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Senior Debt

MetLife’s FAB reveals investor thirst for euro insurance paper

MetLife closed a funding agreement-backed (FAB) deal on Tuesday — its first euro bond offering since January 2015. The deal was more than three times subscribed, showing that investors are eager to diversify their portfolios into euro insurance paper.

Tyler Davies, April 02, 2019
Corporate Bonds

Verizon’s euro visit comes far through dollars

The strength of demand in Europe's credit markets was amply demonstrated on Tuesday when Verizon, the US telecoms company, returned for the first time since 2017 with two tranches of euro bonds and one in sterling.

Alex Radford, April 02, 2019
GC View

Gentlemen’s agreements: time to reassess

Gentlemen’s agreements seem like a quaint idea when billions of dollars are up for grabs, yet, bafflingly, the capital markets continue relying on them. It’s time to stop assuming borrowers will blindly do what financiers want when there is a cheaper, easier or more sensible option for treasuries to take.

Mike Turner, April 02, 2019
Securitization People and Markets

Credit Suisse hires ex-JPM ABS syndicate banker for sales

Credit Suisse has hired from JP Morgan for securitization sales.

Francesca Young, April 02, 2019
Derivatives

Eurex repo incentives help 23% surge

Eurex's Repo Partnership Programme, which it started on February 1, appears to be bearing fruit. The average volume of financing in the exchange's repo markets segment in March was 23% higher than a year ago.

GlobalCapital, April 02, 2019
GC View

At least the Aramco bond helps the banks

Aramco’s bond prospectus shows many things, but it makes it clear just how thin the rationale for raising the money is. But at least it helps the investment banks.

Owen Sanderson, April 02, 2019
Equity

City perseveres despite UK’s terrible politicians

The mania surrounding the UK’s exit from the European Union is reaching fever pitch but the City has ploughed on during the last three months, despite the appalling leadership shown by the UK’s leading politicians.

Sam Kerr, April 02, 2019
SSA

Quebec makes storming return to dollar market

The Province of Quebec came “significantly” through fair value in its $1bn five year trade on Tuesday, as the issuer was able to take advantage of rarity in both its own name and SSA dollar issuance.

Mike Turner, April 02, 2019
Corporate Bonds

Elis taps into yield-hungry market with €500m double-B

Elis, the French workwear and laundry group, took advantage of a corporate bond market eager for yieldy paper on Tuesday by issuing a €500m five year high yield bond that found a friendly reception.

Alex Radford, April 02, 2019
SSA

SSAs price quick and tight in euros amid ‘constructive’ backdrop

Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth.

Burhan Khadbai, April 02, 2019
Supras and agencies

EFSF to hit 'sweet spot' with 16 year mandate

The European Financial Stability Facility appointed banks on Tuesday for its first euro benchmark of the second quarter, which will be issued with a 16 year maturity – a part of the euro curve that has become increasingly attractive as bank treasuries head to the long end in search for bigger returns.

Burhan Khadbai, April 02, 2019
CLOs

LMA calls levloan-subprime comparison ‘superficial’

There is comparatively less systemic risk in leveraged loan CLOs than in the subprime crisis-era sector, representatives from both the Loan Market Association (LMA) and the Loan Syndications and Trading Association (LSTA) agreed while speaking at an IMN conference panel on Tuesday. Credit risks for the sector remain, however.

Tom Brown, April 02, 2019

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