Issue 1670

Main

Cover Stories

US tech drop fires warning shot at Europe ECM

IG bond market begs ECB to slow down on purchasing

Virgin Media kicks off autumn session with O2 financing for divi

EM unleashes primary supply as equity, oil woes no match for yield appetite

Leader

ECB corporate bond buying has become gratuitous

Prepare for interventionism in capital markets

Public Sector

News

EU could give sustainable bond market the biggest boost

Italy takes €84bn book with new 20 year

CDC to finish 2020 programme with MTNs

Queensland to tap variety of markets for bigger funding programme

UK raises £8bn with first 15 year syndication

World Bank takes size as Hamburg lands safely after stumbling start

Cades prints biggest ever social bond with debut

Luxembourg blazes trail with sustainable first

Bond Comments

UK GBP8bn 0.625% Jul 35

Italy EUR10bn 1.8% Mar 41

CDC EUR500m 0.01% Sep 25 sustainability bond

Luxembourg EUR1.5bn 0% Sep 32 sustainable bond

Cades EUR5bn 0% Nov 30 social bond

World Bank EUR1.5bn 0.1% Sep 35 sustainable development bond

Covered Bonds

DZ issues most negative yielding covered bond

News

HVB prices flat to the covered curve

Bond Comments

Financial Institutions

News

Scor scores negative NIP in rare T2 appearance

Commerzbank targets long end in return to AT1

Yorkshire proves popular despite Brexit risk

BPCE and Erste underline demand for senior debt

Banco BPM tier two shows investors will ‘practise discretion’

Banks embrace smaller deal sizes in September window

Bond Comments

Commerzbank EUR500m 6.5% PNC Apr 2031 AT1

Erste Group Bank EUR500m Sep 25 senior

Banco BPM EUR500m 5% Sep 30 non-call Sep 25 tier two

Securitization

Asset Backed Securities

News

New York greenlights C-PACE bill for new construction

Primary pricing leads secondary as Cartesian prints tight

KKR CLO preps market for busy September calendar

Placed European ABS volumes dip to 2011 levels

Ellington pair anchor Nassau’s new euro CLO shop

Residential MBS

Structured Credit

Derivatives

Financial services face weaponisation as Brexit tension rises

Boom time for buffers as flows move to derivatives funds

CFTC report lays out radical measures to combat climate risk

Corporate Bonds

News

Priming pioneer Selecta rows back in restructuring

Orange and Burberry make sustainability debuts

Ford and Volvo roll out as Nissan hits the road to create euro bond curve

Riskier corporates see plenty of demand in yield hunters’ market

US credit ignores equity slump as Nestlé flies

Swisscom raises Sfr100m via bank-free platform

Ryanair lands inside fair value to reopen European airline bonds

Bonds Comments

High yield

MTNS and CP

News

Bond Comments

Syndicated loans and leveraged finance

Schuldschein reverts to roots after Covid panic

Investment grade or Non-leveraged loans

Icelandair gets final approval for vital loan

Lending after Libor: critical conventions become clearer

Leveraged finance loans

Europcar restructuring puts state-backed loan in firing line

Tui bondholders agree to KfW rescue loan

Emerging market loans

Emerging Markets

News

Alireza Zaimi of the Public Investment Fund on navigating calamity

Junk-rated Bahrain secures second bond of the year

SSA policymakers vent anger at ‘ridiculous fight’ over debt relief

Market split over Africa credit risk amid domino downgrades

Arg provinces line up to restructure as PBA expected to up offer

Bond Comments

Bahrain USD1bn 3.95% Sept 27, USD1bn 5.45% Sept 32

League Table

Equity

IAG launches rights issue with focus on flexibility

EDF fires up market with €4.5bn sale of green converts, hybrids

Nordic Semiconductor completes $125m capital raising

Banks set price on red hot Hut Group IPO

Market News

Scope creates foundation to guard European identity

Irish MEP to replace Dombrovskis as CMU commissioner

People Moves

Syndicate still ‘best seat in town’ says Carter on leaving Commerzbank

Fraser to replace Corbat at Citi

People news in brief

Columns

Leader

The Naked Broker

Credit Matters

GlobalCapital View

Food for thoughts

Southpaw

Deutsche IB head ‘vindicated’ as ECM mandates continue

Euroblog

MTN Leak

Loans Ranger

Tuesday view

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons