Weekly Issue 1782

Top Stories

Americana’s success could kick off dual listing wave in Middle East

FIG issuers to test investor demand deep into December

NLB’s underwritten second try heralds back-stop comeback

SLB investors stumped by Scope 3 complexities

Loan market start-ups show tech's time has come

Leader

FIG market’s irrational exuberance will pop

Issuers behaving badly

Public Sector

Land Hessen doubles size on Thanksgiving

KBN refreshes euro access with €1bn print

Nordic SSA trio sweep dollar and euro primary markets

Covered Bonds

Nordea gets great result with first Finnish green covered bond

Covered bond investors beat the iBoxx and prep for 2023

Bankinter pre-funds before Cédulas widens

Short dated covered bonds on the menu for the rest of 2022

Raising Rates: SSAs buoyant ahead of more EU issuance

Financial Institutions

Tier two demand goes into overdrive as spreads tighten

Senior sales soar as investors look long in FIG market

UK duration buyers lead orders for BFCM’s €1.5bn 10 year

Discover lands in dollar spotlight

CrédAg and Commerzbank score strong demand for sterling

BCP starts tier two exchange offer

Bank of Valletta readies €300m bail-in debut

Vaudoise lands assured debut in Swissies

Securitization

MultiLease gets decent car lease ABS execution in Swissies

Nationwide impresses with RMBS just 2bp over covered bonds

US securitization investors will have to care about ESG — whether they like it or not

European Securitization Awards 2023 — nominations open

Nuveen Green Capital raises $135m with C-PACE deal

Imperial Fund raises $265m with non-QM RMBS

ESG ABS needs government support to prosper in Europe

Corporate Bonds

CVA ramps up leverage to fund investment plan

Short end outperforms long for Fresenius, while Carrefour taps SLB

Bertelsmann prints €750m as acquisition falls through

Opaque fair value calculations risk mistakes

GSK and Continental lure €9.6bn of orders before break

Syndicated Loans and Leveraged Finance

PIF’s $17bn refi loan has ‘element’ of statement deal

Trafigura brings in banks for $600m financing of mines in DRC

Leveraged finance issuance to pick up next year, but so will defaults

Allwyn obtains €1.6bn loan package as it buys UK National Lottery operator

Emerging Markets

Bank of America props up NLB's second tier two attempt

OTP Bank finds strong demand thanks to chunky premium

Cabei deal marks EM’s return to Swissies

PIF’s $17bn refi loan has ‘element’ of statement deal

Equity

GBL adds to equity-linked resurgence with Pernod Ricard exchangeable

ABB e-mobility brings in minority shareholders ahead of IPO

Flutter Entertainment block trade prices at 1% discount

People News

Capital markets trio depart BNP Paribas

Investec hires European equity sales head

Market News

Basel IV output floor leaves corporate SRT ‘scarcely feasible’

Southpaw

Banks opt for quick trim amid uncertain outlook