The Weekly

• ECM switches to recovery mode in new spring offensive
• Bubble called as H&M debut soars
• Italy drops over €50bn of 'fast money' to print tight heralding Draghi era
• DKB becomes first FIG issuer to cross negative yield line

• Post-Covid extremes are not inevitable
• Yo-yo books: the end justifies the means

News

• Ratings agencies cautious on Next Gen EU impact
• WisdomTree launches EU bond ETF
• All aboard! Hochbahn debut draws crowd
• SSA yields climb amid reflation talk

Bond Comments

• Italy EUR10bn 0.6% Aug 31, EUR4bn 0.15% May 51

News

• Liquidity buffers play second fiddle to reg treatment
• Nationwide debuts 10 year Sonia linker
• Scandis on fire as Nykredit, Stadshyp, LF Hyp and Sparebanken Vest find funding
• VDP secures priority claim on UK assets in post-Brexit world
• Bawag bags Depfa

News

• Landsbankinn sells green debut
• Intesa makes eagerly awaited non-pref debut
• Bank senior market enjoys busiest week of 2021
• ING gives sterling investors greens to chew on

Bond Comments

• Deutsche Kreditbank EUR500m 0.01% Feb 2026 green senior
• Intesa Sanpaolo EUR1bn 0.625% Feb 26 / EUR750m 1.35% Feb 31 bail-in senior

Asset Backed Securities

• FortiFi readies first PACE ABS since rebranding
• Innovation returns to whole biz ABS universe
• Funding Circle strikes second CBILS securitization deal with Sixth Street

News

• Italian NPL collections jump 71%
• BoA and Barclays lead knockout Blackstone CMBS

Structured Credit

• Neuberger returns to EU CLOs after 14 year absence
• CLOs said to seek spread as pipeline compresses arb
• CVC hits the tightest triple-A spreads since 2018
• CLO refi volumes set to stress market capacity

News

• Fashion needs to work harder to find green fit
• Market looks for clues in Becton Dickinson’s 20bp tightening
• Investors snap up thinly priced corporate debt as more stacks up
• Treasury sell-off fails to dry US investors’ credit thirst
• Geneva Airport makes tight landing
• Iqvia breaks staleness silence in HY land

News

• UK court seeks to bind Gategroup’s Swissie bondholders

Investment grade or Non-leveraged loans

• Commodity trader Mercuria launches US PPs
• Trafigura’s SSD the first of many, says treasurer
• Loan bodies add social risk language to Green Loan Principle documents
• Grünenthal considers funding options after reports of scrapped leveraged debt sale
• Serco draws existing debt for $295m WBB buy as transatlantic M&A heats up
• AB InBev and Carlyle sign $14.2bn as SLLs become necessity

Emerging market loans

• EM lenders struggle as bonds steal business, hopes for 2021 pick-up low

News

• Oil recovers but EM petro states warned to diversify funding as revenues plunge
• Rally opens up further bond possibility for Turkey
• IMF talks: Ukraine saga could prompt bond but Africans fare better
• National Bank of Kuwait launches AT1 to lead Gulf FIG rush
• Alpek buyers withstand 50bp price squeeze
• Bondholders fret over ‘reckless’ Argentina amid possible IMF delay

• UK green equity issuance grows in another good week
• New Frankfurt-listed Spac joins rush to market in Europe
• Mustier leads wave of Spac IPOs in Europe
• Nexi issues second convertible bond, raising €1bn
• Russian discount retailer preps for $1bn-plus IPO
• TP ICAP achieves 98.3% take-up on rights issue

• Barclays and Credit Suisse point to market share gains
• Heavy industry way off track on climate, warns TPI
• Hoveyda and other ex-bankers advise NPL Markets
• Bank CEOs join Prince Charles’s net zero bid

News

• JP Morgan returns to UK warehouse lending

• People moves in brief

Southpaw

• Europe’s banks double down on broking