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CLOs

Widening loan spreads drive hope for new euro CLOs

Fresh supply of European leveraged loans has led to softening prices, creating opportunities for CLO managers to form new deals and bringing new investors, including Japanese buyers, into the market.

Max Bower, August 17, 2017
Covered Bonds

Valiant plans Swiss structured covered bond

Switzerland’s Valiant Bank is reportedly close to issuing its debut covered bond, with a Swiss franc-denominated issue expected first, possibly followed by a euro benchmark. But the restrictive Swiss covered bond law means the deal will be contractually structured.

Bill Thornhill, August 17, 2017
Leader

How wrong can a rating agency be?

You are looking to buy an item on Amazon. The first two reviews could not be more contrasting. One is a glowing five star rating. The other is a one star hatchet job. Which do you believe? This was akin to the situation facing investors considering Amazon’s new bond on Tuesday, with Moody’s opinion of the company four notches lower than that of S&P.

Nigel Owen, August 17, 2017
FIG

'Prolific' demand stacks up behind Italian non-preferred

Investors are eagerly awaiting the first senior non-preferred (SNP) bond from an Italian bank, but UniCredit is not thought to be considering issuing the instrument before national lawmakers have legislated for it.

Jasper Cox, August 17, 2017
FIG

Goldman's ‘clever timing’ generates volume in Swiss market

Goldman Sachs opened the Swiss market in the middle of the summer holidays on Thursday, selling the largest US financial Swiss franc bond in the last two years — a consequence, bankers said, of clever timing from a respected name.

Silas Brown, August 17, 2017
LevFin

Neuberger Berman calls for global HY funds to incorporate euro levloans

A growing number of European high yield borrowers are replacing their bonds with leveraged loan debt. This week, investment management company Neuberger Berman decided to add leveraged loans into its bond strategy, and said more investors should follow suit to avoid missing new speculative grade issuance.

Victor Jimenez, August 17, 2017
Bank Strategy

Deutsche promotes Patrick to US head

Deutsche Bank said on Tuesday that Tom Patrick, head of equities and co-head of CIB Americas, would become head of Americas.

Owen Sanderson, August 17, 2017
Covered Bonds

Commerz hits covereds for second trade of the week

Commerzbank attracted as much demand and paid an identical new issue premium for its €750m 10 year covered bond issued on Thursday as Münchener Hypothekenbank (MuHyp) did for its €750m nine year launched a day before. The two transactions show that the summer lull is over and the covered bond market is back in business.

Bill Thornhill, August 17, 2017
Emerging Market Loans

Uralkali gets $850m despite new US sanctions

Russian potash company Uralkali signed a $850m pre-export finance facility with 11 banks on Wednesday, showing that investor appetite for the country remains strong despite the US enforcing more sanctions.

Bianca Boorer , August 17, 2017
Corporate Bonds

US corporate market strong to the end of the season

Amazon dominated US corporate bond issuance this week, but aside from the online retailer’s $16bn jumbo deal, there was over $8bn of paper from five other issuers. However, bankers believe this will be the last week of material supply before the annual two week break in the US market.

Nigel Owen, August 17, 2017
EM LatAm

S&P takes Brazil off the naughty step

Standard & Poor’s has removed the immediate threat of a sovereign downgrade for Brazil after saying that the political landscape is “somewhat more settled” than it was in May.

Oliver West, August 17, 2017
Asia

Chinese firms eye US for equity raisings as YY seals $403m

Chinese live streaming platform YY tapped the US market this week with a block sale of American Depositary Shares (ADS), capitalising on a surging stock price. Bankers are preparing for a raft of similar block sales — as well as a growing list of US IPOs from Chinese companies. Jonathan Breen and John Loh report.

Jonathan Breen, August 17, 2017

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