GlobalCapital Issue 1381

Main

Public Sector

News

EBRD nips in for $1bn after World Bank epic

IFC plots R$ curve extension after Brazil lifts issuance cap

Cabei comes back for longer dated Swiss

Auctions set to provide bulk of euro supply as ESM shuns deal window

Ico hopes for swift sterling return after first deal since 2010

Bond Comments

EBRD USD1bn 1.75% Nov 19

World Bank USD4bn 2.5% Nov 24

L-Bank EUR1bn 0.25% Nov 19

CDP EUR750m 1% Jan 18

Covered Bonds

News

Covered bond spreads hit record lows as ECB buys more

UniCredit CPT revival offers boost for periphery banks

Bond Comments

Financial Institutions

News

Citi, Westpac go short as long-end wanes

KBC and BNP Cardif succeed despite shaky market for subordinated debt

Iccrea and Santander shoot for aggressive pricing in euros

Crédit Agricole goes large with four tranche samurai

Seven year itch draws Deutsche bank to krona

Deutsche hits AT1 target, but sub mart struggles on supply bulge

Bond Comments

BNP Paribas Cardif EUR1bn 4.032% Perp NC11 T2

Iccrea Banca EUR500m 1.875% Nov 19

KBC EUR750m 2.375% Nov 24 T2

Deutsche Bank USD1.5bn 7.5% Perp NC 10 AT1

Erste Group USD500m 5.5% May 25 T2

Securitization

Delta Lloyd looks to tighten curve into ECB driven rally

Asset Backed Securities

DriveTime order a warning for auto ABS

Jury out on ECB as it pulls trigger on ABS purchases

News

P2P securitization ‘problematic’ in Europe but groundwork being laid

Los Angeles CLO manager close to S&P and Volcker doc change

Orchard partners with Duff & Phelps for ‘seamless’ P2P valuations

ACA deal priced in wake of predatory lending investigation

Residential MBS

Australian ABS will withstand weaker assets, says Moody’s

To A$4bn and Beyond for Aussie ABS

Two banks lead FirstKey's first RMBS

Wells could be stuck with controversial MSR portfolio

Floodgates open for institutional investors to buy RPL RMBS

Structured Credit

US managers eyeing euros as CVC places Cordatus IV

Derivatives

Investors eye TRS on new Markit CoCo index

Weekly CDS notional, interest rates trading both decline

European exporters replace €/RMB options with forwards

Shanghai-HK Stock Connect spurs arbitrage strategies

Investor taps sizeable AT&T put spread

NDF clearing could finally herald cross-border cooperation

Funds tap decompression on iTraxx Main and Cross

Agency execution needed for package trades

Funds, real money extend Main volatility positions

Hedge funds scoop euro/dollar puts with RKO

A single name splash as Abengoa spreads oscillate wildly

Fed oversharing could lead to swinging equity volatility

Investors scoop dollar/yen calls as pair rises

Corporate Bonds

News

Northampton first uni to use UK wrap

Rare AstraZeneca 7 year 4x oversubscribed

Aryzta tests market for unrated hybrids

Mercialys does €550m with small NIP, starts buyback

Health Care Reit’s 20y revives long sterling

Reimann family holdco JAB makes €750m bond debut with Baa1 rating

Thermo gets €640m with debut euro bond

Corporates dash for dollars ahead of Alibaba and predicted M&A deluge

BSkyB raises €850m, £750m for acquisitions in solid but cool sale

AT&T follows IBM into hot euro market with €3.8bn whopper

Korea Expressway prices tight for Swiss debut

Bonds Comments

High yield

MTNS and CP

News

African private placements to flourish within the next year

Bond Comments

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

FCC close to haircut deal with banks after Soros investment

Investment grade loans, news in brief - November 20, 2014

Publicis picks just 10 of its relationship banks for $3.5bn M&A loan

FCC is ready for restructuring after capital increase gets the go ahead

Loan banks fear clampdown on communication after FX scandal

Leveraged finance loans

Yildiz fleshes out terms for £985m United Biscuits loan

Fresenius closing book on its $4.2bn refi with IG-like pricing

Pulsant completes £90m Oak Hill acquisition loan

Emerging market loans

Sekerbank first for loan from EBRD/CTF energy facility

Liquid Telecom and Standard Bank join African rush

PSB draws eight banks with $120m one year loan

Emerging Markets

News

Israel Chemicals debut awaits market reaction

Sovereign support lifts Flydubai sukuk debut

Turkey places 10 year sukuk within a whisper of conventional curve

Sukuk helps take Mumtalakat flat to govvies

mBank pays 10bp-15bp NIP to extend to seven years

Mexico hails game changing CACs but no price paid

Plenty of pulled deals but the CEEMEA market is working fine

Brazil faces barren period as Petrobras scandal hits bonds

Non-Brazil trio fetch blow outs in resilient LatAm

Bond Comments

League Table

Equity

Dubai Parks’ institutional slice oversubscribed early

Rai Way IPO comes at bottom of range, trades well

Kegoc announces big drop in profit during IPO roadshow

Informa forced to shrink equity raising for US acquisition

Varde sells out of Crest Nicholson at tight discount

Altice block trade increased to €338m as investors pile in

Big Yellow raises £79m with no discount

Enel expands base offer in Endesa stake sale

Huge take-up for Numericable’s €4.7bn issue

BBVA raises €2bn in accelerated trade to up Garanti stake to 40%

Market News

People Moves

DCM veteran returns to the market to co-head UBS corporates

People Moves in Brief

Columns

Leader

Pay more in bonuses and let bankers bear the risks

The Naked Broker

Credit Matters

GlobalCapital View

Food for thoughts

Southpaw

Gérardin stamps authority on CIB at BNPP

Euroblog

MTN Leak

MTN Leak: Inter-Luton

Loans Ranger

Tuesday view

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons