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Supras and agencies

CEB and NRW.Bank struggle in euros

A pair of euro borrowers hit screens at the short end of the euro curve on Thursday, but both failed to reach full subscription.

Lewis McLellan, May 17, 2018
Sovereigns

BTP Italia sale ‘ticks boxes’ despite Italy govvie sell-off

Italy’s political situation may be making investors nervous but the sovereign this week sold the latest line of its BTP Italia product with little fuss — although the domestic skew on the bond makes it a poor barometer of international faith in the credit.

Craig McGlashan, May 17, 2018
FIG People and Markets

EU states still cannot agree on TLAC and MREL rules

EU member states will try to reach agreement next Friday on a series of draft reforms unveiled in 2016, which aim to enshrine international standards such as the total loss-absorbing capacity (TLAC) requirements and the leverage ratio into EU law.

Jean Comte, May 17, 2018
Equity IPOs

Arion’s landmark IPO tests investor demand for Icelandic assets

Arion Banki, the domestic arm of failed Icelandic bank Kaupthing, plans to become the first bank in Iceland to return to the stockmarket nearly a decade on from the financial crisis, having announced its intention to float on Nasdaq Iceland and Nasdaq Stockholm.

Aidan Gregory, May 17, 2018
CLOs

Citi's Keller moves up to spread product sales head

Citi's Peter Keller, former co-head of EMEA structured credit, has been promoted to EMEA head of spread product sales.

Owen Sanderson, May 17, 2018
Africa

Unlucky South Africa hits UST sell-off during $2bn bond return

South Africa raised $2bn in a difficult market on Tuesday, after US Treasuries widened unexpectedly at just the moment that the sovereign began marketing its new deal. The resulting sell-off in both South Africa’s curve and the rand meant that the issuer was not able to tighten pricing as much as had been anticipated, and the deal was smaller.

Virginia Furness, May 17, 2018
Equity

Investors in HelloFresh block make immediate gains

A block in HelloFresh, the German meal kit delivery company, sold quickly after market close on Wednesday night, with investors already enjoying a 9% rise in the stock price.

Sam Kerr, May 17, 2018
CEE

Visible hand of Erdoğan stirs Turkish debt chaos

Turkish president Recep Tayyip Erdoğan sent the country’s sovereign bond yields flying this week as he vowed to take more responsibility for monetary policy if he wins next month’s elections. His comments prompted another sharp dive in the value of the Turkish lira — felt strongly by the country’s dollar debt issuers — as investors feared that even if the central bank does hike rates to defend the currency, the measure could be soon reversed. Francesca Young and Mike Turner report.

Francesca Young, May 17, 2018
Investment Grade Loans

Low & Bonar opts for early refinancing

The UK’s Low & Bonar has signed a new €165m five year revolving credit facility, refinancing early a same sized revolver that was due to mature in July next year.

Michael Turner, May 17, 2018
Market News

Fed mulls easing foreign banks’ TLAC rules

Foreign banks operating in the US could be allowed a more flexible funding structure, according to Randall Quarles, Federal Reserve vice-chairman for supervision. It could lower the cost of trapping liquidity and capital instruments in the intermediate holding companies (IHCs) they had to set up to keep operating in the US.

Owen Sanderson, May 17, 2018
LevFin High Yield Bonds

Pangaea HY deal falls victim to Italian coalition worries

Market sources said rising political uncertainty in the eurozone was to blame for the second deal pulled from the European high yield bond market so far in May, as Greek issuer Pangaea cancelled its high yield roadshow on Thursday.

Victor Jimenez, May 17, 2018
Corporate Bonds

Sevens fail to align as issuers pay to play

When the euro corporate market attempted to return to full speed after a pause on Wednesday, investors were given a tough choice between three triple-B rated issuers all selling seven year bonds and another selling a sub-benchmark five year tranche. The result was a bad one for issuers.

Nigel Owen, May 17, 2018

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