The Weekly

• Real money to the fore as Lat Am pair usher in new era of sov debt workouts
• SURE applications roll in, but Europe still counting on Pepp
• PP players stalk larger companies after Vanguard blowout
• European banks turn to sub debt in Yankee summer spree

• The right time for rights issues
• Bank capital: more than meets the eye

News

• Negative rates ‘in the toolbox’
• Climate case against Australia could force issuers into new risk disclosures
• Morgan Stanley suspended from French auctions
• UK announces details of September syndications
• SSAs urged to frontload dollar supply ahead of uncertain year-end
• German states take centre stage in SSA primary

• Squeeze tightens but no room for complacency
• Renovation revolution spurs green covereds
• LCR amendment could disrupt Lux covereds

News

• Nykredit readies last tap of biggest ever covered

News

• BoE floats ‘temporary changes’ to capital buffers
• BNPP sells MTNs linked to new Aussie climate index
• Dutch insurers resume dividend payments after strong earnings
• Small banks pin hopes on BoE reducing the scope of MREL

Bond Comments

• Credit Suisse USD1.5bn 5.25% PNC 2027 AT1
• Barclays USD1.5bn 6.125% PNC5 AT1

News

• Kroll downgrades Kabbage, Funding Circle small business ABS
• Demand for CMBS aid grows on Capitol Hill
• FCA urges stricter criteria for high cost lenders
• European CLO equity tranches could outdo US returns
• Janus eyes mid-sized investors with triple-A CLO ETF
• European CLOs weathering downgrade risk
• New LA-based asset manager acquires CLO contract

• Ukraine makes second stab at FX futures
• Wild times continue for lira as currency hits record low
• Clearing banks push FSB on skin in the game, cash calls
• More firms set to cut back on data outlay for next year

News

• Sloppy machete: Pizza Express runs out of dough
• European companies eye coronavirus-era M&A
• Hyde Housing prints flat to curve as more housing cos line up

Investment grade or Non-leveraged loans

• Lenders disagree over potential demand for social revolvers
• European lenders relieved as business returns to run of the mill transactions
• Social revolvers are the feelgood hit of the summer; more firms should get involved
• Melrose wins covenant waiver as lenders take ‘pragmatic’ approach to leniency asks

Emerging market loans

• Nigeria’s NNPC secures $1.5bn financing package

News

• EU recovery fund to revitalise green CEEMEA market as Georgian debut highlights deal drought
• Banconal tightens as buyers spot sov pick-up
• Delek Drilling sparks HY market with $2.25bn deal
• EMs urged to focus MDB climate loan boom on ‘build back better’ schemes

• Hipgnosis buys Blondie catalogues after £236m share sale
• More airline deals in works as crisis continues
• ECM bankers pray macro risk won’t disrupt deals
• Carnival Cruises buys back rescue convertible

• UniCredit turns profit with bolstered MDA buffer
• Commerz warns on corona impact for corporate clients
• Morgan Stanley launches two sustainable funds
• Market welcomes new Natixis CEO Namias
• Embattled HSBC to press on with restructuring
• SG to derisk structured products
• Liquidnet plans to use strengths and launch bond issuance rival
• Govs face dilemma on relief measures

• People moves in brief

Southpaw

• Cost cuts central to Gottstein's Credit Suisse shake-up