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RMBS

Clifden launches £2bn tender for legacy UK mortgage bonds

Clifden IOM No. 1, a real estate-focused hedge fund, has launched a tender for UK RMBS bonds totalling £2bn from the RMAC series, which were issued before the crisis by non-conforming lender GMAC-RFC. The fund has stayed tight-lipped about its strategy, but some see it as an attempt to seize control of the collateral, following an announcement before Christmas that the original sponsors could call the deals.

Owen Sanderson, January 09, 2018
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QNB’s loan underwrite shows only partial market confidence

Qatar National Bank (QNB) launched a $3bn loan on Monday, the first real test of the market since Qatar’s Gulf Cooperation Council (GCC) neighbours severed diplomatic ties with the sovereign. Nine banks have agreed to underwrite the full amount ahead of general syndication, showing initial fears have subsided. But the test is not over — will Qatar’s other relationship banks step up?

Bianca Boorer , January 09, 2018
Equity-Linked

Swiss Prime bags Sfr300m in hot CB market

Europe’s equity linked new issue market is enjoying a busy start to the year, with four deals totalling €1.56bn priced in the past week. The latest was a Sfr300m seven year convertible bond (CB) issue by Swiss Prime Site, the property investment company.

Aidan Gregory, January 09, 2018
Neon opens up UK ILS market

Neon Underwriting has launched the first insurance linked security (ILS) deal in the UK, after a new law designed to incentivise the creation of vehicles was passed last month.

Jasper Cox, January 09, 2018
Supras and agencies

KfW pulls in biggest ever book

The euro market is providing borrowers with superb execution — KfW gathered its largest ever book for a 10 year on Tuesday — but investors are requiring healthy new issue concessions in order to commit.

Lewis McLellan, January 09, 2018
Sovereigns

Sovereigns poised to jump into action

January’s impressive pipeline of sovereign issuance is starting to unload, as Italy and Portugal hit screens on Tuesday for their first syndications of the year.

Lewis McLellan, January 09, 2018
People News

Investcorp hires Rothschild senior adviser for new credit funds business

Investcorp has hired Phil Yeates as managing director and head of European credit funds, after he had spent 24 years at Rothschild.

Victor Jimenez, January 09, 2018
Supras and agencies

EIB sets tone for SSA dollar rush with biggest book in years

The European Investment Bank on Tuesday produced its largest dollar deal in nearly three years — and its biggest book in even longer — in what bankers said was a clear signal of the strength of demand in the currency. The Inter-American Development Bank is next up in dollars, and more supranationals could still enter the fray this week, with supply expected to keep at a rampant pace until mid-February.

Craig McGlashan, January 09, 2018
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There’s something about Monte

Banca Monte dei Paschi di Siena’s comeback plans show that there is still a big difference between tier two and additional tier one (AT1) bonds, even after the failure of Banco Popular.

Tyler Davies, January 09, 2018
Derivatives

ISDA preps French, Irish master agreements

Chief executive of the International Swaps and Derivatives Association (ISDA) Scott O’Malia on Monday said that the trade body was preparing French and Irish law governed ISDA master agreements to be “ready for all eventualities” in the wake of Brexit.

Costas Mourselas, January 09, 2018
People News

ICBC Standard Bank appoints new COO

ICBC Standard Bank has appointed Gary Simpson, a former HSBC banker, as chief operating officer of global markets, a newly created role.

Nell Mackenzie, January 09, 2018
EM Middle East

QNB follows ADCB to Formosa

Two banks from the Gulf Corporation Council (GCC) have turned to Taiwan to raise dollar funding already this year, with Abu Dhabi Commercial Bank (ADCB) printing $540m and Qatar National Bank (QNB) printing $720m in Formosa trades.

Virginia Furness, January 09, 2018

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