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Equity

Equity investors still calm about Turkish war risks

Equity investors seem to be shrugging off the geopolitical tension surrounding Turkey, which is fortunate for a pipeline of Turkish IPOs, but there are risks if relations with the US worsen further, writes Sam Kerr.

Sam Kerr, January 25, 2018
Derivatives

FIA and ISDA: let national regulators do their jobs

Two influential derivatives trade bodies have questioned elements of a European Commission proposal that would centralise supervisory powers with pan-European securities watchdog ESMA, arguing that national supervisors have a “strong knowledge of local markets” and that the move seemed “premature”.

Costas Mourselas, January 25, 2018
Follow-ons and Rights issues

Spain’s Prisa begins €563m rights offer to tackle debt problems

Prisa, the Spanish media conglomerate that owns El País, has launched its fully underwritten €563m rights issue after it was approved by CNMV, the Spanish market regulator, on Thursday.

Aidan Gregory, January 25, 2018
LevFin

Go and bore someone else with your sermon against high yield

The ritual warnings about the ‘junk bond market’ are filling business pages again as the new year rolls on. They are inaccurate, and help hide the actual potential dangers under the surface of overheated high yield bonds.

Victor Jimenez, January 25, 2018
Asia

Kazakhs should open up with care

Making Kazakh domestic assets Euroclearable is a laudable aim. But in its treatment of international investors, the country needs to be aspire to similarly high standards if it is to succeed in opening up capital markets.

Francesca Young, January 25, 2018
LevFin High Yield Bonds

Single-B buyers all ears for Algeco €1.4bn refi

Investors looking for lower rated high yield bonds welcomed the roadshow of a three tranche, multi-currency deal from Algeco Scotsman, a US modular space and secure storage group, this week.

Victor Jimenez, January 25, 2018
Asia

Banks prepare for loans to bloom in late winter

High grade loans bankers are predicting a flood of refinancing and amend and extend exercises in February, as earnings blackouts end and deals that have sputtered early this year push through the market.

Michael Turner, January 25, 2018
Investment Grade Loans

Secondary loan prices fall to multi-month lows

Prices in Europe’s secondary loan market have fallen to their lowest levels for two months, though investment grade loans bankers say recent sales have gone through at a “decent price”.

Michael Turner, January 25, 2018
Covered Bonds

Alpha Bank covered bond draws unparalleled demand

Alpha Bank was inundated with demand for its debut covered bond, benefiting from a series of positive credit events that have boosted the Greek sovereign, thereby enabling the issuer to print a considerably longer benchmark at a lower yield than its peers — and with much more demand.

Bill Thornhill, January 25, 2018
Senior Debt

Iccrea sells FRN after slipping to speculative rating

Iccrea Banca, the central institution of Italian credit unions and savings banks, opened books on a short dated floating rate deal on Thursday, shortly after having had its credit ratings cut to speculative grade by Fitch.

Tyler Davies, January 25, 2018
Bank Capital

Belfius goes ‘embarrassingly’ tight for debut AT1

Belfius tapped into the hefty imbalance between supply and demand in the market for additional tier one (AT1) bonds on Thursday, ratcheting down the pricing to achieve the second lowest coupon for the instrument ever in euros.

Jasper Cox, January 25, 2018
CEE

Rusal guides for five year

United Company Rusal has released price guidance for its Reg S/144A five year benchmark bond.

Francesca Young, January 25, 2018

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