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Friday, 17 August 2018

Helene Durand' s stories

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  • The logo of Rabobank is seen on the building of its headquarters in Utrecht

    Rabobank outlines SNP target as debut draws nearer

    Ticker | 16 August 2018

    Rabobank expects to raise €3bn-€5bn of senior non-preferred debt (SNP) annually, with the first such trade to emerge in the second half of 2018, as it looks to meet new rules requiring banks to build layers of loss-absorbing debt.

  • Passers-by walk in front of a branch of French bank Credit Agricole in Marseille

    MOVES-Credit Agricole hires for Scandi DCM

    Ticker | 16 August 2018

    Credit Agricole has hired Nils Colldahl to run its Scandinavian financial institutions and debt capital markets business, according to sources.

  • European Union and Turkish flags

    Banks feel the heat as ECB warns on Turkey

    Ticker | 10 August 2018

    Bonds from a number of European banks came under selling pressure on Friday as investors’ concerns around their exposure to Turkey increased.

  • Dollar market gives European banks precious lifeline

    Bonds | 10 August 2018

    European banks made the most of a wide-open US dollar market to bring trades ahead of potential volatility in the coming weeks, raising US$8.25bn in senior and Additional Tier 1 debt last week.

  • UK AT1 supply overhang in focus

    Bonds | 10 August 2018

    The wait for Barclays plc’s long-rumoured Additional Tier 1 finally ended last Tuesday, as the bank placed a US$2.5bn perpetual non-call five that chipped away at the £7bn-equivalent of AT1 paper due to be called by UK financials over the next year.

  • A pedestrian passes the head office of Lloyds Banking Group in central London

    Lloyds joins Yankee stampede, eschews call option

    Ticker | 09 August 2018

    Lloyds Banking Group joined the stampede of European banks going to the US dollar market for funding, launching a US$3bn dual-tranche five and 10-year bullet holdco senior on Thursday.

  • French flag

    French banks get nod for callable senior

    Ticker | 09 August 2018

    French banks are a step closer to being able to issue callable senior debt, a move that will put them on a more even keel with US, Swiss and UK lenders as they look to build their buffers of loss-absorbing debt.

  • BNP Paribas sign

    Dollar market gives European banks precious lifeline

    Ticker | 08 August 2018

    A day after a successful senior non-preferred trade, BNP Paribas was back in the US high-grade primary with a US$750m perpetual non-call 10-year - the second Additional Tier 1 trade by an European bank this week in the dollar market.

  • barclays suit

    Barclays refi starts to remove UK bank AT1 supply overhang

    Ticker | 08 August 2018

    The wait for Barclays plc’s long-rumoured Additional Tier 1 finally ended on Tuesday, as the bank is set to price a US$2.5bn perpetual NC5 that will chip away at the £7bn-equivalent of AT1 paper due to be called by UK financials over the next year.

  • BNG keeps sterling tap open

    BNG keeps sterling tap open

    Ticker | 06 August 2018

    Bank Nederlandse Gementeen is keeping the flow of taps in sterling going, marketing a £100m increase of its 1% March 2022 transaction.

  • Credit Suisse

    MOVES-Krim returns to Credit Suisse

    Ticker | 06 August 2018

    Khalid Krim is returning to Credit Suisse to co-head its European debt capital markets business, according to sources.

  • No fireworks for World Bank's keenly priced euro return

    Bonds | 03 August 2018

    The World Bank’s first euro trade in almost two years just managed to get over the line last week as investors baulked at the tight print on offer.

  • Pound notes

    Sterling taps flowing as L-Bank joins fray

    Ticker | 02 August 2018

    L-Bank has joined KfW, NRW.Bank, Municipality Finance and Council of Europe Development Bank in tapping the sterling market, the latest issuer taking advantage of an attractive backdrop in the currency.

  • No fireworks for World Bank's keenly priced euro return

    No fireworks for World Bank's keenly priced euro return

    Ticker | 01 August 2018

    The World Bank’s first euro trade in almost two years just managed to get over the line on Wednesday as investors balked at the tight print on offer.

  • Lloyds Banking Group head office

    MOVES-Lloyds' Green moves to syndicate

    Ticker | 31 July 2018

    Chris Green, a financial institutions debt capital markets origination banker at Lloyds Banking Group, is moving to the UK bank’s syndicate desk, according to sources.

  • Passers-by walk in front of a branch of French bank Credit Agricole in Marseille

    MOVES-Thimont returns to Credit Agricole

    Ticker | 31 July 2018

    George Thimont has left Mizuho and is returning to Credit Agricole to work on the bank’s sovereign, supranational and agency bond syndicate desk, according to market sources.

  • HSBC

    HSBC goes digital with "MyDeal" app

    Ticker | 30 July 2018

    HSBC is rolling out a new centralised platform which it hopes will simplify processing information from investor roadshows for its new issue clients.

  • Credit Suisse

    Credit Suisse sets new landmark for AT1 market

    Top News | 13 July 2018

    Credit Suisse Group gave the Additional Tier 1 market a much needed fillip last week, landing the biggest order book of the year for a bank capital bond but the chunky price it had to pay could set an uncomfortable benchmark for those that follow.

  • Canadian banks seize window ahead of rule change

    Bonds | 13 July 2018

    Canadian banks led the charge for financial institutions last week, raising over US$7bn-equivalent in the euro and US dollar markets, taking advantage of one of the last windows to issue old-style senior before TLAC rules come into force in the country.

  • bonds

    Long Canadian absentee returns as euro market shines once more

    Ticker | 10 July 2018

    Bank of Montreal became the latest bank to take advantage of more attractive funding costs to bring the first senior unsecured euro benchmark from a Canadian bank since mid-March.

  • Credit Suisse

    Credit Suisse gets huge book for AT1s

    Ticker | 09 July 2018

    Credit Suisse Group took full advantage of an open window on Monday to price Additional Tier 1 bonds substantially tighter than initial price talk on the back of an US$11.2bn order book.

  • Credit Suisse

    Credit Suisse whacks on hefty premium for AT1

    Ticker | 09 July 2018

    Credit Suisse Group is leaving nothing to chance to get its Additional Tier 1 away, offering 75bp-100bp of new issue premium as it hopes to avoid the underperformance of others in an asset class that has experienced some tough times of late.

  • Cars and trucks pass through an electronic toll gate on a motorway in Melbourne June 24, 2008. REUTERS/Mick Tsikas (AUSTRALIA)

    Sea change as Atlantia turns to loans

    Top News | 06 July 2018

    Unpredictable and expensive bond markets proved too much of a risk for Atlantia and the Italian company kicked plans for a new issue into touch, turning instead to the loan market to complete its portion of the financing of the Abertis acquisition.

  • Banks find deep pockets in 10-year

    Bonds | 06 July 2018

    La Banque Postale and Credit Agricole found deep pockets of investor demand for their 10-year deals last week, a reassuring sign for financials wanting to extend duration in what remains fiendishly difficult to navigate markets.

  • 'Greenium' unproven but demand abounds

    Bonds | 29 June 2018

    The concept of whether issuers can extract a premium for green products remains in debate, but a trio of SSA issuers can point to swollen order books as proof of robust demand for the format.

  • Fear stalks the market once again

    Bonds | 29 June 2018

    Stubbornly difficult markets that have been the hallmark of 2018 are showing few signs of improvement, and after another week of tricky conditions, optimism in the European bond market is thin on the ground.

  • novo banco espirito santo bes

    Novo Banco silences naysayers, but at a significant cost

    Top News | 29 June 2018

    Novo Banco priced a €400m Tier 2 bond issue last Friday, but the 8.5% yield – the highest for any euro subordinated bond sold this year – reflects the level of investor caution that still surrounds one of Europe’s weakest lenders.

  • Novo Banco

    Novo Banco encroaches on AT1 zipcode with minimum 8.5% yield

    Ticker | 27 June 2018

    Novo Banco is close to pricing a Tier 2 bond, but the 8.5% minimum yield - the highest for any euro subordinated bond sold this year - reflects the level of investor caution that still surrounds one of Europe’s weakest lenders.

  • novo banco espirito santo bes

    Novo Banco set for crucial market test

    Top News | 22 June 2018

    Novo Banco is hoping to sell a €400m Tier 2 bond in what would be the biggest capital markets test for the beleaguered Portuguese lender since a rescue package agreed in 2017.

  • Green gives issuers the edge in tough markets

    Bonds | 22 June 2018

    Inaugural Green bonds from Landesbank Baden-Wuerttemberg and KBC Group received a rip-roaring response from investors, helped by their green nature that proved to be an added selling point against a tougher market backdrop.

  • novo banco espirito santo bes

    Novo Banco set for crucial market test

    Ticker | 22 June 2018

    Novo Banco is hoping to sell a €400m Tier 2 bond in what would be the biggest capital markets test for the beleaguered Portuguese lender since a rescue package agreed in 2017.

  • Danske Bank branch

    Danske Bank breaks AT1 drought but investors call the shots

    Ticker | 20 June 2018

    Demand for the first Additional Tier 1 trade in over two months reached US$2bn on Wednesday, giving Danske Bank little pricing power as the market tries to find its feet after a savage sell-off in the asset class.

  • CNP Assurances office building

    CNP brings RT1 to the mainstream

    Ticker | 20 June 2018

    CNP Assurances lured over €1.5bn of demand for the first Restricted Tier 1 issue from a top-tier insurance company, paving the way for others to follow.

  • The logo of the Belgian banking and insurance group KBC is seen in Leuven

    Green gives issuers the edge in tough markets

    Ticker | 20 June 2018

    An inaugural Green bond for KBC Group received a rip-roaring response from investors, an outcome that was attributed to its green nature and contrasting with the less-than-enthusiastic appetite seen for other recent senior deals.

  • A customer walks into the Scotiabank in Halifax

    BNS joins sterling flurry as appetite begins to wane

    Ticker | 20 June 2018

    Bank of Nova Scotia has become the latest bank to sell short-end senior sterling paper, but demand appears to be on the wane as the supply starts to weigh.

  • Caffil logo

    Caffil to test long-end covered demand

    Ticker | 18 June 2018

    Caisse Francaise de Financement Local (Caffil) has mandated banks for a 20-year covered bond, in what will be the first test of investor appetite for longer dated covered paper since mid April.

  • MAR adds to aggro as mandates pile up

    MAR adds to aggro as mandates pile up

    Top News | 15 June 2018

    Nearly 70 potential bond deals across the world are stuck in limbo as volatile market conditions put off issuers from going ahead with offerings, even after undertaking extensive marketing with investors.

  • Vivat sets high mark for RT1 market

    Bonds | 15 June 2018

    Vivat found enough takers for a debut Restricted Tier 1 bond last week, though investors had the upper hand in dictating the terms under which they were willing to buy one of Europe’s trickier, and still evolving, financial credit stories.

  • VIVAT logo

    Vivat pays high price for RT1 debut

    Ticker | 13 June 2018

    Vivat had little option but to pay a high price and keep a lid on size for a debut Restricted Tier 1 bond on Thursday as investors set the terms to buy one of Europe’s trickier, and still evolving, financial credit stories.

  • Metro Bank branch

    Metro Bank looks for new fans in debt market

    Ticker | 13 June 2018

    Metro Bank has set its sights on a Tier 2 capital raise for its bond market debut as it looks to bolster its balance sheet and further grow its business.

  • A pick-up truck carrying tobacco bales

    MAR adds to deal aggro as mandates pile up

    Ticker | 12 June 2018

    Multiple deals stuck in limbo due to market volatility MAR regulation adding to woes

  • Svenska Handelsbanken sign

    Copycat Svenska plays it safe

    Ticker | 11 June 2018

    Svenska Handelsbanken played it safe with a short-dated sterling trade on Monday as the mood remained rather gloomy despite the improved market backdrop.

  • Febrile sector sends Italian bank bonds to new wides

    Bonds | 08 June 2018

    Italian bonds suffered renewed weakness last Friday, hitting new wides as pressure on the sovereign filtered through to lenders, leading to doubts about market access for its weaker banks.

  • Bondholders seek answers after HSBC's 'disco' curveball

    People & Markets | 08 June 2018

    An ad hoc group of bondholders who were wrong-footed by HSBC’s decision to change the regulatory treatment of some of its Tier 2 securities have asked the bank to provide them with an update and more transparency.

  • NatWest

    NatWest Markets finds tentative euro market for rebranded first

    Ticker | 07 June 2018

    A five-year senior for recently rebranded NatWest Markets came up against a still challenging backdrop in the euro market on Thursday, where investors are reluctant to chase every new deal.

  • JP Morgan

    MOVES-JP Morgan's Lewell returns to London for international syndicate job

    Ticker | 06 June 2018

    JP Morgan’s Marc Lewell is relocating to London after a three-year stint in Asia to run the US bank’s international syndicate business, according to an internal memo seen by IFR.

  • Protestors dance next to a disco ball as they parade through a street during May Day demonstrations

    Bondholders seek answers after HSBC's 'disco' curve ball

    Ticker | 05 June 2018

    An ad hoc group of bondholders who were wrongfooted by HSBC’s decision to change the regulatory treatment of some of its Tier 2 securities have asked the bank to provide them with an update and more transparency.

  • Japan Flag

    JICA to add another 10-year notch

    Ticker | 04 June 2018

    Japan International Cooperation Agency is restarting US dollar SSA issuance, looking to ape its US$500m 10-year trade from last year with a new SEC-registered Global.

  • Passers-by walk in front of a branch of French bank Credit Agricole in Marseille

    MOVES-De Vitis moves to Credit Agricole in Paris

    Ticker | 01 June 2018

    A gap has opened up on Credit Agricole’s sovereign, supranational and agency debt syndicate desk in London, after Raffaele De Vitis moved to the bank’s Paris office.

  • EU flags fly in front of the ECB headquarters in Frankfurt

    Covered bonds, securitisation key as banks exit TLTRO - Alonso

    Ticker | 31 May 2018

    Covered bonds and securitisation will regain importance in banks’ funding strategies as the ECB’s targeted longer-term refinancing operations (TLTRO II) progressively mature, Bank of Spain’s deputy governor Javier Alonso said on Thursday.

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