Issue 1407

Main

Banks aren’t just intermediaries

IPF hits zloty market

Kommuninvest returns to Turkish lira after four years

RPM Mortgage disputes statements on CFPB settlement

BlackRock loan relationship intact, says Prosper CEO

Public Sector

News

Podemos’ plans for Spain’s €1.1tr debt mountain

Spain's Podemos and IMF set for debt restructuring talks

UK SSAs tipped for credit divergence

Fears of Fed rate rise leading SSAs to get ahead, as Rentenbank prints 10yr

'Mighty' Germany preps rare deal

SSA bankers braced for further volatility

Kommuninvest returns to Turkish lira after four years

Bond Comments

Council of Europe EUR1bn 0.75% Jun 25

Renten USD1.5bn 2.375% Jun 25

Spain EUR5bn 2.15% Oct 25

Covered Bonds

News

Sabadell only just gets five year Cédulas away

Bund sell off helps boost demand for MuHyp

YBS mandates leads for first benchmark of year

Optionality can be good

Bond Comments

Financial Institutions

News

Santander UK targets holdco tier two and senior in MREL push

Rates, dollar destroy FIG returns

Lloyds to appeal as judge throws out ECN buyback

MS seeks green review in US breakthrough

Green investors drive ABN Amro debut to €500m size

Pru undeterred amid euro gloom in capital

RBS touted for AT1 as Santander UK opens the market

Premiums follow Europe FIG borrowers to dollars

Nordea brings its Scandi flavour to Swissie market

Rabobank floater shines a light on negative coupons

Bond Comments

Santander UK GBP750m 7.375% perp

Prudential plc GBP600m 5% Jun 2055

ABN Amro EUR500m 0.875% Jun 2020

Securitization

Prepay issue targeted in new student loan ABS

SoFi sells triple-B tranche in latest and largest ABS

Asset Backed Securities

French lead path to SME CLOs

ECB increases ABS purchase disclosure after big week of buying

VW drives French pricing tighter to Germany

Penarth returns with same price result

Hyundai priced in strong week for auto lease ABS

News

Residential MBS

Central banks take slug of first Spanish RMBS in eight years

Time to give the ECB a bit more credit

Portfolio managers target NPL RMBS as home prices rise

Best pricing yet for Freddie risk transfer subs

Structured Credit

Derivatives

Oil traders position ahead of OPEC meeting

Volatility subdued despite raft of mounting macro fears

Hedgies cash in on stock lending with options

White House ethanol cut fail to budge options mart

US euro supply burst rattles secondary credit market traders

Credit traders will believe European growth when they see it

The rise of the robo volatility strategist

Corporate Bonds

News

XPO revs up $2bn bond for Norbert Dentressangle

Mohawk fails to move price from IPTs on euro debut

Apple smashes yen record but follow-ons unlikely

Big premium keeps Motability safe

Total heads to sterling after downgrade

US corporate market on a knife-edge as rate volatility makes investors wilt

Iida and Edion of Japan join CB party in Europe

Tricky week divides banker opinions on corporate pipeline

Bonds Comments

High yield

MTNS and CP

News

Bond Comments

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

Vroon and Hamburg add to PP wave

Vestas Wind signs €1.05bn loan refinancing on improved terms

Leveraged finance loans

Investors rip up Valeo white list in levfin fightback

Ineos's amend-and-extend wins fans in euros but less in dollars

Tinicum's Penn Engineering reprice convinces over 99%

Dell opts to increase loan to $5.28bn, reprice more gently

Sivantos repricing its December loan

Optimal Payments moves acquisition loans to bullet

Emerging market loans

Cocobod gets bid surplus for senior loan syndication

Afreximbank loan pledges go past $700m

Russian loan appetite stoked as Uralkali and Metalloinvest add fuel

Akbank and Turk Exim set terms for longer loan deals

Emerging Markets

News

Metinvest investors remain stubborn

MENA pipeline builds but signs of fatigue appear

Egypt triumphs with 10 year return despite economic challenges

Gabon and Hungary to end Middle East run

Petrobras sends statement of intent with century blowout

BRF takes Brazil green but vagueness raises questions

LatAm supply battles through but airline can’t tighten

Light at the end of LatAm tunnel as Lima metro plots bonds

Bond Comments

Bank of Sharjah USD500m 3.374% Jun 20

League Table

Equity

UK to finish Royal Mail privatisation with £1.5bn ECM deal

Win for Stanley: UK extends Lloyds dribble

Egypt developer Emaar Misr launches $300m IPO

BC Partners exits Foxtons after 8 years and election rally

Spie’s IPO covered on day one as CDPQ invests

Europcar launches €475m IPO after buoyant results

Ado Properties plans listing in Frankfurt for €400m-plus

Powerhouse nuclear homes seek €370m IPO

Oron Group gives Israel its first IPO this year

Cairn Homes, Sophos and Euskaltel join IPO queue

Skandiabanken Norge seeks IPO in fourth quarter

British Land leads CB fest with first zero coupon deal in sterling

Telecom Italia could get up to €936m from Inwit listing

Unrated Salzgitter wins 0% yield with 45% premium CB

Dufry to launch Sfr2.2bn Swiss-style rights issue

Market News

CMU could cut regulation, says Dijsselbloem

People Moves

ICMA picks HSBC boss as new chairman

MarketAxess hires credit veteran Eaton as COO for Europe

SC Lowy hires Nasser to lead European high yield trading push

People Moves in Brief

HSBC lets global head of equity-linked go

Columns

Leader

Stormy markets show value of experienced helmsmen

Reversing reverse Yankees

The Naked Broker

Credit Matters

GlobalCapital View

Petrobras — give a little bit, and take a bit more

Food for thoughts

Food for Thoughts: Robert Jenkins, former FPC member, at the Reform Club

Southpaw

Can Credit Agricole's debt-focused plan keep up as M&A surges?

Euroblog

MTN Leak

MTN Leak: A Smit in time

Loans Ranger

Tuesday view

Banks aren’t just intermediaries

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons