Issue 1402

Main

Public Sector

News

Hope for SSAs in volatile week for euros

FMS returns to Kangas as EIB storms on in Nokkie

NWB Bank eyes dollars for enlarged green bond effort

Execution risk haunts SSA market already drained of liquidity

Bond Comments

Madrid EUR500m 1.189% May 22

Cyprus EUR1bn 3.875% May 22

Portugal EUR2bn 2.875% Oct 25 tap, EUR500m 4.1% Feb 45 tap

BNG EUR1bn 0.25% May 25

Covered Bonds

News

BoI adds to flush of sevens but oversubscription falls

BNPP prints tightest ever 10 year French covered

Green tonic for covered bonds battered by QE

Bond Comments

Financial Institutions

News

Germany disappoints MTN desks as it chucks Schuldscheine in TLAC

Fears for supply as window slams shut on Popolare

The City faces two bad choices in UK election

Dollars to trump euros as costs shift

Investec fires starting gun on TLAC debt

Bond Comments

Investec GBP300m 4.5% May 22

Leeds Building Society EUR500m 1.375% May 22

Permanent TSB EUR125m 8.625% perp AT1

Credit Suisse EUR750m FRN Mar 17

BlackRock EUR700m 1.25% May 25

CBSB Finland EUR500m 1% May 20

Securitization

Asset Backed Securities

Foursight Capital plans second auto ABS

RBS puts Fordgate refi CMBS on hold, but will return

Card companies driving UK growth 'pushing up risk', says Moody's

VCL hits post-crisis tights as undersupply, ECB take spreads in

Mitsubishi finds an Ally in subprime

Spreads too wide for FFELP ABS, says JP Morgan

Tesco returns to publicly placed card ABS market

Extreme mortality cat bond earns lively response

BMW further revs up ABS supply

News

Residential MBS

Retail investors buying majority of rental homes

Strong demand for Five Oaks’ first jumbo

Tricon comes tighter in rental ABS debut

Co-Op sells mezz of debut RMBS, retains most of the senior

Premium Point raising cash for rental fund

Dutch Achmea unveils swapless RMBS shelf

Structured Credit

SocGen grabs debut US CLO mandate amid ABS expansion

Monroe debut CLO unfazed by slowdown and loophole talk

Derivatives

SocGen orchestrates alternative investment fund push

CDS, IRD trade counts up year-on-year

ASX and CFA partner to enhance Pacific derivs expansion

Regulatory review in M&A creates options opportunities

Investors return to structured products but with a twist

Investors flock to carry strategy in energy credits

Singapore names seven banks as D-Sibs

When low rates are not enough to fuel M&A

Economic gains are translating into aggressive pricing

Corporate Bonds

News

Wasps launch retail bond to repay Coventry City Council loan

US issuance in euros continues as Time Warner plans debut

BMS sells longest euro corp bond in seven weeks

Investors push back as US big guns roll in

Wasps retail bond not too risky, says CEO

Dong hybrid refinancing deal pricing tightens sharply during bookbuild

Infra Foch gets slim book for €200m tap

Expedia checks in for first euro bond after acquisition of Orbitz Worldwide

Bonds Comments

High yield

MTNS and CP

News

Bond Comments

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

Nidera completes $900m refi

Vossloh's €500m loan to repay USPP

Loan market faces threat of negative interest payments

Leveraged finance loans

Syndicated loans — news in brief, May 1, 2015

Delachaux cuts margins on €690m loan that was signed in September

Busy Bee closes tight but does not sting

Levloan investors face wave of aggressive repricings

Emerging market loans

Garanti opts for 367 days on $1.5bn loan

Healthy but stealthy Russian growth with Gazprom’s new loans

Emerging Markets

News

Poland joins sub-zero club with historic Swissie bond

Emirates NBD misses benchmark target amid sell-off

Votorantim aims to reopen Brazil with euro deal

Middle East magic moves banks up the CEEMEA league table

Dom Rep, Bladex keep LatAm supply ticking

Santander Chile revives Swiss franc EM FIG market

Airport amortizer brings first 144A with all Uruguayan risk

Bond Comments

Emirates Telecommunications Corp USD400m 2.375% JUN19

Emirates NBD USD350m 3% May 20

League Table

Equity

Commerzbank copies Santander with 10% ABB capital increase

Ireland set for breakeven after Permanent TSB wins big book

Iran’s Mobin Petrochemical raises $102m in Tehran IPO

Cellnex wins big, early bids in €1.5bn IPO bookbuild

Postbank 're-IPO' coming as Deutsche makes U-turn

Labco starts building book for €500m IPO in Paris

Yakir Gabay’s Aroundtown issues €450m pre-IPO convert

Solairedirect pulls Paris IPO after low interest

Windeln.de book to close a day early on high demand

Russia’s United Wagon IPO gets international demand

Germany’s Uniwheels completes $140m IPO in Warsaw

Tobii and Biocartis IPOs trade up, IDH and Slovak Tel going well

Hispania innovates with 50% capital raise ABB, Ophir also flies

Market News

People Moves

S&P fills research head void

HSBC promotes in primary markets as Pascoe heads to treasury

UniCredit merges debt businesses under Bales

Income falls faster than costs at RBS

People Moves in Brief

Columns

QE’s latest freak: negative corporate loan interest

Leader

Pity the humble SSA banker

The Naked Broker

Credit Matters

GlobalCapital View

Food for thoughts

Southpaw

BofAML bids to get into golden top three of investment banking

Euroblog

MTN Leak

MTN Leak: The MTN Ironman

Loans Ranger

Tuesday view

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons