The Weekly

• 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

• ECB corporate bond buying has become gratuitous
• Prepare for interventionism in capital markets

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

• DZ issues most negative yielding covered bond

News

• HVB prices flat to the covered curve

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

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

• 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

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

News

• Cabot launches refi after combo with parent

• 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

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

• 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

• Scope creates foundation to guard European identity
• Irish MEP to replace Dombrovskis as CMU commissioner

• Syndicate still ‘best seat in town’ says Carter on leaving Commerzbank
• Fraser to replace Corbat at Citi
• People news in brief

Southpaw

• Deutsche IB head ‘vindicated’ as ECM mandates continue