• 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

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

Securitization

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

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

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

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

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

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

Southpaw

• WeWork’s public meltdown blurs Vision Fund

Tuesday view

• Metro and Elis: a tale of two BB+ bonds