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Derivatives

EC bangs the drum on euro clearing relocation

The European Commission on Tuesday sent the strongest signal yet that continental politicians will work to wrestle euro clearing activity away from the UK as its exits the European Union.

Ross Lancaster, June 13, 2017
Supras and agencies

KBN ‘banishes KommuneKredit trade’ with bumper book

Kommunalbanken built a doubly subscribed book on Tuesday for a long three year dollar deal that bankers said should give confidence to the market after a similar trade from KommuneKredit two weeks ago fell short of full subscription.

Craig McGlashan, June 13, 2017
Equity IPOs

Société Générale's €1.3bn IPO of ALD is covered at max

The IPO of ALD, the car leasing division of Société Générale, is covered at its maximum size including the greenshoe, ahead of the end of the bookbuild on Thursday.

Aidan Gregory, June 13, 2017
Corporate Bonds

Corporate bond issuance slows ahead of FOMC

Although sentiment around the euro corporate bond market is favourable, following Emmanuel Macron’s party’s decisive results in French parliamentary elections on Sunday, only one new issue and one tap hit investors’ screens on Tuesday.

Nigel Owen, June 13, 2017
ABBs-Block Trades

NLFI’s third ASR Nederland block covered in half an hour

On Monday night, NLFI, the organisation that manages the investments of the Netherlands, completed the sale of another chunk of its stake in ASR Nederland, the insurer nationalised during the financial crisis.

Aidan Gregory, June 13, 2017
GC View

UK doesn’t have a clue on Brexit

Financial analysts and investors trying to make sense of what the UK general election result means for the upcoming Brexit negotiations should take a step back and ignore what they read for some time. The British government is clueless on its approach to Europe.

Sam Kerr, June 13, 2017
LevFin High Yield Bonds

Klöckner merger forecast to bring Ebitda over €300m, but eight times levered

Germany's Klöckner Pentaplast’s merger with UK competitor Linpac will create a global player in the packaging sector, the firm said on Tuesday, with an Ebitda of over €300m. The debt backing the merger will bring leverage at the firm to over eight times Ebitda, however, according to S&P, and one investor said he was concerned the deal could follow the market trend in becoming too aggressive.

Max Bower, June 13, 2017
EM LatAm

Investors drawn to Uruguay’s nominal peso debut

South American sovereign Uruguay followed up its lowest inflation print for 12 years with its first ever nominal global peso-denominated bond on Monday.

Oliver West, June 13, 2017
Africa

Afreximbank on track to extend dollar curve

Afreximbank had taken books of $2bn for its new seven year note on Tuesday morning as the bid for African credit gathered pace.

Virginia Furness, June 13, 2017
Covered Bonds

Deutsche Hypo mandates as NordLB considers sale of bank

Deutsche Hypothekenbank has mandated leads for its first deal of the year, weeks after its owner NordLB said it was considering a sale of the bank. The high quality cover pool and choice of German law as the governing code will stand the deal in good stead, but uncertainty over borrower's future ownership could complicate matters.

Bill Thornhill, June 13, 2017
CEE

Multi-faceted appeal boosts Globalworth

Romania-focussed Globalworth Real Estate Investments drew support from a variety of investors for its debut bond, which included a large cornerstone order from a financial institution, to price a €550m deal at 3% on Monday.

Virginia Furness, June 13, 2017
EM LatAm

Petroperu pounces as investors seek Peru paper

Bond investors shrugged off state-owned oil company Petroperu’s low credit quality to pile into its debut deal in remarkable fashion as the issuer sold 15 and 30 year bonds at a tighter spread to the sovereign than its Mexican counterpart Pemex.

Oliver West, June 13, 2017

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