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Regulation

Lagarde hints at further unconventional ECB policy

Christine Lagarde has given a strong hint she will persist with the European Central Bank’s highly accommodative monetary policy if she takes over as its president in November. Lagarde also suggested the ECB would move to make its portfolio more green.

Phil Thornton, September 05, 2019
Leader

Learning to live with negative yields

When E.On raised the curtain on the autumn corporate bond issuing season in euros a fortnight ago, a dramatic tableau was revealed.

Jon Hay, September 05, 2019
FIG Bond Comments

Raiffeisen Bank International EUR500m 1.5% Mar 30 tier two

Rating: A3/BBB+

David Freitas, September 05, 2019
Regulation

ESMA points to HY, EM risk to fund redemption shock

High-yield bond funds are a lot more exposed to a liquidity shortfall than funds for other asset classes, according to a stress test developed by the European Securities and Markets Authority (ESMA). The publication of ESMA’s results came in the same week as a Bank of England official discussed solutions to fund fire-sales.

Jasper Cox, September 05, 2019
Corporate Bonds

Thirty year euro bonds enjoy rare boom, but investors are still fussy

Thirty year maturities, normally very rare in the euro corporate bond market, have become remarkably popular since the dive in base rates earlier in the summer. In the past 10 days, four multi-tranche deals have been printed that included 30 years, as issuers rushed to take advantage of the exceptional conditions before the European Central Bank monetary policy meeting on September 12.

Alex Radford, September 05, 2019
LevFin Leveraged Loans

UK levfin faces obstruction as Brexit chaos reigns

Leveraged finance bankers say they have a substantial deal pipeline in sterling to execute this autumn, while the UK's fall into political chaos threatens market volatility. Sub-investment grade buyers are likely to be offered buyout debt for Ei Group, Merlin and BCA Marketplace, among a flood of business totalling at least £15bn ($18.5bn), writes Owen Sanderson.

Owen Sanderson, September 05, 2019
LevFin

Bondholders team up against Abu Dhabi over hairy airline debt

Holders of the defaulted EA Partners bonds claim that Etihad Airways and Abu Dhabi gave them implicit guarantees for the notes, which were issued to fund other troubled airlines. The bondholders, backed by restructuring advisers and corporate sleuths, are buckling up for a battle for their money. Karoliina Liimatainen reports.

Karoliina Liimatainen, September 05, 2019
FIG Bond Comments

Rabobank EUR1.25bn 3.25% PNC Dec 26 AT1

Rating: Aa3/A+/AA-

David Freitas, September 05, 2019
ABS

Investors cool on aircraft ABS as sector feels late cycle pressures

Once highly prized for the attractive yields on offer, investors say they are backing away from aircraft ABS as heightened competition and one-off deals with weak collateral shine a light on late cycle behaviour in the asset class.

Jennifer Kang, September 05, 2019
Senior Debt

CS and Sparebank go long to avoid negative yields

Credit Suisse and SpareBank 1 priced deals in senior format this week, choosing longer maturities to avoid entering negative yield territory. SpareBank 1’s €500m green bond attracted demand of €700m but leads were not able to tighten pricing to the tight end of their price guidance.

David Freitas, September 05, 2019
SSA

SSAs freeze for 'biggest' ECB meet as higher concessions await

The SSA primary bond market is eerily quiet. What is usually one of the busiest times of the year for raising bonds in euros is proving to be the opposite as issuers sit it out in anticipation of next week’s highly anticipated monetary policy announcement by the European Central Bank (ECB). Burhan Khadbai reports.

Burhan Khadbai, September 05, 2019
Southpaw

Khan do attitude: Ermotti looks to secure legacy

The arrival of star Credit Suisse banker Iqbal Khan gives UBS’s chief executive Sergio Ermotti the chance to achieve his ambition of reaching a decade at the helm of the bank while securing a smooth transition, writes David Rothnie. Meanwhile, UBS’s restructuring, announced on Thursday, marks a focus on intragroup collaboration.

David Rothnie, September 05, 2019

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