Issue 1422

Main

Crédit Agricole makes Swiss franc T2 debut

Moves In Brief — September 17, 2015

In praise of EM compliance teams

Public Sector

News

Greece’s election fails to shake faith in eurozone periphery

MuniFin, BNG set to add SSAs to AT1 investors’ menus

Fed gives SSAs a hand in dollars, but obstacles remain

Bond Comments

Euros can always get what it wants

ESM EUR3bn 1% Sep 25

Finnvera EUR1bn 0.625% Sep 22

EU EUR2bn 1.5% Oct 35

Covered Bonds

News

Kutxa issues first sustainable Cédulas

Issuers take lemming approach to covered bonds

Bond Comments

Financial Institutions

News

ABN shrugs off tough FIG market to launch debut AT1

Landesbanks land on feet as German senior debt receives mixed reception

Investors uninterested in Banco Popolare’s overvalued note

Banks and insurers line up tier two capital trades

Banks face vast capital call as SSM’s Nouy takes aim at ONDs

The Danish Compromise

DTAs highly politicised

FIG market to restart after FOMC decision

Bond Comments

ABN Amro EUR1bn 5.75% PNC5 AT1

Banco Popolare EUR500m 2.625% Sep 18

Commerzbank EUR500m 1.5% Sep 22

LBBW EUR650m FRN Sep 17

NordLB EUR900m 0.625% Sep 18

Securitization

Asset Backed Securities

HQS 'scarlet letter' threatens to isolate US

WiS working group to help women over hurdles in ABS

Rating agencies approach a crossroad in CMBS

Seven years on, ratings reform still needs work

Q&A with Eric Thaller, Prosper Marketplace

No pricing clarity after CMBS pair price

Agencies ready common securitization

Marketplace lending hits headwinds

Issuers and investors hit Miami in droves for ABS East

News

Co-op to brave heavy market conditions in UK RMBS sector

BAML to test investor appetite for multi-jurisdictional CMBS

VW to tap strong euro auto ABS demand

Are CLOs nearing the end of the cycle? Pros debate

US Pace securitization market primed to explode

New look for post-crisis ABS but is it better?

RMBS 3.0 heralds headache for rating agencies

Residential MBS

Structured Credit

Derivatives

Finding CDS utility in German nuclear waste

Not going back to piano: Hague becomes ICE Futures chairman

Energy vol persists, as Gulf keeps foot on gas

Clearing doors open on CDS legal settlement

Do the rate thing: traders dismayed by hike hiatus

Fed stasis leaves derivatives traders languishing confused

Corporate Bonds

News

Corporate issuers go large and long in yen with private MTNs

Sanofi follows Shell with €2bn triple tranche bond

Bankers warn issuers will ‘kill’ market after Pernod needs big premium

Royal DSM finds market cool, even on quieter day

Statkraft plays safe with €500m no-grow, still pays up 15bp NIP

La Poste and Adif Alta Velocidad get thin NIP

Pentair pulls off €500m M&A bond despite choppy market

Issuers set to concede as market suffers indigestion

Dollar deluge beckons as the Fed delays on lift-off

Bonds Comments

High yield

MTNS and CP

News

Bond Comments

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

Modest debt rise in AB InBev in SABMiller tie-up

Investment grade and leveraged loans, news in brief — September 18, 2015

Levloans ready to leap as the Fed holds firm

Leveraged finance loans

Emerging market loans

DIB makes shock Shariah exit from Albaraka Türk loan

NLMK gets $400m loan after months of tough negotiations

Emerging markets loans, news in brief — September 18, 2015

Emerging Markets

News

LatAm should see low fees as the frightening future

Africa Finance Corp back in MTNs month after debut

Latvia prints with new investor base in play

Lat Am bankers fret as bond fees edge lower and lower

Etihad uses reverse enquiry to boost bond to max size

DB, GS and ICBC pick up Angola hot potato bond mandate

EM exhales on FOMC decision, bonds are go!

Small Brazilians candidates for LM as trio launch tenders

Fitch predicts restructuring as Brazilian shops for funds

Fed feeds Lat Am new issue hopes as issuers line up

Bond Comments

League Table

Equity

Sudden rally opens window for Glencore ABB to raise $2.5bn

Gulf bankers hope to bring backlog of IPOs

Stockmarket changes in Gulf fall flat, for now

Brait pulls off £350m CB with 30% premium

Heart valve maker Symetis opens book for Sfr80m IPO

Villar Mir pockets €312m from Abertis block trade

Yellen's calm caution means ECM banks can let slip the dogs of war

Market News

People Moves

SocGen picks new Americas chief and UK finance head

Welcome to Timing-on-Raterise, the most difficult place on Earth to find

Frankfurt quits BofA Merrill Lynch, blowing blocks game wide open

Mizuho ramps up in structured as high yield head departs

Columns

Leader

Rates going nowhere, issuers going everywhere

The Naked Broker

Credit Matters

GlobalCapital View

Food for thoughts

Southpaw

Banks prepare as activist shareholders target Europe

Euroblog

MTN Leak

MTN Leak: Floating pub

Loans Ranger

Tuesday view

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons