The Weekly

• Fragile capital markets cheer as ECB boosts Pepp
• End of the dollar bull market? Swedbank falters amid US credit volatility
• Investors like fresh taste of Ahold Delhaize food waste SLB
• Turkey in the firing line as US yields vol spooks EM

• Good things come to those who wait
• Sustainable finance gets real

News

• EU to employ primary dealers for €750bn Next Gen remit
• Gilt players back new 30 year syndication in April
• World Bank and KfW print Scandi SRI bonds
• NRW.Bank adds to GBP supply as SSAs seek arb
• SURE at last as EU prints second deal of 2021
• IADB scrapes through long Sofr deal

Bond Comments

• EU EUR9bn 0.2% Jun 36 social bond
• ESM EUR2bn 0% Dec 26
• CEB GBP400m 0.375% Dec 25
• AFD EUR1.25bn 0.375% May 36

News

• Créd Ag Italia hits single digits in OBGs
• BPCE returns with two part covered bond
• OLB makes ‘solid start for covered bond career’
• Japan and Korea to push covered frontiers

News

• BMO issues women in business bond
• Leeds builds up MREL buffer with non-pref debut
• NatWest Group sells sophomore sterling AT1
• Lancashire prints debut subordinated bond
• ECB balm soothes FIG market
• Tier twos gain traction in growing green FIG market

Bond Comments

• CaixaBank EUR1bn 1.25% Jun 2026 green tier two
• Intesa Sanpaolo EUR1.25bn 0.75% Mar 2028 green senior
• NatWest Group GBP400m 4.5% PNC7 AT1
• Leeds Building Society GBP350m 1.5% 6NC5 bail-in senior

Asset Backed Securities

• Third party sponsored ABS returns in PACE
• Senate committee firms up SEC, CFPB leaders

News

• New QM rule date could heighten risk of loose underwriting
• French ‘mystery’ NPL market remains untapped securitization source

Residential MBS

• Obvion maintains ESG crown with first RMBS of pandemic era

Structured Credit

• Heavy CLO supply weighs on mezz spreads

News

• Gimv debut in sustainability market deepens private equity ESG ardour
• APA Group struggles to catch market attention in Europe
• Heathrow travels in style to sterling mart
• Verizon wows with $25bn blockbuster

News

• European high yield steps into SLB structures
• Victoria pays make-whole price to push maturities

Investment grade or Non-leveraged loans

• King’s College seeks cash with PP launch
• TLTRO push prompts SSD secondary surge
• European direct lending could grow by as much as 50%, says Saïd report
• Enel takes crown for biggest sustainability loan
• FCA Libor end date could trigger some borrowers to switch

Leveraged finance loans

• Lone Star looks to reprice pandemic-era underwrite for BASF buyout

Emerging market loans

• PIF comes to loan market for $15bn revolver

News

• EM debt strains ‘contained’ but doubts linger on sustainability
• Bank Muscat taps investors for dollars in dry market
• VTR extends maturities with eight year issue
• Stable rates bring Swiss flurry
• US rates trump oil rally in ME quest for cash
• Colombia eyes gender focus as Women’s Day sees cap markets flurry

Bond Comments

• Bank Muscat USD500 4.75% March 26
• Latvia EUR1.25bn 0% March 31

• Blocks shrink as sellers defend valuations
• Bringing fundamentals back into focus is no bad thing
• Wagamama owner seeks cash to survive lockdown
• Vantage Towers brings big cornerstone but shrinks IPO
• Healthcare ECM still intact despite Nasdaq correction
• US convertibles bounce back from Nasdaq correction
• Biden sanctions threat could freeze growing Russian IPO wave

News

• Etrading targets Luddite loan trading market with software
• Davy closes bond desk after multiple MiFID breaches, Ireland PD role withdrawn

• Barclays names new head of securitized products

Tuesday view

• Greensill’s private status sheltered it from short seller scrutiny