Public Sector

News

• IFC returns to Czech koruna after long absence
• KfW slots back into zloty issuance
• Redbridge leads UK local government bond wave
• KfW ‘scrapes through’ with tight price on €STR debut
• How do you build a eurozone safe asset?
• ECB’s de Guindos: ‘we cannot be only game in town’
• BNG and Kommuninvest join ESG ratings trend
• All tenors open thanks to euro sell-off

Bond Comments

• EAA EUR1bn 0% Nov 22
• BNG EUR750m 0.05% Nov 29 sustainability bond
• EFSF EUR1.5bn 0.05% Oct 29 tap
• KfW EUR1bn FRN Nov 22

Financial Institutions

News

• LBP endorses ‘decimalisation’ of AT1 market after tight debut print
• YBS enjoys strongest ever sterling covered demand
• Deutsche and Danish Ships covered innovations fail to sparkle
• Volksbank Wien prices flat to covered curve
• AIB scores tier two for MREL
• Lloyds heads to home market for new £500m AT1 transaction
• Deutsche Pbb sterling debut 'ticks all the boxes' despite weak demand
• Rare deals ahoy as FIG investors pack up
• Swiss Life joins the green bond party

Bond Comments

• Intesa Sanpaolo EUR1.25bn 1% Nov 26
• La Banque Postale EUR750m 3.875% PNC7 AT1

Securitization

News

• Principality taps HSBC, Lloyds for prime UK STS RMBS
• Tesla charges up for third auto lease securitization
• Airborne preps ABS despite ownership uncertainty
• Morgan Stanley sells CMBS as market set to outpace 2018
• Carbon pricing 2050 target affordable for most homeowners today, says Moody’s
• Funding Circle unveils first UK sponsored deal

Structured Credit

• Principal losses loom for risk transfer buyers after accounting wrinkle

Derivatives

• EU members struggle with last hurdles on CCP resolution
• ICE sets up shop in Abu Dhabi ahead of Murban futures
• Pay cheese: CME launches new food futures
• Lobbyists plead with European Commission for UK CCP extension
• ESMA lays out future for third country CCPs
• EEX buys Nasdaq arm in US commodities move

Corporate Bonds

• Arcelor, Coke Hellenic and Moody's make triple-B bonanza
• Carrefour to buy back €400m bonds
• Temasek double-dips in long end for €1bn

News

• AbbVie wows with $30bn blockbuster
• Are ultra-long corporate bonds in euros tied to low rates?
• Italy crossover credit IDG joins busy high grade bond market
• National Express prices £250m bond at or through curve despite Gilt moves
• Vroom! BP and Harley ride out for euros

High yield

• Ball cuts costs but bigger bond misses Crown’s record
• Faurecia hunts cheap credit again with €700m refi bond
• Fly-by bond for Heathrow holding company
• Teva prepares to term out funding but opioid problems weigh on costs

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

• Gewobag negative Euribor floor seen as ‘sign of things to come’ in SSDs
• Prada designs sustainability-linked loan
• Prosus lays out table for Just Eat bid
• Loans in brief: November 15, 2019

Emerging market loans

• Investec launches as lenders unscathed by SA outlook downgrade
• Cocobod signs third syndicated loan of 2019

Emerging Markets

News

• CAF returns to euros with green debut
• RusHydro's rouble Eurobond set to break 2018 issuance bar
• Costa Rica to seek approval for more bonds as new debt trades up
• Cemex book booms on dollar return to continue LM
• Investors hoping to get in early on Brazil

Bond Comments

• Arab Republic of Egypt USD500m 4.55% Nov 23, USD1bn 7.05% Jan 32, USD500m 8.15% Nov 59

Equity

• Banks strap on blocks risk in rampant rush to end of year
• FDJ IPO just like 'the good old days'
• Network block clears quickly as underwriters secure anchor
• Lock-up waiver vindicated as Sig Combibloc trade is increased
• Investors gain after banks waive Trainline lock-up for KKR again
• Jacobs Holding sells Sfr753m of Barry Callebaut shares
• Gallardo family offload Almirall shares at deep discount
• Ørsted and Salini net over €165m in gains for ABB investors
• Niel’s new way to buy big stake in Iliad startles market

Market News

• Banks are talking on climate, but not walking
• Investors coax companies: own up to slavery
• Commerzbank set to double down on Mittelstand and existing clients
• Mediobanca plots advisory, mid-cap push
• People moves in brief
• Gas wins concessions, but EIB makes big step away from fossil fuels

News

• Chatham Financial’s JCRA purchase set to create advisory powerhouse

People Moves

• Agricole’s Gay raises d’Intignano, Lamarque and Sodhi in reshuffle

Columns

GlobalCapital View

• Greening central banks is a measure of political weakness