Issue 1406

Main

Public Sector

News

KfW doubles up in Canadian dollar return

Bank demand behind Finnish city first

New UK agency outlines potential portfolio

Bankers debate long end dollar opportunities for SSAs

EFSF and FADE bring life to euro ghost town as volatility fears ease

Bond Comments

ADB USD2bn 1.125% Jun 18

CDC USD1bn 1.25% Jun 18

FADE EUR1.3bn 0.85% Sep 19

EFSF EUR2.25bn 0.125% Nov 19

Covered Bonds

News

Belgian REIT looks long in MTNs to lock in rates

Bond Comments

Financial Institutions

News

German Pfandbriefe back but no appetiser for non-core

Senior market opens but price of admission to stay high for banks

Investors cry caution with demand for bank floaters

Nordea and StanChart raid Samurais

DVB and BNZ tap soaring Swiss demand

Japan demand drives Emirates yen MTNs

Acid test for AT1 as Santander UK lines up debut

Bond Comments

Danske Bank EUR750m 0.75% May 20

Nomura EUR750m 1.125% Jun 20

Nationwide EUR1bn 1.125% Jun 22

Wells Fargo EUR1.25bn FRN Jun 20, EUR1.25bn 1.625% Jun 25

SBAB EUR750m FRN Jun 18

Nordea GBP300m 2.375% Jun 22

Securitization

Asset Backed Securities

Jefferies and CircleBack price first P2P securitization

Colony American Homes SFR ABS priced at par

Gosforth continues focus on prepayment risk, tightens

Big book for Center Parcs as buyers focus on shorter end

RV loans increasing auto ABS risk, says Moody’s

ABS market keeps up momentum with three deals

News

Residential MBS

'Sky is falling' with new collateral disclosure rules

Freddie Mac planning riskier RMBS

FHA leaves mortgage market guessing

Time to give the ECB a bit more credit

Dilosk successfully re-opens Irish RMBS market

ECB notches a win as once giant Spanish RMBS mart awakens

Structured Credit

Derivatives

Halving CDS rolls is remedy for the problems of the credit market

ISDA asked to rule on Grohe credit event

It's not all about Greece in credit markets

Traders hail CDS rescue work amid market death rattle

Bank of England sets out plan for resolution stays

SEC fines Deutsche Bank for overvaluing leveraged super senior derivatives

Grohe credit event in balance at ISDA after insolvency of Joyou

Corporate Bonds

Tennet wins tight pricing with €1bn debut green bond

News

Strong secondary justifies RCI Banque's €750m print

La Poste stays flat to curve as it returns to euro market

Air Liquide pays thin concession for 10 year return

Expedia makes euro debut to fund Orbitz acquisition

Curves grow steeper as Eli Lilly debuts

Unilever shows growing appetite for euro floaters

Bonds Comments

High yield

MTNS and CP

News

Bond Comments

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

Loans, news in brief — May 28, 2015

Cobham joins party of non - German Schuldschein issuers

IAG to buy Aer Lingus with €1.4bn of loans

Glencore signs $15.3bn refi, trimming down syndicate

Leveraged finance loans

BSN cuts margin on new 'C' loan, will now cut the 'B' loan margin too

Dell seeks repricing of $3.6bn loans with more bondlike terms

Penn Engineering keeps repricing wave going with its $465m launch

Emerging market loans

ENOC spies loan finish line as Sohar joins Mid East run

Akbank shakes up Turkish market with 3yr loan

Emerging Markets

News

DIB increases deal size while Bank of Sharjah takes its time

USAID bond may prompt bondholders to push for more

Ukrainian bond restructurings roll on

Brazilians flock back to bonds but tough times for others

LatAm pipe builds as CFE and airlines approach markets

Bond Comments

League Table

Equity

Belgium’s Retail Estates completes €76m rights issue

Massimo Zanetti about to price €128m IPO at bottom of range

Stockholm super-busy, with six IPOs being premarketed

Netherlands finally ready to float ABN Amro

NN and SSP blocks sell well in weak market

Tikehau issues €326m of debut convertible bonds

Cinven nabs Labco as a fourth pulled IPO morphs to PE buyout

Banks sanguine on wild swings in MPS shares

Market News

People Moves

People Moves in Brief

Battle Royale as FIG credit traders fight over falling flows

Columns

Leader

Municipal funding agencies must fill their mandate

The Naked Broker

Credit Matters

GlobalCapital View

Halving CDS rolls is remedy for the problems of the credit market

Predictable ratings can be better than higher ratings

Market value triggers for bank Cocos are still a bad idea

Food for thoughts

Southpaw

PJT makes European presence felt with Altice win

Euroblog

MTN Leak

Loans Ranger

Tuesday view

Who will put the teeth in Capital Markets Union?

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons