Issue 1451

Main

Leader

Tax avoiders, keep ‘em coming

Froth as far as the eye can see — and it’ll continue

Public Sector

News

Italy puts EU refugee bonds up for discussion

Asian bid keeps Kanga and Kauri flow strong

SSAs to join private party in dim sum

Dollar market awaits FOMC meeting as ADB goes for dual

Italy fashions €6.5bn as 20y stays in vogue

DMO to increase Gilt sales by £2.1bn, with 50 and 30 year action ahead

Euro issuance boost for ESM as un-dovish Draghi weighs on Bund yields

Bond Comments

ADB USD2.5bn 0.875% Apr 18, USD1bn 2% Apr 26

OeKB USD2bn 1.125% Apr 19

Ontario USD1bn 2.5% Apr 26

Italy EUR6.5bn 2.25% Sep 36

Covered Bonds

News

Removing swaps in covered bonds is the way forward

Canadian banks keep covered bonds active

Bond Comments

Financial Institutions

News

Pace of FIG issuance to stay high as banks hunt cash before blackouts

Investors jump on Rabo’s first AT1 in new structure

KBC debut stirs holdco senior price debate

Bond Comments

Wells Fargo EUR1.5bn Apr 21 FRN

Wells Fargo EUR2bn 1.375% Oct 26

Rabobank EUR1.25bn 6.625% PNC5 AT1

Deutsche Pfandbriefbank EUR500m 1.125% Apr 20

KBC Group EUR750m 1.125% Apr 21

Securitization

Asset Backed Securities

US big dog leads investor pack into European CLO revival

News

Renovate America goes green, plans risk retention compliance for Europe

European P2P panels push ABS benefits

TRID compliance holding back PLS issuance

US CLO equity investors getting squeezed

CommonBond prices into widening SLABS market

Marketplace loan ABS pipeline swells to $700m in April

Details of £300m RAC whole biz securitization surface

Asset shortage could restrain strong CLO primary run

BMW, AMAG deals set to continue strong primary flow in auto ABS

Napier Park markets first railcar ABS deal

Nissan deal increaed amid high investor demand

Cantor, SocGen price Ritz-Carlton CMBS

CRT secondary sees renewed activity

Leads tighten up Gosforth spreads ahead of pricing

Residential MBS

Structured Credit

Derivatives

Norske Skog credit event in balance as ISDA deliberates

Brexit bad for derivs, warns A&O

China takes top spot in commodity futures volume

CFTC research quashed for political ends, finds inspector general

Vol traders off guard as VIX plunges

Yen bulls lean long as BoJ shift looms

US credit index options gain traction

Brazil leads as Lat Am credit risk recedes

Ringgit to sea-food: no let up for listed prods

Post-Doha oil stability short-lived, options suggest

Corporate Bonds

Huge book for crossover Buzzi’s €500m

News

US corps almost ready after results blackout

Dia bags €300m in auspicious week for IG

Alliander debuts in green bond market for €300m

Bertelsmann goes for price over size

Carrefour shops €750m bond with no NIP

IZAC issues well tailored Euro PP

Unibail, Heineken show ECB may turn mart ‘crazy’ but not forever

Bonds Comments

High yield

MTNS and CP

News

Bond Comments

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

EMEA loans languish as refinancing hits a wall

Key lenders AWOL but Syngenta succeeds

Leveraged finance loans

European levloan investors face deal drought

Moody's dour on post-Brexit corporate outlook

Emerging market loans

Vakifbank keeps a grasp on dollars in loan refi

Slow boat to China for Africa Finance Corp loan

Qatar National Bank set to tear through €1.5bn loan

Loans, news in brief — April 21, 2016

Saudi loan shows no hiding place in ME funding crunch

Emerging Markets

News

CEE corps cash in on abundant demand as EM returns to favour

Bonds tank as Mozambique discloses another 'secret' loan

Middle East mandates add to busy pipeline

Lat Am’s Elvis: Argentina’s Macri gives investors something to believe in

BNCR goes green as Lat Am picks up post-Argentina

Beefy bond raises stakes for next Argentina borrowers

Colombian Pacific agrees catalyst for lower debt

Bond Comments

Argentina USD2.75bn 6.25% Apr 19, USD4.5bn 6.875% Apr 21, USD6.5bn 7.5% Apr 26, USD2.75bn 7.625% Apr 46

Hungarian Oil & Gas 2.625% EUR750m April 23

VimpelCom USD1.2bn dual tranche April 20, April 23

League Table

Equity

LVMH breaks CB gloom with successful tap

Vallourec rights issue on course for high take-up

Aroundtown failed to win takers for CB conversion

Credit Suisse finds buyers for falling Applus

ADO Properties gets €100m in first cap raise since IPO

First post-IPO block trades in OVS and Burkhalter

Coup for Numis as it scoops the cleanout trade in Saga shares

Banca Pop di Vicenza IPO gets going as Atlante is ready

Forterra, Mediawan completions keep IPO caravan trundling

GE Money and EP Infra getting interest for Prague IPOs

Resurs and Tokmanni lead Nordic IPO flurry

Romgaz wins widespread demand as Fondul sells out

So far, so good, for spring IPO boom in Europe

Market News

People Moves

CS creates top coverage role for Aslaksen

People Moves in Brief

Columns

Old Money: Rogues’ gallery

Leader

The Naked Broker

Credit Matters

GlobalCapital View

Food for thoughts

Southpaw

Goldman should stay the course despite grim first quarter

Euroblog

MTN Leak

MTN Leak: The horse’s mouth

Loans Ranger

Tuesday view

Another bank capital review? Perfect.

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons