Issue 1396

Main

Climate Bonds standard risks enshrining biofuel fallacy

The big CLO-down? Loan scarcity puts brakes on dealflow

Public Sector

News

Italy discovers hedge fund shift with €8bn 17 year

Callable boom could falter on US rate rise

ECB could add AFL to shopping list as issuer nears debut

Dollar borrowers get in ahead of Federal Reserve meeting

UK Gilt target below estimate but £7.5bn up on 2014-15

EIB’s little EARN sparks premium debate

Bond Comments

BNG USD 1.75% Mar 20

Sweden USD1.75bn 1.625% Mar 20

AFD EUR1bn 0.875% Mar 31

Italy EUR8bn 1.65% Mar 32

Covered Bonds

News

Covered bonds succumb to wider credit malaise

Covered bonds stabilise after weak start

Bond Comments

Financial Institutions

News

Belgian insurer units announce tender, Solvency II bond

Struggling Ethias needs capital, but will it cost too much?

HSBC to keep AT1 ball rolling after DNB underwhelms

Secondary indigestion prompts primary break

BPCE adds extra course to Basel III dim sum banquet

Moody's to review more than 1,000 bank ratings

Unipol lengthens debt profile with exchange and tender

German law set to sound death knell for senior bank funding

Bond Comments

Jyske Bank EUR500m FRN Mar 18

Securitization

Asset Backed Securities

When RMBS are safer than covered bonds

Irish CMBS leads building European pipeline

BAML adds to chorus of concern on buyer base

Ford prime auto deal solves for Fed uncertainty

Brits Abroad: UK lenders seek investors as trio hit foreign currency market

EDP trims third off TDR spread in face of BTPs

News

ASF’s Deutsch raising cash for new hedge fund

Residential MBS

Servicers still afoul of CFPB transfer rules

MSR industry calls time on overzealous regulation

UK to close book on Lehman era with £13bn mortgage sale

Structured Credit

Quicker settlements in sight as loan trustee ditches fax machines

Derivatives

Investors tap euro/dollar exotics to cheapen premiums

CCP skin in the game doesn’t go far enough

Adding 25 names to XO was mistake, say traders

Regulators delay rules for uncleared swaps

Index tranche trading surges but lacks real money buyers

Investors hedge REITs via options ahead of FOMC

US regulation restricting buyside from overseas access

MOEX launches renminbi futures as hedging demand rises

Economic data to finally overshadow central bank intervention

Indices ready to roll with more names than ever

EQD investor scoops puts on $ index ETF

Equivalence dilemma dogging clearing houses

CFTC hits ICE Futures with penalties over data reporting violations

Corporate Bonds

News

Air France KLM plans inaugural euro hybrid as convertibles mature

Spanish builder ACS succeeds with debut non-convertible at second attempt

Orbit continues housing association run with £200m 30 year secured debut

Geberit prices €500m 6yr, Sfr could follow

Hybrid overkill as VW leaps in before Repsol with €2.5bn deal

Unrated UCB to market bond after two year absence

US investors lose patience before the Fed

Statkraft rides interest rate rapids to price €500m 15 year

Bull run makes corp hybrid popular, not tame

Bonds Comments

High yield

MTNS and CP

News

Bond Comments

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

UK's Shaftesbury enters loan and interest rate swaps deal

Ubisoft and Amer sign up to Schuldschein's winning run

Leveraged finance loans

Belgium’s AS Adventure sets OID for buyout loan

Springer-Macmillan loan closes at 375bp with little struggle

Emerging market loans

Saudi Arabia’s Petro Rabigh signs $5.2bn of loans for project

Isbank launches $1.3bn as Akbank closes influential loan

Kenyans get ready to lead African loan market return

Egypt loans gather pace as several deals ramp up

Russian loans talks pick up as Gazprom unit joins growing deal drive

Danube Foods sets price terms for buyout loan

Emerging Markets

News

ENBD blazes euro trail but who will follow?

Renaissance buys back one third of subordinated 2018s

Pacific bonds stabilise after Rubiales blow

Slovenia 20 year bond prints through Spain

LatAm duo join EM sovereign rush but oil hits Ecuador

ColTel, Red Dorsal to test LatAm with rare structures

Trio heralds restart of CEEMEA sovereign bond business

Severity of Ukraine haircut is biggest debate

Bulgaria makes all with €3.1bn landmark

The challenge of making sense of sukuk rankings

Bond Comments

League Table

Equity

Nordic Nanovector increases IPO deal size on high demand

Equity blocks whizz with Hugo Boss and TLG

Delta Lloyd capital raising flies as Fubon buys

Telecom Italia seeks €2bn via rare 70%-up CB

3i’s Refresco Gerber seeks listing valuation of over €1bn

Revolution Bars prices IPO at bottom, trades down

Nordic Nanovector ups IPO size on high demand

Lakehouse hits £140m valuation on London IPO

Auto Trader flies after completing largest UK IPO so far this year

Nordics Troax, Asiakastieto look to float

Osborne to sell another £9bn of Lloyds as dribble-out heats up

Market News

People Moves

BNP Paribas merges HY and levfin in wider syndicate rejig

People Moves in Brief

Columns

Leader

Is UK sale right for tax payers?

Issuers must serve investors with buybacks

The Naked Broker

Credit Matters

GlobalCapital View

Food for thoughts

Southpaw

Banks saddle up for the return of M&A

Euroblog

MTN Leak

MTN Leak: Fly to Me Argentina

Loans Ranger

Tuesday view

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons