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

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

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

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

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

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

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

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

GlobalCapital View

• Mortgage prisoners' dilemma

Southpaw

• Santander looks to profit from retrenching IB rivals