The Weekly

• Equity investors wobble as value fears rise despite Reddit rocket
• Green finance to boom, led by US and LatAm
• Will Germany reapply the debt brake?
• Kensington brings landmark ‘social RMBS’ to Europe

• Long attacks are here to stay
• Social RMBS, and not before time

News

• IDB Invest preps debut sustainability bond
• Austria ‘analysing’ issuance of green bonds
• ADB matches OeKB’s spread with five year dollar
• Sovs soak up big demand on back of EU jumbo
• EU impresses with first SURE deal of 2021

Bond Comments

• OeKB USD1.5bn 0.5% Feb 26
• EU EUR10bn 0% Jun 28 social bond, EU EUR4bn 0.3% Nov 50 social bond tap
• Austria EUR4bn 0% Feb 31

News

• Unclear rates, tight spreads muddy covered outlook
• Superb covered bond result for DZ and SG
• Argenta Spaarbank to issue Belgian covered bonds
• Rising encumbrance is the ECB’s problem

News

• ‘Premature’ to criticise Basel buffer flexibility, says ECB
• Euro FIG spreads widen despite low supply volumes
• Deutsche Pbb lands debut deal in green senior market
• EU questions ‘feasibility’ of MREL for small banks
• BNP Paribas calls T1 in legacy clean-up

Bond Comments

• Deutsche Pfandbriefbank EUR500m 0.1% Feb 26 green
• La Banque Postale EUR750m 0.75% Aug 32 tier two

Asset Backed Securities

• NewDay sets up master issuer structure
• M&A wave to strengthen PACE securitization
• Outlook strong in container ABS after booming 2020

News

• New CFPB leader may have ‘deleterious’ impact on ABS market

Residential MBS

• ABS issuers bet investors will keep binging
• Dilosk brings RMBS with owner loans after resilient 2020

• 7-Eleven empties shelves in $11bn US bond debut

News

• Deutsche Bahn turns screws on sterling spread
• Patchy hybrid response will not put off more subordinated trades
• IG corporate market predicts March correction

News

• TeamSystem sells bond for second fund-switch deal
• TalkTalk and Thames tap in sterling
• Trafigura returns to euros after long wait

• Stabilus launches SSD as autos return

Investment grade or Non-leveraged loans

• Will ESG-linked debt prosper in private debt?
• Housing associations to spur PP activity in February

Leveraged finance loans

• ION Analytics tries again
• Klöckner Pentaplast takes ESG ratchet to dollar mart

• FAB lands first Swissie green bond from MENA

News

• Unifin tightens bond return, amends exchange coupon
• CAF attracts new buyers to biggest euro deal
• YPF ups offer but Arg investors fear more of the same
• Movida tightens SLB, Hidrovias plots refi

Bond Comments

• Slovenia EUR500m 0.6875% March 81
• Armenia USD750m 3.6% Feb 31
• Ziraat Bank USD600m 5.375% March 26

• ‘Heavily oversubscribed’ Doc Martens IPO shuts early
• Big demand for Huuuge IPO as books open
• InPost soars on first morning of trading
• AUTO1 sets price range, announces cornerstones
• TUI rights offer attracts high take-up from shareholders

• BlackRock’s Fink backs net zero, leaves responsibility to clients
• ECM surge helps Hamers' UBS
• Brexit: EU could look to 'squeeze harder and tighter'

• People moves in brief — January 29, 2021

Southpaw

• UniCredit hires Orcel: is Italian consolidation on the cards?

Tuesday view

• Will direct lenders prove to be wolves in sheep’s clothing?