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Leader

Risk-weight fiddling won't save planet

The pace of growth in green mortgage financing is improving, but it is still woefully inadequate, particularly with respect to covered bonds where there are no price advantages. Fiddling with mortgage risk weights while the world burns will not change behaviour quickly enough.

Bill Thornhill, July 11, 2019
Leader

Deutsche’s decline may cause a German rethink

Could Deutsche Bank’s relegation from the top table of investment banks puncture Germany’s positive impression of its banking system, leading to a breakthrough in Europe's banking union?

Jasper Cox, July 11, 2019
Corporate Bonds

BASF profit warning raises fears of down cycle for chemicals

If A1/A+ rated BASF was worried its credit rating would drop, S&P Global has given it some good news. On Thursday, the agency said it expected the chemical producer's Monday profit warning to have only a moderate impact on Its credit ratings. But a gloomy outlook still hangs over the chemicals sector, and companies in the low triple-B band may well have a tougher time in the bond market.

Alex Radford, July 11, 2019
Corporate Bonds

Yankees romp as Panasonic back after 20 yrs

ArcelorMittal jumped into the dollar bond market on Thursday to take advantage of strong funding conditions, after Jerome Powell, chairman of the US Federal Reserve, stoked hopes of a rate cut in July.

David Rothnie, July 11, 2019
Senior Debt

Nationwide leads Yankee charge following Fed meeting

Nationwide Building Society and Mitsubishi UFJ Financial Group joined in a Yankee stampede to the dollar market on Thursday, as issuers exploited red-hot funding conditions while markets rallied on a dovish message from US Federal Reserve chairman Jerome Powell.

David Rothnie, July 11, 2019
Bank Strategy

Deutsche hopes to leave the sick bay after equities cull

Everyone had been expecting another strategy overhaul from Deutsche Bank, but no-one expected the depth of the cuts to be so brutal. The bank is to end much of its equities business and refocus on corporate banking, and shed nearly 20,000 jobs. But observers are wary about the bank’s ability to restructure without inflicting more pain than it has forecast.

Jasper Cox, July 11, 2019
Auto issuers preparing to bring over $4bn in new paper

At least six auto ABS sponsors are set to bring deals to market next week, kicking off a healthy flow of issuance for July, following a post-July 4 dry spell.

Jennifer Kang, July 11, 2019
FIG

Cembra Money Bank covers all the bases

Having successfully accessed the equity, convertible and AT1 market last week to finance its acquisition of Cashgate, Zurich-based Cembra Money Bank made it a full house on Monday when it added a senior unsecured trade to its summer funding spree.

GlobalCapital, July 11, 2019
EM Bond Comments

Tunisia EUR700m 6.375% Jul 26

Rating: B2/—/B+

Francesca Young, July 11, 2019
Covered Bonds

TD keeps active in euro and dollar covered bonds

Toronto-Dominion Bank (TD) took full advantage of strong market conditions this week to issue a $1.75bn three year dollar benchmark and a €1.25bn eight year. The two deals followed a recent Sonia-linked £1bn three year and a euro benchmark issued at the start of the year.

Bill Thornhill, July 11, 2019
Investment Grade Loans

Jumbo M&A gifts euro lenders breathing space

Germany’s Infineon Technologies and compatriot ZF Friedrichshafen have signed acquisition-related loans totalling €16.8bn, as loans bankers allow themselves a small sigh of relief after months of deal drought.

Mike Turner, July 11, 2019
Sovereigns

Long end euro lust rekindles Greek hopes

This week saw barnstorming trades from Italy and the European Financial Stability Fund (EFSF) in euros with the long end of the curve proving to be the strong end, and now rumours are swirling around the prospect of a Greek sovereign deal.

Mike Turner, July 11, 2019

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