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UBI Banca pushes ahead with NPL disposal plans

UBI Banca, the Italian bank with a €97bn loan book, announced on Wednesday the securitization of a €2.75bn non-performing loan (NPL) book, and plans to apply for a state guarantee on the senior tranche which will be retained.

Asad Ali, August 02, 2018
Corporate Bonds

IG bond market enjoys summer renaissance

Europe’s investment grade corporate bond market is unusually vibrant for the time of year, with €6.5bn of issuance this week, including jumbo deals from Daimler and AT&T. Issuers chose to pounce upon market conditions more resplendent than earlier in the summer, rather than take the risk of waiting until September. Now more companies are expected to exploit this issuance window. Aidan Gregory reports.

Aidan Gregory, August 02, 2018
SSA Bond Comments

World Bank EUR750m 1.2% Aug 34

Rating: Aaa/AAA

Burhan Khadbai, August 02, 2018
Supras and agencies

Sterling steady after BoE rise as L-Bank helps push to record volume

The Bank of England on Thursday raised its base rate by 25bp to 0.75%, a move that was widely expected and one that brought next to no market reaction — keeping conditions calm for what could be a record year for SSA sterling issuance. L-Bank added to that tally on the same day with a deal that came 25% above its initial size target.

Craig McGlashan, August 02, 2018
Bank Strategy

NatWest Markets fights back in FIG

NatWest Markets has come a long way since the dark days of its repeated restructurings. For a while, RBS was a punchline for gallows humour about the state of investment banking (not to mention the participation of the state in investment banking). Senior bankers jumped or were pushed, while the firm closed offices, sold off its US operations, trimmed its ambitions and seemed ready to settle down as a bit-part domestic player in the capital markets. But it is often darkest before the dawn.

Owen Sanderson, August 02, 2018
Covered Bonds

ING Australia set to issue debut covered bond

Fitch has assigned an AAA rating to the debut covered bond programme of ING Bank in Australia (INGBA).

Bill Thornhill, August 02, 2018
LevFin Leveraged Loans

Imerys Toiture opens second lien for demanding lev loan investors

The financing for the €1bn acquisition of roofing business Imerys Toiture to Lone Star Funds was revised this week to include a subordinated debt tranche, as levfin investors still active in August pocket riskier but higher yielding paper.

Victor Jimenez, August 02, 2018
FIG People and Markets

EIOPA ponders harmonising guarantee schemes

The European Insurance and Occupational Pensions Authority (EIOPA) floated the idea of a European network of guarantee schemes this week, in the latest indication it is seeking to eliminate disparities in how resolution and recovery of insurance firms works across the EU.

Jasper Cox, August 02, 2018
Africa

Views split on attractiveness as Eskom guides for dual trancher

Eskom has released initial price guidance for its $1.5bn dual tranche bond but analysts and syndicate officials seem divided as to whether the premium offered over the sovereign is enough to make it a compelling purchase. But having set modest sizes for the notes, the large majority expect the trade to go well.

Francesca Young, August 02, 2018
Equity

Countrywide turns to equity sale to offset debt woes

UK estate agent Countrywide has turned to the equity capital markets to resolve its debt issues and has initiated a share sale to raise £129m as part of its “Absolute Growth Plan” to turn its fortunes around.

Sam Kerr, August 02, 2018
CEE

Fresh sanctions batter Turkey’s debt and equity markets

The US has imposed sanctions on two senior officials in the Turkish government, prompting debt and equity markets to sell off and driving Turkish lira to over five to the dollar for the first time in history.

Lewis McLellan, August 02, 2018
Asia

HDFC AMC seals $408m IPO as CreditAccess sets terms

HDFC Asset Management Co has raked in Rp28bn ($407.9m) from its IPO after a big show of demand from institutional and non-institutional investors.

John Loh, August 02, 2018

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