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People and Markets

Levfin investors band together against borrower domination

Investors in the leveraged finance market established a new trade body this week, giving them the chance to push back against aggressive covenant terms, and offering an alternative forum to the Association for Financial Markets in Europe, increasingly dominated by the sell side following a mass walk-out by the buy side last year.

Victor Jimenez, January 10, 2019
Supras and agencies

Euro SSAs keep up pace with quartet oversubscribed

The public sector euro market’s thundering start to the year stayed noisy on Thursday as a quartet of smaller issuers from across the continent printed oversubscribed deals.

Craig McGlashan, January 10, 2019
CEE

Slovenia, Israel open EM with stellar deals

Emerging markets got off to a cracking start for the year this week with a slew of sovereign deals hitting screens. High quality, low beta sovereigns Israel and Slovenia began proceedings with impressive euro deals.

Lewis McLellan, January 10, 2019
Corporate Bonds

Telecom Italia takes €1.25bn but premium causes surprise

Telecom Italia attracted €4.5bn of orders on Tuesday, which was no mean feat, having to contend with a €4bn four-tranche Orange deal in the market on the same day, but also the uncertainty surrounding the Italian government and its budget hanging over the country’s economy. This, combined with the company’s Ba1/BB+/BBB- ratings, meant it had to offer what research house CreditSights saw as a 90bp premium to its secondary curve for the new 5.25 year deal.

Nigel Owen, January 10, 2019
SSA

Kim exit sparks fears of Trump plant at World Bank

The surprise decision by Jim Yong Kim to quit as president of the World Bank and join a private fund has triggered a race for the top job in development finance, at a time when the US, the Bank's largest shareholder, is hostile to multilateralism. By Phil Thornton

GlobalCapital, January 10, 2019
Corporate Bonds

Demand for IG corporate paper floods back but at a price

With €24bn of orders placed for just over €11bn of new corporate bonds this week, the investment grade corporate bond market has reopened for the year with a full-throated roar. The size of demand will give encouragement to other borrowers but they will have noted the higher spreads and new issue premiums required to raise bond funding compared to last year, writes Nigel Owen

Nigel Owen, January 10, 2019
Asia

World Bank risks US wrath with China loans

Research by a US thinktank shows that the World Bank will have to carry out major reform of its lending to China to meet US-driven goals to focus loans on projects with benefits outside wealthy provinces. By Phil Thornton

GlobalCapital, January 10, 2019
Supras and agencies

IADB to add to record sterling start after CEB hits new high, FMS-W prints second

Sterling issuance from non-UK public sector borrowers has made by far its strongest ever start to a calendar year, with borrowers and bankers citing liquidity-laden investors and a crucial parliamentary vote on Brexit next week as factors behind the rush. Council of Europe Development Bank (CEB) and FMS Wertmanagement added to the feast on Thursday, while Inter-American Development Bank will bring yet another trade this Friday.

Craig McGlashan, January 10, 2019
Bank Strategy

Barclays names new DCM leadership

Barclays has unveiled the new structure of its management team for its global DCM and risk solutions group businesses, naming a new head of DCM for EMEA.

Francesca Young, January 10, 2019
Equity IPOs

Politics clouds outlook for Benelux ECM

The first half of the year is expected to be a quiet one for equity capital markets deals in the Benelux region, despite a healthy pipeline of deals, due to the political risks facing the eurozone.

Aidan Gregory, January 10, 2019
Covered Bonds

Credito Emiliano gives OBGs a strong start

Credito Emiliano has successfully issued the first Obbligazioni Bancarie Garantite of the year. Some bankers believe the bond issue sends a strong signal to issuers struggling to fund in the senior market and should therefore catalyse supply, but other have their doubts.

Bill Thornhill, January 10, 2019
Investment Grade Loans

Lenders face post-Libor administrative nightmare

Loans desks are facing an unprecedented administrative ordeal over the next two years, as there will likely be no way to swap sterling loans that reference Libor to a new benchmark rate on a wholesale basis.

Mike Turner, January 10, 2019

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