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  • ABS
    Container ABS thrived last year, setting a new issuance record after two decades. Several factors are working in favour of container ABS this year as well, including increased consumption of goods and an opportunity for containers to be used in vaccine distribution.
  • New deals are flooding into the European securitization market, especially the UK, in the last week of January, after two RMBS issues attracted unprecedented demand. Issuers are betting investors remain hungry for securitized products, despite national lockdowns.
  • Oesterreichische Kontrollbank (OeKB) hit the market on Tuesday for a five year dollar benchmark, raising $1.5bn despite pricing coming through the issuer’s secondary curve.
  • Christian Keller has become Citigroup's new head of markets and securities services for Germany and Austria.
  • The Agence France Trésor (AFT), the French sovereign debt office, has announced that it will issue up to €15bn of green bonds this year, a sharp increase in supply from last year.
  • Corporate bond bankers in Europe are convinced that hybrid capital issuance will continue this year at a similar blistering pace to 2020, despite some deals so far having had tepid demand.
  • SRI
    BlackRock wants to move a long way towards catching up with leading investors in its response to climate change, its CEO Larry Fink indicated in his annual letter to chief executives on Tuesday. BlackRock stopped short of setting a net zero carbon emissions target for its $8.7tr of assets under management, or committing to swift decarbonisation. But it did publish a ‘net zero commitment’ saying it would “support the goal of net zero emissions by 2050 or sooner”.
  • SSA
    The European Union wrapped up its first bond of 2021 under the Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme in style with a quick execution and another impressively sized order book.
  • UBS, the first major European investment bank to report fourth quarter results, smashed through expectations in global banking, with that part of its business benefiting from equity capital markets revenue more than doubling year-on-year.
  • Mexican financing and leasing company Unifin Financiera returned to bond markets on Monday for the first time in 18 months, garnering sufficient demand to push the yield on its new $400m eight year into single digits.
  • SSA
    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, January 25. The source for secondary trading levels is ICE Data Services.
  • Direct lenders and debt funds have always pitched themselves as being more suitable partners for businesses than banks, bondholders, or other institutional lenders. When the going gets tough, they can be quicker to waive covenants and offer new money than a less concentrated creditor group. But this also puts them in pole position to take the keys from a business should things go wrong — which we may see happen this year.