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Senior Debt

UBS EUR1.25bn 1.5% Nov 24

Rating: A-/A

Tyler Davies, November 24, 2016
Senior Debt

Markets morph to clear path for TLAC callables

UBS had no trouble getting involved in the nascent trend for one year callable senior bonds this week, joining an already long line of similar deals from US banks. It won’t be the last we see of the TLAC-friendly structure, as Standard and Poor’s, regulators and investors all seem to be giving their approval. The new format is set to become a mainstay in Europe’s constantly shifting senior bank debt market.

Tyler Davies, November 24, 2016
Covered Bonds

Coventry mandates as covered bids disappear

Coventry Building Society has mandated leads for a roadshow ahead of a possible €500m seven year covered bond. The announcement follows further rates volatility and the withdrawal of most bids in the secondary market.

Bill Thornhill, November 24, 2016
SSA Bond Comments

KfW USD1.5bn 2% Nov 2021 green bond

Guarantor: Federal Republic of Germany

Craig McGlashan, November 24, 2016
Regulation

Commission tweaks bank rules to drive SME and infra lending

The European Commission proposed on Wednesday to extend its ‘SME supporting factor’, which gives easier regulatory treatment to SME lending, and to create a new regulatory subsidy for infrastructure.

Jean Comte, November 24, 2016
Corporate Bonds

BP leads corporate pre-funding rush as dollar credit rallies

Corporate borrowers remained active in the dollar market in the run-up to the Thanksgiving holiday as investors continued to put cash to work in the high grade credit markets.

David Rothnie, November 24, 2016
FIG Bond Comments

BNP Paribas EU500m 0.5% Jun 22 green

Rating: A1/A/A+

Tyler Davies, November 24, 2016
EM Middle East

Saudi second wave close but ACWA perplexes investors

Saudi Arabia’s International Co for Water and Power Projects (ACWA Power) is lining up the first corporate bond from the country since the sovereign’s $17.5bn debt sale in October. But ACWA’s “complicated” bond has left some investors perplexed and planning to sit out the trade. However, the bookrunners say there are decent anchor orders to support the book nonetheless, writes Virginia Furness.

Virginia Furness, November 24, 2016
Covered Bonds

SP gets solid result with defensive covered debut

SP Mortgage Bank got a strong response this week for its first covered bond, partly due to its defensive five year maturity, while Caffil did well to issue a 15 year deal despite soaring volatility.

Bill Thornhill, November 24, 2016
CEE

Gazprom SFR500m 2.75% Nov 21

Rating: Baa1/BB+/BBB-

Silas Brown, November 24, 2016
Market News

MAR rules fail to curb order inflation

The European Market Abuse Regulation (MAR), which came into force this July, treats ‘order inflation’ harshly — but the practice is very far from dying out, according to several syndicate managers. There are, though, some encouraging signs.

Owen Sanderson, November 24, 2016
Derivatives

Credit traders prepare to price new debt tier

The European Commission this week announced a banking reform package that will result in changes to the CRR and CRD IV capital requirement legislation, as well as changes to the BRRD and SRMR legislation relating to recovery and resolution of failing financial institutions. The package is very broad, so we won’t attempt to comment on all of the measures.

GlobalCapital, November 24, 2016

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