Issue 1622

Main

No NIP for Noe’s covered bonds, but Prima gives premium

RBC in Sonia five year first

AIB sets out green ambitions

Belfius prices first Belgian covered bond of 2019

Swiss francs enlivened by foreign FIG supply

Leader

Don’t stuff CEEMEA

Metro Bank: two crunch times loom for the BofE

Public Sector

News

A rainy day for NWB as water bond gets wet

ESM drops English law for euro funding as Brexit looms

EBRD gets big reception for first ever Climate Resilience Bond

Pension funds have ‘increasing appetite’ for riskier credits

Ontario and DBJ ride out rates volatility

IDB Invest underwhelms in fixed rate debut

SEK trade shows Libor demand still alive

Bond Comments

NWB EUR500m 0% Oct 34 water bond

Kommuninvest USD1.25bn 1.625% Oct 22

IDB Invest USD500m 1.75% Oct 24

Ontario USD1.25bn 2% Oct 29

Covered Bonds

Deutsche triumphs over Bawag in covered bond head to head

News

Bond Comments

Financial Institutions

News

Social bonds find favour in FIG as CM Arkéa debuts in euros

Generali proves value of green T2

BBVA bags €1bn of non-preferred debt in quieter market

Metro Bank's MREL crisis could test Bank of England's flexibility

French trio seeks cheap funding in sterling

Østlandet makes comeback for senior debt

Bond Comments

Securitization

Asset Backed Securities

News

CLO managers reset as vanishing covenants constrain collateral

RMBS players eagerly eyeing surge in non-QM volumes

Esoteric ABS spotlight shines on oil and gas royalties

As ABS grows, investor base shifts rather than expands

Deutsche successfully syndicates UK CMBS

Panellists spar over transparency in ABS secondary

Investors flock to whole biz ABS as rates plunge

Residential MBS

Structured Credit

Derivatives

Global Derivatives Awards 2019: As acquisitions gel, BGC Partners pushes for growth

SocGen launches 'Hedge to Pledge' initiative

Marex targets OTC hedging with new business launch

Corporate Bonds

Hermes starts HY fund to engage on SDGs

Infineon, BMW continue corporate rush to market

Investors tender GE debt in droves

Morrisons debt sale cheered by market

Thermo Fisher blowout gives euros a shot in the arm

News

September supply splurge slows short of record attempt

Bonds Comments

High yield

Thomas Cook collapse to leave bondholders almost empty-handed

Lecta’s restructuring leaves bondholders in charge

Elis prints high yield issue… at 1%

Aston Martin to pay dizzying 12% for ‘rescue financing’, S&P slashes rating

MTNS and CP

News

Bond Comments

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

Adani seeks US PPs to reopen Indian mart

Gaps between winning and losing in IG loans are tiny

Sodexo takes sustainable RCFs in tasty direction

Loans in brief: September 27, 2019

Leveraged finance loans

Emerging market loans

Sibanthracite scores dual currency loan as Russian borrowers eye euros

NBO closes syndication, but Omani loans remain rocky

CIS FIs eye Azerbaijani manat debt, as domestic borrowers look abroad

Standard Bank to shave pricing in $500m debt raise

Rusal to ink Russia’s first sustainability loan

Emerging Markets

Investors unnerved by $23bn CEEMEA bond flood as issuers get greedy

News

Montenegro gets strong result for first ever 10 year

DP World launches sustainable finance framework

US offshore investors flock to STLC as proxy for Russian state

Kazakhstan sells €1.15bn after big move from IPTs

Nordgold to make bond return after six years

Uruguay finds diverse demand for LM trade

Ecuador new issue raises fiscal adjustment questions

Interbank adds soles after dollar success

Unigel continues mixed Lat Am platter as AES eyes green

Bond Comments

Abu Dhabi USD3bn 2.125% Sep 24, USD3bn 2.5% Sep 29, USD4bn Sep 49 3.125%

Bahrain USD1bn 5.625% Sep 31, USD1bn 4.5% Mar 27

DP World USD500m 3.75% Jan 30, USD500m 4.7% Sep 49

Kazakhstan EUR500m 0.6% Sep 26, EUR650m 1.5% Sep 24

South Africa USD2bn 4.85% Sep 29, USD3bn 5.75% Sep 49

STLC USD550m 4.95% Feb 26

League Table

Equity

EMEA equity-linked enjoys biggest month for two years

Logistrial taps demand for warehouses with €500m IPO

Gloom for IPO hopefuls as investors jilt their darling TeamViewer

Fitness IPOs in vogue as SATS launches a day after Peloton lists

Scatec Solar raises €132m to expand capacity

EQT soars on debut after ‘targeted’ IPO allocation

Kaspi proceeds with IPO as investors ponder Kazakh risk

Kazakhstan sells Kazatomprom stock to boost liquidity

Market News

Nuclear and governance to be pressure points in Taxonomy trilogue

EBA proposes to extend STS label to synthetic securitizations

Natixis leads way with green/brown capital tilt

BIS launches green bond fund for central bank FX piles

The path to zero carbon: fast will mean firm

Commerz picks new CFO ahead of 5.0 plan

New IMF chief hints at wider interventions

People Moves

People moves in brief

Columns

Leader

The Naked Broker

Credit Matters

GlobalCapital View

Food for thoughts

Southpaw

WeWork’s public meltdown blurs Vision Fund

Euroblog

MTN Leak

Loans Ranger

Tuesday view

Metro and Elis: a tale of two BB+ bonds

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons