Leader

• Blinded by the white knights?

Public Sector

News

• SNCF brings century bond
• Laender expected to follow Schleswig-Holstein into long end
• KfW debuts green framework in Hong Kong dollars
• MuniFin eyes insurers following Solvency II amendment
• Record breaking rates have room to grind lower
• Asian fixed income behemoths team up for green bonds
• Central banks should publish compounded post-Libor rates
• Gilt yields plunge despite portents
• FMS-W appoints new treasury head

Bond Comments

• Land Schleswig-Holstein EUR500m 0.2% Aug 39

Financial Institutions

News

• Bank capital investors preach discipline amid new QE hype
• 'Reality sinking in' over negative yielding new issues, say FIG bankers
• HSBC fires starting gun on second half AT1 supply
• New issue premiums need recalibrating after the summer, say FIG bankers
• EC calls on EBA to assess Basel IV impact on TLAC
• Lloyds follows UBS into dollars as spreads underperform in Europe
• MunHyp drives Swiss yields to new lows
• ‘Asymmetric' risk builds in covered bonds

Derivatives

• NSE and SGX make move for peace with index hub
• Trade war stirs 'frenzy' in SGX USD/CNH futures
• Nomura’s Instinet hires new EMEA execution head
• Tarbert adds to bench with CFTC hires
• Record levels reached in iBoxx TRS
• BAML puts vol indices on ICE
• Eurex powers up double digit trading boost
• SEF volumes pop up for July

Corporate Bonds

News

• IG bonds set for dry spell after latest volitility
• Next clears old lines in summer sale
• Widening spreads make August IG issuance spree repeat unlikely
• Prospect for new IG bonds bleak, despite Daimler splurge
• Vingroup plans $750m outing before year-end

High yield

News

• Swissport trims notes, fattens up term loan as HY bond market turns murky

Syndicated loans and leveraged finance

• 'Ineffective’ sanctions may still stamp out Russia-wide loans

Investment grade or Non-leveraged loans

• Underwritten loans biz drowns in too much liquidity
• April sends out invitations for $1bn loan
• Newport City Homes refinances in PP market
• Ferrari debuts in the US private placement market

Leveraged finance loans

• Lenders urged to deploy 'carrot and stick' early on debt restructuring
• KKR to bolster Axel Springer buyout package with €935m loan
• Sirius Minerals down to last chance as investors shun risky mining project
• Redding Ridge picks up CLO portfolio manager from Pretium
• Barings extends lending push with €1.5bn fund

Emerging Markets

News

• Bank Pekao has 2020 vision for debut Eurobond

Equity

• Strong demand for €52.3m block in Italian NPL servicer
• ECM investors fret over IPO supply
• Russian IPOs on ice as listed market shrinks
• ECM bankers thankful for summer lull as stocks sell off
• Snap issues maiden convertible bond after share rally
• ECM turns bearish on September after equity and rates volatility smash the fragile summer peace

Market News

• Risk costs snag Commerz as outlook worsens
• Burford bonds and shares in muddy water after short seller attack
• The FCA is not so slack when it comes to individuals

People Moves

• BAML makes senior ECM hire from Credit Suisse
• Senior DCM banker leaves Credit Suisse

Columns

Southpaw

• Banks pin growth hopes on Gallic push