundi-EIB fund to seek riskier green bonds

News

• ICMA and ECSDA outline concerns with EDDI

People Moves

• People moves in brief

Columns

Southpaw

• Can corp fin survive the Deutsche equities rout?