Issue 1432

Main

Did capital or liquidity do more to repair the European banking system?

Abengoa: the disaster hiding in plain sight

B2 Holding, unrated debt purchaser, sells €100m floater

Leader

Diversification in ABS will help Europe’s real economy

Public Sector

News

Autumn Statement prompts boost in UK T-bill sales

Swiss canton returns to home currency with dual trancher

Canadian borrower defies negative swap spreads to print five year dollars

French double act as two agencies print carbon copy bonds

IFC prints first ever South African rand green bond

Is 40 the new 30? ESM scores after going long ahead of ECB

Green activity ramps up as Climate Change Conference approaches

Bond Comments

ESM EUR1bn 1.85% Dec 55

Bpifrance EUR1.25bn 0.125% Nov 20

AFD EUR1bn 0.5% Oct 22

Manitoba USD1bn 2.05% Nov 20

Covered Bonds

News

Covered bond supply to get a boost, as repo rules tightened

UOB announces covered bond programme

Aegon issues debut Dutch covered bond

BayernLB enjoys solid support for Pfandbrief

SEB gets close to zero covered bond yield

Bond Comments

Financial Institutions

News

Swedbank offers hope as bail-in confusion strangles senior

DB tier two tumbles on S&P junk rating

Lloyds ditches old capital in TLAC shift

Lloyds ditches old debt in capital shift

Hunger for green funding unabated ahead of Paris talks

Lloyds goes long in dollars

Investors on standby for Christmas coupons after AIB AT1

BNPP gets S$ diversification for free

Bond Comments

MetLife GBP500m 2.625% Dec 22

Prudential GBP300m 1.75% Nov 18

Veneto Banca EUR200m 10.5% Dec 25 tier two

HSBC France EUR500m 0.625% Dec 20 green

Swedbank EUR750m 0.625% Jan 21

Securitization

Asset Backed Securities

News

MSCI conduit CMBS guided at 135bp as widening persists

FFELP ABS widens on ratings jitters

New headwinds for auto ABS as 2015 comes to a close

More CMBS borrowers seek changes to loan terms

Diversification, periphery key to Euro ABS growth in 2016, say analysts

VW link no problem for real money in AMAG

SLABS pipeline still active despite rate fears

GE Capital portfolio sale fails to dent UK RMBS sentiment

BMW hits tightest spread in autos in months

Residential MBS

Structured Credit

Derivatives

Traders ask ISDA if Abengoa has triggered bankruptcy credit event

Cross currency FX settlement has arrived

Derivativos seek access again to Argentina following election

CBOE touts Russell 2000 options benchmark indices

DTCC launches trade monitoring service

CFTC fights the machines over futures trading

Russian CDS rally succumbs to Turkish gunfire

Corporate Bonds

News

Danaher debuts in Swiss franc market with a triple trancher

Intel taps the Kangaroo market with a debut bond

Vodafone and vol spark dollar shutdown

CRH flys through €600m and £400m

Danone achieves single digit NIP on bond

BMW goes for sterling with six year

SKF books €500m no-grow

MasterCard breezes through euro debut

Europe wastes no time for Thanksgiving break

Solvay's €3.25bn hybrid/senior shows risk in vogue

Bonds Comments

High yield

MTNS and CP

News

EU unveils €6.1bn plans for next year's funding

Bond Comments

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

Loans news in brief — November 26 2015

Symrise doubles Schuldschein for acquisition

Gunvor beats launch size in $1.36bn loan refinancing

Daimler double punches with €1.1bn Schuldschein

Leveraged finance loans

French pharma firm Cooper seeks debt for Charterhouse LBO

Fnac borrows €865m for Darty acquisition

Azelis flexes pricing on $675m acquisition facilities

Swissport removes dollar tranche in LBO debt package

Emerging market loans

Emirates Global Aluminium shakes the can for loan

DBSA courts Japanese banks for cheaper funding

Emerging Markets

News

GCC demand buoys Albaraka Turk’s tier two sukuk

Downing of jet was ‘priced in’ to Russia and Turkey bonds

Russian ratings agency will matter if it survives scrutiny

Argentina’s back as Hipotecario wastes no time after Macri win

Fear factor up a notch in Brazil as Lava Jato takes new dimension

BNDES buys back $640m of bonds, Banbra extends early bird stage

Barwa Bank sets up $2bn sukuk programme

Investment grade holds key to success for Romania’s Nepi

Bond Comments

Macedonia EUR270m 4.875% Nov 20

Albaraka Turk USD250m 10.5% Nov 25 T2

Nepi EUR400m 3.75% Feb 21

League Table

Equity

PE firm Aurelius brings €166m convert after acquisitions

Turin sells €150m exchangeable into Iren stake

Total’s $1.2bn CB shows pull of equity-neutral, but buyer fatigue

BAML enters top three with blockbuster Abertis trade

Brenntag gets cheap dollars via $500m convert at 45% up

Abengoa’s rights issue had demand, but collapse looms

Piraeus Bank share sale over the line

ArcelorMittal sets price of South African rights issue

Dometic shoots up on debut after IPO

ABN Amro up after IPO at 1 times book

Scandic Hotels gathers IPO demand

Market News

People Moves

People Moves in Brief

Columns

Thiam passes the point of no returns

Leader

The Naked Broker

Credit Matters

GlobalCapital View

Food for thoughts

Southpaw

Euroblog

MTN Leak

MTN Leak: Everyone but the turkey

Loans Ranger

Tuesday view

What the banks refuse to finance

Regulators' next big question: who knows what?

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons