The Weekly

• Covid-19 spikes to wreak havoc in capital markets
• Lira dip raises spectre of currency crisis for Turkey with banks in crosshairs
• Investors plead with US government over 'chilling' ESG rule
• Utility stalwarts vanish from PPs as buyers cling to yield targets

• The EU is gaining credibility as a banking jurisdiction
• DoL proposal misses the mark on ESG

News

• Troika paranoia could hamper European recovery
• Green thinkers keen on new UK state bank
• Australia targeting A$240bn in 2020-21
• Investors split on UK’s plans for 15 year syndication
• Euro borrowers look to long end
• EM currency appeal shaky despite Fed's attempt to boost risk appetite
• IDB Invest lining up Covid-19 MTNs

• ESG covereds due post-Taxonomy take off
• Deposit tiering change less harmful for covered bonds
• LCR amendment to help covered bonds
• ANZ buys time with pre-maturity test tweak

News

• RBC prices first high coupon Sonia deal
• Co-op faces ‘material uncertainty’ over MREL
• AT1s are becoming a thorny issue for regulators
• BRRD 2 could crush MREL volumes in the Nordics
• ECB tells banks to suspend dividends for the rest of the year
• Second wave concerns cast doubt over H2 window for banks

News

• European CLO primary set for slowdown, says Investcorp
• Covid benefit expiration to dent ABS market recovery
• Roster of CLO managers thins as Covid reshapes space
• Palmer Square to bring static CLOs to Europe
• BlackRock, GoldenTree find new tights for Covid CLOs
• Enova to buy small business lender OnDeck for $90m
• Commission begins legislating NPL, synthetic STS

• Sofr trading at 3% of US mart as transition looms
• US-EU trading venue deal could signal path to come for UK

News

• ADO sells HY bond after merger
• Investors continue hunt for hot pharma credits with Phoenix
• Swiss bankers optimistic for autumn deals

• Par from the Madden Crowd: NFL makes $1.7bn USPP play

Investment grade or Non-leveraged loans

• Messe Frankurt sells debt for first time in 800 years

Emerging market loans

• Multilateral funding provides South Africa with hope
• Saudi signs green ECA loan, other sovs to take note

News

• Africa issuers miss out on EM bond resurgence
• Argentina’s PR offensive is just the start of political pressure on EM
• Last-ditch bid to derail Ecuador restructuring finds limited sympathy

• Fatigued equity investors set to be more selective
• New quarantine rules threaten IAG rights issue
• STMicroelectronics prices huge $1.5bn convertible bond
• SG risk appetite pays off on auctioned Soitec trade
• Convertibles speed ahead with €1bn Zalando deal

• DB’s Johnsson: perceptions of our ECM franchise have changed
• Record quarters for DCM and ECM at Barclays
• Aperture’s Lahlou: AM fees must change
• HSBC creates solutions teams for ESG, FIG and corps
• Gottstein creates unified investment bank at Credit Suisse
• Transition idea key as banks present sustainability goals

• People moves in brief

Southpaw

• Boutique wheel of fortune spins into another crisis