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Corporate Bonds

Merck hybrid gets €11bn book amid risk rally sparked by Draghi

Investors hoovered up two German hybrid capital issues on Tuesday, in a receptive market spurred on by dovish comments from European Central Bank president Mario Draghi. They were of very different stripes: a €1.5bn dual tranche issue from Merck, the pharmaceutical company, which was about 7.5 times covered, and a £400m issue from Aroundtown, the property company.

Alex Radford, June 18, 2019
ABS

ABS market needs to consider the ECB's view of STS

Six months into its inception, the ‘simple, transparent and standardised’ (STS) securitization framework seems to be doing its job. It has successfully established a market set to inherit the majority of ABS issuance, with issuers noting a raft of new investors operating in the sector. But have those buyers made a wrong assumption about how the ECB views STS deals?

Tom Brown, June 18, 2019
Derivatives

Citi merges FX and rates units

Citi will integrate its foreign exchange and local markets operations with its G10 rates unit, to form a single rates and currencies business.

GlobalCapital, June 18, 2019
Investment Grade Loans

ICBC London mandates for green loan in first for Chinese banks

ICBC has mandated banks to arrange an up to $400m-equivalent green loan for its London branch, in what the borrower has labelled the first ever deal for a Chinese bank that follows the Green Loan Principles.

Mike Turner, June 18, 2019
Investment Grade Loans

Rating agencies warn Pfizer over $11.4bn Array Biopharma buy

Pfizer has agreed to buy US compatriot Array Biopharma for around $11.4bn in enterprise value in a heavily debt-driven acquisition. This has led to warning shots from the rating agencies.

Mike Turner, June 18, 2019
Technology

IOSCO seeks path for cyber standards

A new report from the International Organisation of Securities Commissions has pointed to gaps in the way cyber standards are being applied by its members.

GlobalCapital, June 18, 2019
Follow-ons and Rights issues

Tikehau Capital prepares €1bn capital raise after rapid growth

Shares in Tikehau Capital, the French alternative investment manager, rose almost 6% this week after the company launched a well-flagged €1bn capital raise to finance growth.

Aidan Gregory, June 18, 2019
LevFin Leveraged Loans

Leads tighten Vue docs and pricing

Vue International’s revamped refinancing has tightened doc terms and pricing at the same time, ahead of commitments later on Tuesday, making it harder for part-owner Omers to take money out through its sub-debt —while also narrowing the OID and testing tighter pricing. The issuer may also include a sterling carve-out.

Owen Sanderson, June 18, 2019
Sovereigns

Draghi easing hint sends yields plummeting

European Central Bank boss Mario Draghi sent European govvie yields plunging on Tuesday by redoubling rhetoric that more easing is on its way, leading to an immediate claim of unfairness from US president Donald Trump.

Mike Turner, June 18, 2019
Lloyds shakes up UK and US fixed income groups

Lloyds Bank has appointed heads to several of the banks fixed income groups, while also announcing the retirement of securitized products group (SPG) chief Parker Russell.

Jennifer Kang, June 18, 2019
LevFin People and Markets

Investor group ELFA preps covenant questionnaire

The European Leveraged Finance Alliance has prepared a questionnaire on deal covenants, to help investors grill arrangers and issuers at roadshow meetings, circulating the standard question list to the market’s big investment banks, as well as to its investor members.

Owen Sanderson, June 18, 2019
Senior Debt

UniCredit fixes call option to pref senior deal

UniCredit made the unusual decision of adding a one year call option to a preferred senior bond on Tuesday, nodding towards the bond’s potential value as total loss-absorbing capacity (TLAC). The Italian bank won strong support on a day when dovish central bank comments were fuelling a big rally in the value of risk assets.

Tyler Davies, June 18, 2019

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