Leader

• Thanks Draghi, now politicians must step up

Public Sector

• AfDB postpones debut Panda bond to 2020
• OeKB USD1.5bn 1.625% Sep 22

News

• Supranational sterling flurry starts September
• UK reopens 2054 after investor demand shifts to 35 years
• SSAs satisfy niche currency demand
• KfW and ADB reopen 10 year dollars
• AIIB partners with Amundi to launch climate bond portfolio
• Trio of SSAs bask in three year dollars
• Capital markets divided as ECB wheels out big guns once more
• EIB brings SAB in kronor with wider assets

Bond Comments

• IADB USD600m FRN Sep 22
• KfW USD2bn 1.75% Sep 29 green bond
• UK GBP4bn 1.625% Oct 54 tap
• AfDB USD2bn 1.625% Sep 22

Financial Institutions

News

• Intesa breaks Italian Swiss franc records
• Groupama switches old for new with tightly priced T2
• Investors on stand-by for new Italian FIG supply
• ANZ New Zealand goes long in senior
• Commerzbank thinly subscribed on return to non-pref market
• BMO and Rothesay Life bring sterling market to life before ECB meeting
• ‘Sigh of relief’ for banks after ECB unveils new look TLTRO programme
• Credit risk models don’t work with climate change, says EBA supervisor
• LBBW pays modest Pfandbrief premium
• CRH hits the road after six year hiatus
• A first for Prima: new Slovakian issuer set for debut covered bond

Bond Comments

• De Volksbank EUR500m 0.01% September 24 preferred

Securitization

News

• Fleet Mortgages gets funding from OWS after re-entering market
• CLO manager THL rolls out ESG framework
• Disaster clean-up franchise brings inaugural ABS
• Rare oil and gas securitization enters pipeline
• Spreads tighten for pair of UK RMBS deals
• Banco Sabadell marketing €1bn consumer ABS
• PGIM, CVC refi CLOs as negative rates persist

Derivatives

• CME targets Chinese gold with new contracts
• Euronext suffers trip on derivatives trading
• Life after CFTC: Giancarlo joins exchange board
• Eurex ramps up clearing bid with fee waiver

Corporate Bonds

• Enel to use sustainability pricing for all bonds
• Green price ratchet bonds will soon be everywhere

News

• Investors absorb more corp multi-tranches
• Berkshire Hathaway feasts at yen buffet
• Corp market pleased as ECB to buy bonds below deposit rate

High yield

• Pinewood’s £550m issue gobbled up, analysts warn of murky terms
• Intrum amps up refi bond as investors devour double-B issues

News

• Altice France launches €1.5bn refi, following Salt's bond success

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

• Nissan debuts in US private placements, as car companies take shelter in private debt
• Loans in brief: September 13, 2019
• Battersea Power Station secures term loans for third development phase
• HKEX overture fails to move LSE and Refinitiv stakeholders

Emerging market loans

• Are credit ratings relevant for Turkey's banks?

Emerging Markets

• EM issuers bet against optimism
• Avianca exchange meets shareholder hopes

News

• Turkey central bank cuts repo rate
• Middle East borrowers find oasis of demand in hot market
• Apicorp eyes sukuk issuance, as green bond appears on horizon
• Russia eyes 2019 renminbi debut as it snubs dollars
• Petrobras exchange leads Brazilian LM surge
• Alpek’s slim concession continues Mexico run
• Investors pile into Pemex as government offers support

Bond Comments

• Emaar Properties USD500m 3.875% Sep 29
• IHS USD500m 7.125% Mar 24, USD800m 8% Sep 27

Equity

• TeamViewer's IPO covered throughout the range in a day
• Bouygues reduces Alstom stake with jumbo €1.1bn block trade
• JP Morgan issues new €400m LVMH synthetic
• MTU Aero Engines monetises bull run with €515m convert
• New government in Rome paves way for fresh Italian IPOs
• Lone US fund buys €84m of Fagron shares

Market News

News

• 'Brussels smells green, you can see it and feel it,' says ECBC's Bertalot
• Better gender balance correlates with higher ratings
• Brexit ‘shadow’ hangs over EU capital markets as commission pushes CMU
• CMU 2.0 to reassess MiFID II impact on SMEs
• Dombrovskis keeps CMU brief under Leyen
• Can the ‘Volfefe Index’ make markets great again?

People Moves

• People Moves in Brief: September 13, 2019

Columns

Southpaw

• London calls for Lazard’s Kapadia