Issue 1445

Main

Leader

ECB fires into the void

Jacob’s crackers

Public Sector

News

Gimme 10? BNG prints length in busy dollar mart, will others follow?

Land NRW breaks green sub-sov record, casts investor net wide

Periphery prints big as Draghi helps yields

Draghi fires, but SSA bankers fret on detail

Bond Comments

ADB USD3bn 1.625% Mar 21

Bank of England USD2bn 1.25% Mar 19

BNG USD1bn 2.375% Mar 16

CEB USD1bn 1.625% Mar 21

EAA USD1bn 1.25% Mar 18

Sweden USD2bn 1.125% Mar 19

EU EUR1bn 1.125% Apr 36

Rentenbank EUR1bn 0.375% Mar 26

Land NRW EUR1.585bn 0.125% Mar 23 green bond

Spain EUR5bn 2.9% Oct 46

Covered Bonds

News

BHH opens door to covered bonds with a negative yield

BHH issues first covered with negative yield

TD and NAB double dollar covered bond supply

BBVA pays little concession in covereds

Caffil and CFF issue first OF in over a month

Bond Comments

Financial Institutions

News

Barclays buys €1.76bn in UK tender bender

Banks dodge ECB uncertainty and prepare for boost after stimulus

Draghi fires up FIG but kitchen sink stimulus plan muddles markets

German banking group warns looser monetary policy 'will destabilise banks'

FIG spies Brexit premium as banks target Yankees

Bond Comments

HSBC Holdings EUR2bn 1.5% Mar 22

HSBC Holdings EUR1.5bn 2.5% Mar 27

Banque Fédérative du Crédit Mutuel EUR1.5bn 0.25% Jun 19

Morgan Stanley EUR1.5bn 1.75% Mar 24

DVB Bank EUR500m 1.25% Sep 21

Securitization

Asset Backed Securities

News

CLO market springs to life as turmoil eases

Russian banks count cost of new ABS risk regulations

CMBS issuers tipped to change tack on risk retention

UCI’s aggressive pricing puts off some investors

Cerberus opens new Granite warehouse for T&C loans

Coventry Building Society brings new Offa to UK RMBS

Some banks to sit out boom in PACE ABS

Consumer loan ABS grows as Conn’s debuts and Marlette prices

More legal final maturities extended on FFELP ABS

CLO primary market rolls on with Highbridge deal

BAML set to price new €317m German CMBS deal

Houston property prices climb despite energy woes

Agency MBS a bright spot in troubled ABS market

Freddie Mac prices second CRT deal of year

AnaCap buys €2bn of Italian NPLs

Residential MBS

Structured Credit

Derivatives

CME seeks first-mover edge with swaption clearing launch

Volatility to rise as US hits mid-cycle slowdown

Iron ore swings driven by derivatives, claims analyst

Bats touts fully electronic VIX alternative

Nasdaq lands ISE in CBOE options leapfrog

Carney draws Eurosceptic wrath with Brexit options warning

Derivs balk mid-rally on Draghi bombshell

Pain still is in the post for corps, as margin rules get slower roll-out

Corporate Bonds

News

Switzerland's Bell pays no NIP for Sfr300m M&A bond

Ferrari roars to over four times oversubscription on its debut

Securitas hops in with sub-benchmark

Hammerson raises €500m no-grow

Buffett helps himself to $9bn as investors feast on dollars

Bye bye corporate yields as Draghi whips out bazooka

Berkshire Hathaway dashes for euros after tying up monster dollar bond

Bonds Comments

High yield

MTNS and CP

News

Bond Comments

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

Trafigura tightens pricing by double digits as $4.275bn loan is oversubscribed

Loans, news in brief — March 10, 2016

Leveraged finance loans

European leveraged loans hit by CLO volatility

Levloan primary issuance stirs after February doze

Emerging market loans

Saudi to ‘beat up’ banks in loan price fight despite ME downgrade cascade

Lending to Chinese state-owned enterprises: Have faith

SIB offers up rare yield chance for ME lenders

Crowded top tier leads Standard Bank of South Africa

Ziraat Islamic bank follows parent bank to loans

BEH finally picks loan leads after ratings hit

Emerging Markets

News

Israel prints with small NIPs, huge books

Investors flock to Koc despite impending Turkish default

State of Israel USD1bn 2.875% Mar 26 and 4.5% Jan 43 tap

Kipco delivers first ME corp amid negative ratings action

CEE sovs rally on back of QE but EM bankers ambivalent

Brazil caps Lat Am comeback as fears hit of EM overheating

Pemex jumps on oil rally to tap euro buyers

Lat Am HY back with a bang as BA, Cemex issue

Bond Comments

League Table

Equity

Surge of IPOs expected after Easter

Banca Imi holds on to Saipem stake

Lone block trade in Buwog precedes ECB meeting

Two Swedish firms aim to float this month, with cornerstones

UK’s Hotel Chocolat plans AIM IPO to fund growth

KKR readies SMCP float

Keihan Electric joins CB ride with ¥20bn for buyback

Senvion IPO range offers chunky discount to comps

Fuji Machine’s ¥10bn CB for buyback flies off books

Metro Bank swerves IPO to raise £400m privately at high ratio

Suzuki CB zooms to ¥200bn after share buy from VW

Veolia bags great terms with clean €700m CB

Vertu Motors raises £35m in daytime equity ABB

Market News

PRA's Bailey rejects crisis claims

People Moves

People Moves in Brief

Jefferies reworks levfin as bankers quit

Columns

Leader

The Naked Broker

Credit Matters

GlobalCapital View

Food for thoughts

Southpaw

Coming up Commerzbank: turnaround lender expands IB

Euroblog

MTN Leak

Loans Ranger

Tuesday view

Just scrap operational risk — it can't really be measured

CMU can stop the European bank rot

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons