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FIG People and Markets

Caius takes aim at UniCredit’s Cashes

Hedge fund Caius Capital has written to the European Banking Authority claiming that a legacy equity-linked instrument issued by UniCredit counts incorrectly as regulatory capital. The fund believes this makes the bank’s ordinary shares ineligible as capital too.

Jasper Cox, May 08, 2018
LevFin High Yield Bonds

Ithaca HY refi in as energy issuance climbs

After four years away from the high yield market, UK North Sea operator Ithaca Energy was back with a bond refinancing deal this week, as European oil and gas issuance runs well ahead of last year’s pace.

Victor Jimenez, May 08, 2018
Trump sanctions hit Russia where it hurts

After riding out waves of sanctions imposed on Russia by the US, investors received a nasty shock in April when Donald Trump unveiled a series of measure targeting individuals that could have long-lasting impacts on Russia firms' ability to access Western debt markets

Elliot Wilson, May 08, 2018
Fast social and economic change rings in a new era for Uzbekistan

After decades in the economic wilderness, Uzbekistan wants to reintegrate itself into the global value chain. A Eurobond is on the way and regional integration has become a key priority

Virginia Furness, May 08, 2018
Covered Bonds

Deutsche and Oberösterreich pay tiny covered bond NIPs

Covered bond deals issued on Tuesday by Deutsche Bank and Hypo Oberösterreich offered concessions of less than 2bp, illustrating that spreads have stabilised. With supply likely to remain low over the next few weeks, the more supportive backdrop should persist.

Bill Thornhill, May 08, 2018
Bank Capital

Sydbank plans to optimise capital with debut AT1

Sydbank is preparing to sell its first additional tier one bond in the euro market, complementing plans to optimise its capital structure via share buy-backs.

Tyler Davies, May 08, 2018
Emerging Market Loans

Vakif Katilim debut loan shines in syndication

Turkey’s Vakıf Katılım Bankası has signed its debut syndicated loan, increasing the Sharia-compliant murabaha facility after lenders piled into it.

Michael Turner, May 08, 2018
Corporate Bonds

Euro market ready to close the gap on dollars

The US corporate bond market has enjoyed strong new issuance volumes in the last two weeks, while the European market has been much quieter. But in emerging from two weeks shortened by public holidays, Europe is preparing to close the gap.

Nigel Owen, May 08, 2018
SSA

KfW’s four year fails to impress BondMarker voters

BondMarker voters scored three deals last week, including the European Financial Stability Facility’s last helping of funding for the second quarter and an arbitrage style trade by KfW. Read on to see how the deals were received.

Lewis McLellan, May 08, 2018
Asia

IndInfravit bags $484m from first InvIT private placement

IndInfravit Trust lifted the gloom in India’s infrastructure investment trust market this week after its Rp32.3bn ($484m) private placement, a first for the asset class, drew in Allianz Capital Partners and Canada Pension Plan Investment Board.

John Loh, May 08, 2018
GC View

The change in EM loan structures is unstoppable

Before a dam bursts, there are telltale signs. A few drops of water might eke their way through, some ominous creaking could sound, or the once-sturdy walls might look like they’re starting to buckle. Similar indicators are showing in parts of the emerging markets loan market, with more borrowers asking for terms that until now were only seen on investment grade, developed market deals.

Michael Turner, May 08, 2018
GC View

Halting trades can make sanctions work better

Euroclear’s refusal to continue settling Rusal trades when US sanctions were slapped on the company on April 6 may have saved many US bond investors from crystallising crippling losses. If the US plans further rounds of similar punishments, it should turn that happy accident into a permanent feature of the sanctions process.

Francesca Young, May 08, 2018

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