Issue 1627

Main

Leader

The cost of Draghi’s great experiment

Public Sector

News

KfW sneaks in before Fed’s third rate cut

Alberta sets out debt issuance forecasts

Action Logement Services aims to build curve and eyes PPs

UK selects window for penultimate Gilt syndication

Asian buyers drive Cabei’s green debut

Bond Comments

Covered Bonds

QE restart sees rapacious ECB guzzle covered bonds

Deutsche plans structured CPT covered bond

Deutsche covered innovation to inspire copycats

Skibskredit and mbank to follow Spabol's 'fantastic result' in covereds

Order book opacity mars SMBC covered bond

News

Bond Comments

Financial Institutions

News

UniCaja lines up T2 as Spanish banks seize on 'positive' conditions

Investors get set to welcome green bank capital as ANZ preps T2

Portuguese banks boosted by stronger economy, NPL sales ahead of MREL build-out

Banks prepare for AT1 ‘refi action’ as yields touch on record lows

JP hunts for ‘new low’ in pref market as dollars come alive

Fitch warns of darker outlook for Dutch banks amid early Basel IV phase-in

Investors ‘wary’ of volatility in Deutsche’s debt after Q3 losses

Bond Comments

SEB USD750m 5.125% PNC May 25 AT1

LBBW EUR750m 4% PNC Apr 25 AT1

Securitization

Pimco takes dominant position in UK mortgage market

Asset Backed Securities

News

AllianceBernstein blasts CMBX trade in paper ‘debunking next big short’

Bank of Japan says risk of CLO defaults ‘basically small’

Lender brings debut deal as small biz loan ABS booms

Investors buck recession fears in drive to subprime auto

Lloyds sells £3bn of risk from housing association book

Diversified oil and gas ABS to kick off wave of new deals

Residential MBS

Structured Credit

Derivatives

Naftogaz back for more dollars with solid Ukrainian risk pitch

Elizabeth warrants: SG urges US election hedge

Euroclear Finland onboards into T2S, ahead of ECMS

CME surges after volatile Q3

CFTC creates new margin committee

EEX and index derivs buoy Deutsche Börse in Q3

Home Credit closes rare AT1 trade with 8.8% coupon

Bishop steps up to CIO in new DTCC role

Corporate Bonds

Eli Lilly raises euros for dollar buyback

Market awaits ECB largesse in high grade corps

News

Stadler makes strong debut in diverse Swiss market

Corporate dollar spurt too little too late

Verizon pioneers long hop in Kanga market

Sovereign Housing rides out Brexit noise

SP Transmission mandates for debut sterling trade

E.On breezes through as market looks for ECB activity

Bonds Comments

High yield

JP Morgan unveils bond terms for Casino rescue

Faurecia adds on €250m to finance SAS takeover

Aurelius and Fosun woo investors with HY notes

MTNS and CP

News

Investors shun MuniFin callables in favour of liquid benchmarks

EBRD goes tight with currency linker pair

Carmila sticks to curve in MTN debut

Bond Comments

Syndicated loans and leveraged finance

Investec signs second loan of the year

Investment grade or Non-leveraged loans

Sustainability-linked Schuldscheine solidifies as trend

Secondary high grade loan prices grind tighter

Cromwell’s hopes of SSD debut remain alive

Dechra Pharmaceuticals to debut in US PPs

UKLAs loan squeeze makes no sense

Gestamp closes as Schuldschein spreads toward Italy and Spain

TPSH latest UK real estate name to increase financing

Soha Housing sells sterling private placements

E.On loan brings Innogy bank debt into fold

Derwent claims first UK REIT green loan

Leveraged finance loans

Grifols seeks looser terms in $5.3bn refi launch

Emerging market loans

PIF closes $10bn bridge loan

Rusal takes $1.1bn green loan in landmark deal for Russia

Turkish duo raise loans as volatility fails to ruffle lenders

Sibanye-Stillwater lands R5.5bn local refi

Emerging Markets

News

Agencies give split default verdict on Famsa exchange

Brazilian HY duo to test appetite

Braskem, Cochrane ease to new issues as Fed feeds Lat Am appetite

Bond Comments

Mamoura USD1bn 2.5% Nov 24, USD1bn 2.875% Nov 29, USD1.5bn 3.7% Nov 49

League Table

Equity

Fiat-Peugeot tie shows only Big Car will survive

Worldline shows tales of ECM demise are exaggerated

ECM hopes for trade optimism to continue

CBM launches new capital raise to fund bond buyback

IPO market gears up for last hurrah with FDJ and DNEG

Afreximbank postpones $250m London listing

Atos cuts Wordline stake with complex block, EB combo

Market News

Why making UniCredit more German puts EU’s Banking Union in a bad light

Abyss separates climate-conscious savers from sluggish financial sector

FCA opens door for ‘mortgage prisoners’, but many remain shackled

BNP Paribas excels in fixed income but ramps up provisions on one exposure

Hunt for US securitization yield helps Credit Suisse

Rates, EM hamper Deutsche but debt origination improves

Nomura weathers rates difficulties in EMEA

'Time to assess the effectiveness' of the capital markets union, say EU auditors

Distressed loan trading leaps forward as new tech tool slashes settlement time

HSBC prepares to turn screws on investment bank

People Moves

Mercier to move up at HSBC once bank names new DCM chief

People moves in brief

Columns

Leader

The Naked Broker

Credit Matters

GlobalCapital View

Mortgage prisoners' dilemma

Food for thoughts

Southpaw

Santander looks to profit from retrenching IB rivals

Euroblog

MTN Leak

Loans Ranger

Tuesday view

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons