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Leader

AT1 tourists should read the Ts and Cs

Improving bank credit and tightening in other asset classes have widened the appeal of additional tier one (AT1) paper. But newcomers should make sure they price in the risks of resets and call options.

Jasper Cox, November 23, 2017
Market News

Dutch primary dealer programme helped trader pick off algos

The Dutch State Treasury Agency's primary dealer quotation obligations gave Bank of America Merrill Lynch trader Paul Walter the chance to pick off his counterparts on the ‘BrokerTec’ platform — behaviour for which he was fined by the UK's Financial Conduct Authority on Wednesday.

Nell Mackenzie, November 23, 2017
Technology

First cryptocurrency bond launched, more to come

Blockchain’s seemingly inexorable encroachment on the capital markets business reached a new phase on Wednesday with the world’s first bond denominated in cryptocurrency.

Lewis McLellan, November 23, 2017
People News

People Moves in Brief

BBVA DCM Europe head leaves to start fund — Mizuho hires CS trader as international fixed income head — BNPP promotes in corporate finance biz

GlobalCapital, November 23, 2017
Covered Bonds

Prayers for negative yielding covered bonds to go unanswered

Berlin Hyp (BHH) showed this week that investors are so hungry for short dated covered bonds that they are prepared to pay a negative yield for the privilege of owning them. Even so, it is unlikely that any other issuer will meet this extraordinary demand, writes Bill Thornhill.

Bill Thornhill, November 23, 2017
Corporate Bonds

Borrowers frontload ahead of Thanksgiving

The high-grade US bond market is set for a much-needed breather over the Thanksgiving holiday as deal indigestion makes way for Turkey-induced dyspepsia.

David Rothnie, November 23, 2017
EM LatAm

Crédito Real lends hope to smaller issues

As much as Latin American bond markets have enjoyed a record year, trades of $300m or under that are not eligible for indices have largely struggled.

Oliver West, November 23, 2017
Corporate Bonds

McDonald’s serves skinny premiums

American fast food chain operator McDonald’s on Tuesday sold the sixth reverse Yankee deal in a month, issuing a long six year tranche and a 12 year tranche to raise €1.2bn.

Nigel Owen, November 23, 2017
Corporate Bonds

IG property deals still finding large demand

Property has been one of the most favoured sectors in the corporate bond market in 2017 and this week saw three more deals. Germany’s TLG Immobilien and Spain’s Inmobiliaria Colonial added €1.2bn to the year’s supply in euros, while UK student accommodation provider Liberty Living sold a £500m ($665.3m) deal.

Nigel Owen, November 23, 2017
Supras and agencies

Investors state preferences on social bonds

The nascent social bond market has been keeping the primary public sector debt market ticking over as the end of the year approaches. Demand for the asset class is swelling, and investors are beginning to make their preferences known.

Lewis McLellan, November 23, 2017
Corporate Bonds

HIT pays for ratings doubts

French toll road operator Holding d’Infrastructures de Transport paid a hefty premium last Friday as it sold a dual tranche bond to help refinance its March 2018 note. The Baa3 rated subsidiary of Spanish infrastructure company Abertis suffered from the uncertainty surrounding a takeover of its parent company.

Nigel Owen, November 23, 2017
FIG

Pipeline grows with greens, Portuguese bank capital

The financial institutions bond market is set to welcome two more debut offerings in the coming weeks, with Banco Comercial Português (BCP) lining up its first tier two deal and LBBW choosing banks to arrange its inaugural green senior bond.

Tyler Davies, November 23, 2017

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