Issue 1686

Main

Cover Stories

¿El Clásico? Spain's big 10yr shocks after losing €75bn of orders

Europe’s digital IPO revolution gains steam

IG corporates put ‘ridiculous’ pressure on market with zero premium demand

Record year for CLO refis as managers look to revamp Covid deals

Leader

Blame the ECB for Spain's lost orders

Covered bond supply optimism is misplaced

Public Sector

News

Fun to stop in sterling market

Issuers rush into booming dollar market

World Bank leads charge to euro long end

SSAs testing waters in niche currencies

Bond Comments

EFSF EUR3bn 0% Jan 31, EFSF EUR2bn 0.05% Jan 52

KfW USD5bn 0.625% Jan 26

NIB USD1.25bn 0.5% Jan 26

Spain EUR10bn 0.1% Apr 31

CEB EUR1bn 0% Jan 31

World Bank EUR2bn 0.2% Jan 61

SNCF SA EUR1.5bn 1% Jan 61

Covered Bonds

Covered bond primary explodes with flurry of deals

Latvian covered bond law expected this year

News

Komerční prints first Czech euro covered

DNB issues most subscribed covered bond

Bond Comments

Financial Institutions

News

Zurich attracts strong demand on dollar sub debt return

Political crisis hits Italian bank bonds as 'jitters' set in

DZ Bank cleans up legacy tier ones

January snooze: bank senior market fails to excite investors

Bond Comments

Banco BPM EUR400m 6.5% PNC5 AT1

LBBW EUR750m 0.375% Feb 31 bail-in senior social

Credit Suisse Group EUR1.5bn 0.625% Jan 33 / €1.5bn FRN Jan 26

UniCredit EUR1bn 0.325% Jan 26 / EUR1bn 0.85% Jan 2031

Securitization

Asset Backed Securities

Solar ABS outlook brightened by tax credit extension

News

Blue Senate committee raises risks for ABS lenders

Residential MBS

TwentyFour out with first public RMBS of 2021

Structured Credit

Moody’s starts upgrading CLO tranches

CLO managers take Dutch tax gamble

Derivatives

Corporate Bonds

US bond pace cools, but not fazed by politics

News

Winners and losers in Abertis and Wintershall hybrids

High grade corporate investors start to get picky but deals still sail through FV

Deutsche Bahn steams into Swissies

Bonds Comments

High yield

MTNS and CP

News

Bond Comments

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

Schroder UK amends bank line with other A&Es expected soon

Volvo Cars shifts green drive up a gear with sustainability loan on road to 2040

Bluefield Solar draws and grows revolver for Bradenstoke Solar Park acquisition

Traton debuts as Schuldschein opens with a bang

Sixth Street, Investec close European direct lending funds

Leveraged finance loans

Ineos Quattro launches funding for BP buyout, consents for new cap stack

Emerging market loans

Sovcombank takes first ESG facility as Russian corps extend green pivot

Emerging Markets

News

Rating agency treatment of EM risk at odds with the people who take it

High yield issuers take front stage though CEEMEA ‘underwhelming’

Colombia to stay local for green debut, plots govvie ETF, social bond

YPF bondholders mobilise against exchange offer

Lat Am storms back with Thursday quartet

Bond Comments

Benin EUR700m 4.875% Jan 30 EUR300m 6.875% Jan 52

Wizz Air EUR500m 1.35% Jan 24

Dubai Aerospace Enterprise USD500m 2.625% March 25 USD750m 3.375% March 28

League Table

Equity

Hut attracts huge demand in first block since IPO

Dr Martens takes first step towards £1bn-plus IPO

Moonpig looks to deliver IPO in next few weeks

Green converts draw closer to mainstream status after busy 2020

Locker company InPost preps €2.5bn-plus IPO

Billionaire Arora brothers cut B&M stake with £218m sale

KKR’s bet on ProSiebenSat.1 Media pays off

Market News

City waits for divergence, or maybe equivalence

Passive investors join green debt caravan

Shareholders hit HSBC with fossil fuel motion

Investor activism: three kinds of impact

Bank balance sheets could be obscured, says Coen

People Moves

Natixis CIB reshuffles management

New corp client position for Commerz's Kensy

People news in brief

Columns

Politics and Covid fail to dent UK fee pool optimism

Leader

The Naked Broker

Credit Matters

GlobalCapital View

Food for thoughts

Southpaw

Euroblog

MTN Leak

Loans Ranger

Tuesday view

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons