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Comment

May’s Brexit plan: clarity at last

Ever since Theresa May became UK prime minister in July, markets and commentators have thirsted to know what her strategy would be for the negotiations to leave the European Union. Now we know — and so far, the markets like it.

Jon Hay, January 17, 2017
Syndicated Loans

Pace of hand pivotal in Gulf loan poker

If “keeping one’s cards close to one’s chest” in negotiations while also acknowledging the need for market certainty seems like a peculiarly Brexit paradox, try managing the funding plans of a Gulf state as it tries to deal with a budget deficit.

Dan Alderson, January 17, 2017
Follow-ons and Rights issues

BCP shares rise as it goes ex-rights before €1.33bn recap

Shares in Banco Comercial Português, the Portuguese bank, closed 15% higher on Tuesday after they began trading ex-rights ahead of its €1.33bn rights issue to strengthen its capital buffers and repay contingent convertible bonds owned by the Portuguese government.

Aidan Gregory, January 17, 2017
GC View

EIB will be the test for tricky 10s

The European Investment Bank will look to raise cash at 10 years on Wednesday, providing an important gauge on the health of an area of the curve that has been inhospitable so far in 2017.

Lewis McLellan, January 17, 2017
CLOs

Secondary CLO volume jumps past 2016 average

US CLO trading volumes last week topped the average level seen in 2016, as low supply of new issuance drove investors to the secondary market.

Sam Kerr, January 17, 2017
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Consistency in charters could improve fintech regulation

A letter published by The Conference of State Banking Supervisors (CSBS) on Friday is the latest in a round of opposition to the Office of the Comptroller of the Currency’s (OCC) fintech charter proposal. But the charter could help to streamline regulation of the fragmented industry.

Sasha Padbidri, January 17, 2017
CLOs

EU CLO investors eye fat mezzanine debt spreads

European CLO investors are targeting mezzanine and junior tranches of US and European deals, as wide spreads further down the capital stack lag the aggressive tightening seen in senior paper.

David Bell, January 17, 2017
Covered Bonds

High fives for covered bonds

After a glut of long-dated covered bonds in 2016, investors are scrambling to bring the duration of their portfolio down again, and that means five year covered bonds are likely to remain a firm favourite. More issuers should turn down the ECB's TLTRO, and try covered bonds instead.

Bill Thornhill, January 17, 2017
Sovereigns

Italy prepares 2017 debut after breezing through DBRS downgrade

Italy is set to kick off its syndicated programme for the year with a September 2033 euro benchmark, as the sovereign brushed off a downgrade from DBRS late last week.

Craig McGlashan, January 17, 2017
Supras and agencies

EIB to tap Polish fives

The European Investment Bank plans to tap its May 2021 Polish zloty bond on Wednesday, after mandating banks for a deal on Tuesday.

Silas Brown, January 17, 2017
GC View

The trouble with fixed income trading is structural

The problems of fixed income trading are still a proxy for the fortunes of the whole investment banking industry. Fourth quarter results from the major US houses suggest the Street will have had a strong year in 2016, giving senior traders a new lease of life and a good payday, while 2017 could be just as good. But the industry’s problems aren’t going away.

Owen Sanderson, January 17, 2017
LevFin People and Markets

Credit Suisse appoints co-heads of global levfin

Credit Suisse has named two bankers co-heads of global leveraged finance.

Max Bower, January 17, 2017

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