The Weekly

• End of GSE conservatorship nears but CFPB ruling raises new questions
• Ukraine crisis cash in jeopardy after CB chief quits
• ThyssenKrupp Elevator sees monster demand, paves the way for LBO lift-off
• Banks size up final funding window before summer break

• After a decade, why rush GSE reform now?
• Time for SSAs to be more social

News

• Growing non-core SSA issuance approaches record high
• Competition stiff at sovereign auctions despite supply glut
• UK extends borrowing remit to August
• Belgium prints rare 60 year PP
• Debut NRW.Bank social bond sparks 15 year flurry
• EBRD goes for aggressive spread for dollar three year
• Demand heating up for social CP, but SSAs unconvinced

Bond Comments

• NRW.Bank EUR1bn 0.1% Jul 35 social bond

News

• NN Bank builds strong demand behind soft bullet debut
• Issuers turn to sustainable covereds amid uncertainty
• Skipton looks to switch Libor for Sonia in covereds

News

• Investors hand CaixaBank a discount for Covid bond debut
• Hannover Re tests risk appetite with new T2
• Uniqa debuts new tier two structure in euros
• Yankees keep up pace in dollar market

Bond Comments

• CaixaBank EUR1bn 0.75% Jul 26

News

• Warehouse formation restarts but CLO managers face challenges
• MPS to transfer €8.14bn of NPEs to state asset manager
• GSO CLO hits tightest triple-A since start of pandemic
• Ares extends NSF securitzation covenant breach waiver
• Trio of Italian banks shift risk with NPL SRT deal
• Solar ABS appeals to investors as Covid impact muted
• AlbaCore European debut breaks another record

• Cboe plans new derivs market within a year
• Trade associations call for benchmark regs rethink
• Deutsche Börse shuffles roles at Eurex, Frankfurt Stock Exchange

News

• Deutsche Bahn steams into niche
• Rhätische Bahn sells second ever Swiss franc deal
• Takeda gets large dose in holidaying US mart

News

• Styrolution bonds dip as market mulls cost of BP acquisition
• HY passes cyclical test with Renk takeout

Investment grade or Non-leveraged loans

• Covenants prove a wrinkle in PP battle with public debt

Leveraged finance loans

• MasMovil bookrunners derisk bond deal with boost to loan
• BASF Construction Chemicals next bridge to drop after TKE blowout

News

• Poland lands negative yield with euro bond
• Cross-default clauses are contentious point in EM debt relief debate
• Lat Am bankers spy busy pipe after Cosan double
• Peruvian bank duo turn to tier two for funding
• YPF swap not distressed but Argentina battles on
• Suriname to reschedule 23s but restructuring risks loom

Bond Comments

• Poland EUR2bn 0% Jul 23
• Jordan USD500m 4.95% Jul 25, USD1.25bn 5.85% Jul 30
• Sibur USD500m 2.95% Jul 25

• ADO Properties launches rights issue
• Polymetal block auctioned fast as equity gold rush heats up
• Biotech issuance surges as Covid-19 brings demand for innovation
• Exchangeable bonds in focus as vol hits stocks
• US companies sell $19bn of convertible bonds in June
• Banks begin pre-sounding for autumn IPOs
• Wirecard's insolvency triggers default for convertible investors

• ‘Father of venture capital’ Sir Ronald Cohen: We need a 'New Deal' on corporate impact
• DirectBooks gears up for end-of-year launch
• Deutsche sees investors’ interest in ESG fading
• Structured products to remain under scrutiny at French banks
• Barnier signals post-Brexit capital markets rupture
• Critical hedge fund sees better way to do ESG
• Hasty UK insolvency law ‘gives with one hand, takes away with the other’

• People moves in brief

Southpaw

• Three is the magic number for BofA