• Pfandbrief duo enjoy solid investor response

Public Sector

News

• AfDB sells debut offshore renminbi bond
• Gothenburg to increase green bond issuance
• EBRD to launch first ever climate resilience bond
• FMO prints Boliviano debut to develop frontier markets
• Euro SSA market reopens with a bang
• L-Bank brings first €STR FRN with EIB and other SSAs to follow

Bond Comments

• CEB USD1bn 1.75% Sep 19
• Bpifrance EUR1.25bn 0.05% Sep 29
• KfW EUR4bn 0% Sep 26
• Rentenbank USD1bn 1.75% Sep 21
• NIB EUR500m 0% Sep 26 green bond
• EIB EUR3bn 0.05% Oct 34

Covered Bonds

• UK trio pounce on euro covered bonds

Financial Institutions

News

• Nationwide shows AT1 issuers how to get more first call flex
• Italian banks shed populism premium in bond market return
• LBBW struggles for demand with second FIG social bond of the week
• Metro lines up after mega week in sterling
• Perm TSB takes chunk out of MREL targets with debut deal
• Insurers seize favourable conditions to rejig debt stacks
• Growth spurt in RT1 market as Achmea and ASR add to stock
• ECB breathes life into FIG as investors prepare for infinite QE

Bond Comments

• Banca Monte dei Paschi di Siena EUR500m 3.625% Sep 24
• MetLife EUR500m 0% Sep 22
• Raiffeisen Bank International EUR750m 0.375% Sep 26

Securitization

News

• Issuers price a dozen ABS to send volume past 2018 levels
• Euribor floors drive arb as Permira launches CLO equity fund
• Court ruling frees Spanish mortgages from legal purgatory
• Leeds Building Society RMBS draws heavy demand
• Servpro deal tightens as esoteric ABS continues to shine
• Investors pile into Hewlett-Packard IT equipment ABS
• Downgrades may point to shifting auto views at S&P, DB says

Derivatives

• Ex-Fidessa derivatives head emerges at Iress
• CFTC Democrats reject Volcker revisions that go 'for the throat'
• Industry welcomes FDIC’s margin relief
• FCA head urges against complacency on Ibor transition
• Brexit, rise of private debt and regs fuel FX swaps

Corporate Bonds

News

• Fed’s repo remedy and rate cut leave US corporate bond market perky
• Bankers squint at Thermo Fisher curve to spot fair value
• Telenor and Mondelez come on calmer day
• Euro bond market creaks a little as more IG companies join fray

High yield

• New covenant gimmicks land in Europe with Inmarsat buyout
• Are you Sirius? Protecting retail investors from themselves

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

• Lenders back LSEG bridge despite hostile HKEX bid
• ING carves itself role as the green SSD house
• Loans in Brief: September 20, 2019

Leveraged finance loans

• Telecom Italia offers SSD a taste of Italy
• UK govt threatens to ground £4bn Cobham buyout

Emerging market loans

• Sukuk and bonds seduce Gulf borrowers as loans wither

Emerging Markets

News

• Armenia returns for first bond in four years with pricey 10 year
• Zelensky must be seen to be on the straight and narrow
• Sibur shrugs off Saudi drone attack to print $500m
• Privatbank troubles start to worry Ukraine investors
• Afreximbank profits from light supply to print $750m
• STLC to test quasi-sovereign Russia appetite
• SRC to issue second sukuk this year, as securitization added to agenda
• Sovereign pair offer first autumn CEEMEA euro deals
• Flurry of Middle East paper on the way
• Petrobras exchange bond flies on break
• Banco Voto eases to dual tranche bond return
• Investors chomp at BRF bit in strong Lat Am
• Minera México comes flat to parent as Interbank lines up

Bond Comments

• Sibur USD500m 3.45% Sep 24
• Afreximbank USD750m 3.994% Sep 29

Equity

• Aramco: never mind the drones, feel the profits
• Ferretti pitched as Ferrari of the seas but must avoid Aston repeat
• Investors fear also-rans as IPO activity rises
• RCF lines up listing as Italian ECM renaissance continues
• Banks hope for fair October winds for Zero-E listing
• SoftBank derisks Wirecard investment with startling CB arb
• European equity-linked revival continues with new Ubisoft CB
• US companies pile into convertible bonds
• Kaspi.kz brings more EM joy to London amid Brexit gloom

Market News

• EU to launch international green finance body

News

• OECD warns of corp debt ‘fire sale’

People Moves

• Moves in Brief: September 20, 2019

Columns

Leader

• Covered bonds to lead FIG tighter

Southpaw

• LSE lines up advisory heavyweights against HKEX

Tuesday view

• Aramco: how do you discount for drones?