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Sunday, 21 July 2019

Helene Durand' s stories

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  • Deutsche Bank

    Credit investors cautious on Deutsche plan

    Top News | 12 July 2019

    Fixed-income investors cautiously welcomed Deutsche Bank’s ambitious restructuring plan, though its scale and timeline leave little room for manoeuvre and could impact the bank’s ability to pay coupons on its riskiest debt.

  • Frenzied demand for first-time AT1 issuer FinecoBank

    Bonds | 12 July 2019

    Books for little-known FinecoBank’s inaugural Additional Tier 1 were more than nine times covered, unaffected by the lack of name recognition and relatively small deal size.

  • Fineco

    Frenzied demand for AT1 debutant FinecoBank

    Ticker | 11 July 2019

    Books for little-known FinecoBank’s inaugural Additional Tier 1 were more than nine times covered, unaffected by the lack of name recognition and relatively small deal size.

  • A pedestrian walks past a Deutsche Bank office in London

    Credit investors cautiously positive on Deutsche's plan

    Ticker | 09 July 2019

    Fixed income investors have cautiously welcomed Deutsche Bank’s ambitious restructuring plan though its scale and timeline leave little room for manoeuvre and high execution risk, which in turn could impact the bank’s ability to pay coupons on its riskiest debt.

  • BMPS

    BMPS and UBI seize moment as credit markets go on a tear

    Top News | 05 July 2019

    Banco Monte dei Paschi di Siena and Unione di Banche Italiane used the risk-on mode gripping European credit markets to their full advantage by substantially tightening terms on new bond issues on the back of heavy oversubscriptions.

  • Commerzbank

    Commerzbank smashes US$1bn AT1 debut out the park

    Top News | 05 July 2019

    Commerzbank smashed its US$1bn Additional Tier 1 debut out of the park last Tuesday, landing at 7% as investors threw over US$10.5bn of orders at the rare chance to buy a national champion’s first deal in the format.

  • Monte dei Paschi bank headquaters

    BMPS, UBI seize moment as credit markets go on a tear

    Ticker | 04 July 2019

    Banco Monte di Paschi di Siena and Unione di Banche Italiane used the risk-on mode gripping European credit markets to their full advantage by substantially tightening terms on the back of heavy oversubscriptions.

  • NatWest

    MOVES-Crosbie heads back to NatWest Markets

    Ticker | 04 July 2019

    Laura Crosbie is going back to NatWest Markets after a two-year stint at ABN AMRO, according to a market source.

  • Commerzbank

    Field clear for Commerzbank AT1 debut

    Top News | 28 June 2019

    A clear regulatory framework and the breakdown of merger talks with Deutsche Bank left the path clear for Commerzbank to line up an inaugural Additional Tier 1 in what will be one of the most eagerly awaited capital markets debuts.

  • Denmark

    Saxo takes investors to edge of Tier 2

    Ticker | 26 June 2019

    Saxo Bank is on track to successfully pulling off a Tier 2 transaction on Wednesday, with demand passing €135m for a €100m trade despite its esoteric nature.

  • Commerzbank

    Commerzbank finally joins AT1 party

    Ticker | 25 June 2019

    Commerzbank is lining up an inaugural Additional Tier 1, one of the most eagerly awaited capital markets debuts, a deal that will offer investors a rare opportunity to buy deeply subordinated paper from a fresh name.

  • BNP Paribas draws strong demand in nervy market

    Investors baulk as BNP Paribas smashes through fair value

    Ticker | 25 June 2019

    BNP Paribas lost over €1.6bn of demand after ratcheting talk in by 40bp on a €1bn 12-year bullet Tier 2 and pricing through fair value, though the deal was still more than twice covered.

  • People holds French and European flags

    UMG Groupe VYV flies on bond market debut

    Ticker | 24 June 2019

    Investors snapped up the inaugural bond from UMG Groupe VYV on Monday, with over €1.4bn of demand allowing for a sharp move in the pricing level during the execution of the €500m 10-year.

  • Piraeus Bank ATM machine

    Piraeus puts Greek sub debt back on the map

    Top News | 21 June 2019

    Piraeus Bank staged a successful comeback to the subordinated debt market last week, raising €400m from the first capital deal from a Greek lender in more than a decade and highlighting investor re-engagement with the country’s banks.

  • The logo of Piraeus Bank is seen outside a branch in Athens

    Piraeus gears up for first Greek sub-debt sale in over a decade

    Top News | 14 June 2019

    Piraeus Bank will attempt to sell the first bank capital trade from a Greek bank in over a decade this week as it looks to turn the page on its chequered bond market past and leverage shareholder support to bolster its balance sheet.

  • Italy

    Italy comes out fighting with 20-year drive-by

    Top News | 14 June 2019

    The Republic of Italy made an unexpected return to the syndicated bond market last week, swiftly raising a €6bn 20-year in a deal that showed that the spat between the European Commission and the country over its budget has done little to derail market access.

  • £3bn down: NatWest nears finishing line

    Bonds | 14 June 2019

    A trio of UK financials notched up euro funding ahead of the looming Brexit deadline last week, with NatWest Markets leading the way with a €1.25bn two-year senior floater that capitalised on a recent upgrade to unearth new demand.

  • MOVES-BNP Paribas's debt banker Martin Egan to retire - internal memo

    Ticker | 14 June 2019

    Martin Egan, BNP Paribas’s vice-chair of the global client board, is to retire and leave the French bank in August according to an internal memo seen by IFR.

  • Greece

    Piraeus gears up for first Greek sub debt sale in over a decade

    Ticker | 13 June 2019

    Piraeus Bank will attempt to sell the first bank capital trade from a Greek bank in over a decade next week as it looks to turn the page on its chequered bond market past and leverage shareholder support to bolster its balance sheet.

  • IBRD breaks Kauri standard

    World Bank strikes again

    Ticker | 12 June 2019

    The World Bank was back for another helping of US dollars on Wednesday, less than a month since it priced a US$4bn three-year, and days since it priced a dual-tranche sterling transaction, as it puts the final touches to its funding programme.

  • Caisse des Depots et Consignations logo

    CDC joins growing ranks of negative yield issuers

    Ticker | 12 June 2019

    Caisse des Depots et Consignations joined the growing ranks of public sector issuers pricing new issues with a negative yield on Wednesday, printing a €500m five-year Sustainable bond at -0.263%.

  • Italy

    Italy comes out fighting with 20-year syndication

    Ticker | 12 June 2019

    Despite the spat between the European Commission and the Republic of Italy over the country’s public debt profile, the sovereign’s €6bn 20-year, its first syndication since February, attracted over €24bn of demand on Wednesday.

  • eurozone euro switzerland

    Zurich joins 20-year flurry with longest senior yet

    Ticker | 11 June 2019

    Zurich Insurance joined the flurry of issuers tapping the long end of the euro market on Tuesday, bringing its longest senior to date that was also the longest in the format from an European insurance company.

  • NatWest

    NatWest nears finishing line

    Ticker | 11 June 2019

    NatWest Markets made a swift return to the euro senior market on Tuesday, bringing a €1.25bn two-year floater that capitalised on a recent upgrade to unearth new demand and notch up more funding ahead of the looming Brexit deadline.

  • VIVAT logo

    Vivat bonds drop on buyout news

    Ticker | 10 June 2019

    Vivat’s subordinated debt has come under pressure after the Dutch insurance company said on Friday that it had agreed to a buyout deal with private life insurer Athora and to sell its non-life business to NN Group.

  • BFCM’s perfect timing for Tier 2

    Bonds | 07 June 2019

    Banque Federative du Credit Mutuel capitalised on an improvement in market conditions last Wednesday to bring its first Tier 2 in over a year, amassing more than €4.3bn of demand for the 10-year bullet that provided some rare supply in the asset class.

  • Barclays

    Barclays stays at home for AT1 return

    Ticker | 06 June 2019

    Barclays plc seized on an improvement in market conditions to bring the first Additional Tier 1 from a bank issuer since mid-April, a deal that also offered investors a rare opportunity to buy deeply subordinated debt in sterling.

  • BFCM

    BFCM's perfect timing for Tier 2

    Ticker | 05 June 2019

    Banque Federative du Credit Mutuel capitalised on an improvement in market conditions on Wednesday to bring its first Tier 2 in over a year, amassing more than €4.3bn of demand for the 10-year bullet that provided some rare supply in the asset class.

  •  Bank of America Merrill Lynch logo

    MOVES-Tannenbaum takes on added leverage finance responsibilities

    Ticker | 05 June 2019

    Jeff Tannenbaum is to take on additional oversight for Bank of America Merrill Lynch’s leveraged finance business for EMEA, according to an internal memo seen by IFR.

  • A Quebec flag

    CDPQ rows against the tide in dollar return

    Ticker | 04 June 2019

    CDP Financial managed to circumvent tight swap spreads and low Treasury yields to bring a US$2bn two-year dollar benchmark, though investor response was more muted than its last foray in the currency.

  • Mizuho Financial Group

    Mizuho cautious in delicate market

    Ticker | 04 June 2019

    Mizuho Financial Group gave the first glimpse of how much financial issuers need to pay following a repricing of credit risk, marketing its five-year holdco senior with an initial concession of 20bp-25bp.

  • easyJet aircraft

    Issuers stand down as tentative tone endures

    Ticker | 03 June 2019

    One covered bond borrower and two corporate issuers decided to step back from the European primary market on Monday as the jumpy tone that has characterised proceedings in recent days showed no sign of letting up.

  • Mood turns uneasy after tough FIG week

    Bonds | 31 May 2019

    After months of ebullience, the sharp downturn in European FIG primary activity has left market participants concerned how upcoming supply will be digested by investors.

  • Munich

    MunHyp returns to SNP as market goes from feast to famine

    Ticker | 29 May 2019

    Muenchener Hypothekenbank was the only European FIG borrower out on Wednesday, bringing a no-grow €250m senior non-preferred seven-year against what remains a tentative new issue backdrop.

  • Swedish flag/reuters

    Covered investors rediscover price discipline

    Ticker | 28 May 2019

    Books for covered deals from Swedish Covered Bond Corporation and UniCredit Bank Austria failed to pass the €1bn mark on Tuesday, a rude awakening for a market that had hitherto appeared immune from volatility elsewhere.

  • Seniors creak under weight of supply

    Bonds | 24 May 2019

    A turnaround in risk sentiment encouraged banks to hit the senior European market last week but the glut of supply combined with heightened concerns around Brexit and trade wars hampered performance, leaving investors nursing losses.

  • NatWest Markets' bold euro move pays off

    Bonds | 24 May 2019

    Investors rushed to the first senior euro trade from a domestic UK lender in eight months last week, a €1bn five-year for NatWest Markets that turned out to be timed to perfection.

  • NatWest

    MOVES-NatWest SSA DCM boss headed for Paris

    Ticker | 23 May 2019

    NatWest Markets’ head of sovereign, supranational and agencies debt capital markets is moving to Paris as the bank steps up its Brexit plans, according to a source familiar with the move.

  • NN Bank logo

    NN Bank strikes as market takes fright

    Ticker | 23 May 2019

    Nationale-Nederlanden Bank stepped into a shaky European primary market with an inaugural senior preferred trade on Thursday, successfully securing a more than twice-covered book for a €500m no-grow four-year deal.

  • Sumitomo Mitsui Financial Group headquarters

    SMFG keeps it tight for green holdco return

    Ticker | 22 May 2019

    Sumitomo Mitsui Financial Group set a tight mark for 2019’s first euro trade from a Japanese bank, bringing a €500m Green bond without a new issue premium.

  • Nationwide building society

    Nationwide cements UK issuers European return to favour

    Ticker | 22 May 2019

    Nationwide Building Society sealed UK financial institutions’ return to strength in the euro covered bond market on Wednesday, bringing the year’s tightest trade in the format against renewed Brexit headlines.

  • Berlin Hyp sign is seen on an office building

    BHH sets new 2019 tight for German covereds

    Ticker | 22 May 2019

    The covered market keeps on grinding tighter, with Berlin Hyp setting a new low for German Pfandbriefe for the year on Wednesday as memories of 2018’s spread widening fade.

  • LBBW headquarters

    LBBW sparks frenzy with US dollar Green covered bond

    Ticker | 21 May 2019

    Landesbank Baden-Wuerttemberg set a new high mark for the Reg S US dollar covered market on Tuesday, bringing a heavily oversubscribed US$750m three-year Green bond on around US$2bn of investor demand.

  • derivatives regulation disaster

    Primary fights back as trade hostilities take back seat

    Ticker | 21 May 2019

    A turnaround in risk sentiment encouraged six banks to hit the senior European market on Tuesday, putting to rest any lingering concerns that renewed trade hostilities between the US and China would scupper primary issuance.

  • Santander

    MOVES-D'Ercole to join Santander European DCM

    Ticker | 21 May 2019

    Santander has hired Anna D’Ercole to work in its European debt origination team, according to sources.

  • People walk past a Swedbank branch in Riga

    Swedbank sticks to covered market safety for re-entry

    Ticker | 20 May 2019

    Swedbank stuck to the safety of the covered bond market to bring its first major currency public bond transaction since it admitted to failings in combating money laundering, successfully pricing a €1.25bn six-year trade.

  • NatWest

    NatWest Markets bold euro move pays off

    Ticker | 20 May 2019

    Investors rushed to the first senior euro trade from a domestic UK lender in eight months on Tuesday, a €1bn five-year for NatWest Markets that assuaged any concerns about the depth of demand for UK risk in the currency.

  • BNP Paribas head of FIG DCM off desk

    People & Markets | 17 May 2019

    BNP Paribas’ head of financial institutions for debt capital markets has not been at his desk at the bank for several weeks, according to several sources.

  • Sampo Group logo

    Insurers take the lead in sub market

    Ticker | 16 May 2019

    Investors were served up a feast of subordinated insurance paper on Thursday, with not just one but two inaugural issues coming to market, showing that the primary sector is still very much open for issuers despite the tentative macro backdrop.

  • Deutsche Bank

    MOVE-DB's Ross adds SSA to syndicate responsibilities

    Ticker | 09 May 2019

    Frazer Ross has been appointed as head of European flow syndicate at Deutsche Bank, adding sovereign, supranational and agencies (SSA) responsibilities to his current ones, according to an internal memo seen by IFR.

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