Issue 1433

Main

Leader

Is Super Mario losing his bounce?

Why the M&A boom is barren for capital markets

Public Sector

News

SSAs spy long end euro chance as agency mulls debut in currency

Abnormally strong demand lifts EAA as buyers punt on yield fall

UK benefits from long end rally to print linker tap

Super Mario falls from grace as bankers question ECB credibility

Investors relaxed about SSAs despite ECB disappointment

ECB boosts stimulus but SSA market split in response

EDC pounces on positive swap spreads to bring green '18

Bond Comments

UK DMO GBP3.25bn 0.125% 2046 Linker tap

EAA EUR1.5bn 0% Dec 18

Covered Bonds

News

Crédit Agricole sets strong December start

Bond Comments

Financial Institutions

News

Santander returns for its first senior in 21 months

Draghi plays Grinch to give FIG issuers a very nervous end to 2015

BPCE issue heralds a new norm for the pricing of green bonds

Troubled markets ease up for FIG borrowers

ECB QE choice leaves scope to moderate CBPP3

Bond Comments

ABN Amro GBP300m 2.375% Dec 21

CNP Assurances EUR750m 4.5% Jun 27 tier two

Santander EUR1.25bn 1.375% Dec 22

BPCE EUR300m 1.125% Dec 22 green

Scor EUR600m 3% Jun 46 tier two

Securitization

Asset Backed Securities

News

Year end push begins as uncertainty mounts for CMBS

Credit outlook improving for European RMBS, says Moody’s

Fitch warning, Navient deal leads SLABS

TPG Real Estate acquires TriGránit platform

Castlelake preps aircraft deal as Orbit pulls out

VW says it won’t chase basis points in auto ABS expansion

SFR consolidation continues with AH4R, ARP merger

Online SFR marketplace launches loan brokerage

Flat issuance but improved performance in 2016 ABS, say analysts

Residential MBS

Structured Credit

Derivatives

LME adds metal to collateral and compression

Relief as Puerto Rico narrowly avoids default

CBOE targets China and UK equity with FTSE options

Bond issue in pre-ECB bustle sends Havas CDS to the wides

Abengoa sets Spanish law puzzler for ISDA

ICE and Tradition make inroads in power derivatives

Credit options bear brunt of ECB downer as volatility spikes

Corporate Bonds

News

TeliaSonera adds second Nokkie for the year

Nestlé comes to the sterling market with a tight five year

Heineken hits funding limit precisely with €460m bond

Unrated is still a hit for Havas

ISS Global builds up its IG following

OMV furthers hybrid revival as its €1.5bn wins big book

McDonald's $6bn takeaway tops dollar rush

Opportunistic corporates set to stand down as ECB disappoints

Ford in rare A$ bond as issuers want super ‘16

Bonds Comments

High yield

MTNS and CP

News

Bond Comments

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

Ferrari signs €2.5bn of post-IPO loans

Etrion cuts rates in Italian refinancing

Körber positions for acquisitions with debut Schuldschein

Leveraged finance loans

Carlyle sells RAC stake to CVC at £2.2bn valuation

Dümmen Orange allocates LBO loans at early bird stage

Blackstone mandates banks for Armacell LBO debt

Emerging market loans

Loan for EuroChem subsidiary still ‘100% Russian risk’

Ecobank lures new lenders for Nigeria loans

Loans news in brief — December 3

Equate nears finish for $6bn whopper as sovereigns soldier on

Kenya sovereign loan to grow beyond $600m launch size

EM loan market at risk from political instability in 2016

Emerging Markets

News

ECB damp squib means no change for EM pipe currency make-up

Standard Bank fined $32m over Republic of Tanzania PP bribe

MFB sets new €300m euro benchmark for Hungary

Fibra Uno struggles show tough conditions in Lat Am

Pemex to face sterling test after losing A rating

Another Argentine plots dollars as banker hopes rise

Bond Comments

Hungarian Development Bank EUR300m 2.375% 2021

League Table

Equity

Xior IPO all sold at top size

Edag makes buoyant debut after €166m Frankfurt IPO

Openjobmetis in €33m IPO

Draghi puts a drag on end of year ECM

Attendo shoots up 40% on debut after IPO

Delta Lloyd shares tumble on news of €1bn rights issue for solvency capital

Scandic Hotels slumbers at start of trading

IPO market’s tough months lay ground for good 2016

Credit Suisse completes as rights issues give boost to ECM

Naspers raises $2.35bn of capital in block trade after Avito deal

Banks bet punchily with Saga, Valeo blocks

Market News

People Moves

AFME pushes for growth in European ECM

Díaz de León leaves Mexico debt post

Arida, Jenkins step up at BTG as Esteves resigns

Danske's corps head leaves for buy-side

Mizuho hires second exec for FIG

Haigh departs amid MS cuts, but senior hire on the way

Columns

Green bond market must be a broad church

Leader

The Naked Broker

Credit Matters

GlobalCapital View

Food for thoughts

Southpaw

Jenkins battles to keep BTG from the brink

Euroblog

MTN Leak

MTN Leak: Game, set, MTN

Loans Ranger

Tuesday view

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons