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Sunday, 17 December 2017

Helene Durand' s stories

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  • Iceland nears Western sovereigns

    Bonds | 15 December 2017

    The Republic of Iceland shaved 20bp off the price guidance for its first bond in three years, which was also the first since the country lifted capital controls, with the final 35bp print taking the issuer closer to Western European sovereigns.

  • SSAR Issuer: United Kingdom

    SSAR Issuer: United Kingdom

    All Special Reports | 15 December 2017

    Difficult negotiations to leave the EU, a snap general election that led to a minority government, continuing volatility in sterling and the first interest rate rise in a decade all failed to knock the UK issuance bodies off their feet. Debt issues were remarkably unaffected, while the government finally disposed of its last shares in Lloyds Banking Group. The United Kingdom is IFR’s SSAR Issuer of the Year.

  • SSAR Bond House: Barclays

    SSAR Bond House: Barclays

    All Special Reports | 15 December 2017

    A mostly benign market backdrop made competition in the sovereign, supranational, agency and regional space fiercer than ever in 2017, but Barclays successfully managed to retain meaningful market share by hitting major markets and key parts of the curve. It is IFR’s SSAR Bond House of the Year.

  • Signage is seen outside a branch of the West Bromwich Building Society

    West Brom BS to spruce up capital structure after bondholder push

    Ticker | 13 December 2017

    West Bromwich Building Society has bowed to investor pressure to clean up legacy hybrid debt, putting in place plans for liability management to pre-empt the securities’ potential disqualification by regulators.

  • Information for stock in Morgan Stanley is displayed above the floor of the New York Stock Exchange

    MOVES-MS bolsters SSA debt capital markets business

    Ticker | 13 December 2017

    Morgan Stanley has bolstered its sovereign, supranational and agency debt capital markets business with three hires, according to sources.

  • Iceland's national flag and a church are seen in the town of Vik

    Iceland takes next step in capital markets recovery

    Ticker | 13 December 2017

    The Republic of Iceland has received over €4.2bn of orders for its first bond in three years and since lifting capital controls.

  • Cades

    Cades shrinks funding programme, again

    Ticker | 12 December 2017

    Cades has shrunk its funding programme again in 2018, dropping to €4bn from the €8.7bn it raised in the mid and long-term markets in 2017.

  • European Parliament in Strasbourg, France

    Govvie trading in EU countries down in Q3 - AFME

    Ticker | 12 December 2017

    Average daily trading volumes of European government bonds decreased in the majority of jurisdictions between the second and third quarter of 2017, according to an AFME report published on Tuesday.

  • Bank of America Merrill Lynch sign

    MOVES-Vives de Montal leaves BAML

    Ticker | 12 December 2017

    Anthony Vives de Montal, a director in Bank of America Merrill Lynch’s public sector financing business, has left the bank, according to sources.

  • kfw.jpg

    KfW to raise €70bn-€75bn in 2018, focus on liquidity

    Ticker | 11 December 2017

    KfW is planning to raise between €70bn and €75bn in 2018, slightly less than the €77.3bn printed in 2017, and will focus on adding liquidity to outstanding euro benchmarks.

  • HSBC reshuffles in capital markets

    People & Markets | 08 December 2017

    HSBC has put several bankers at risk of redundancy as part of a reshuffle of its capital markets businesses, according to market participants.

  • MOVES-HSBC puts bankers at risk in capital markets reshuffle

    Ticker | 07 December 2017

    HSBC has put several bankers at risk of redundancy as part of a reshuffle of its capital markets businesses, according to market participants.

  • HSBC

    MOVES-HSBC's global head of public sector syndicate to leave

    Ticker | 07 December 2017

    HSBC’s global head of public sector syndicate will be leaving the bank at the end of the year, according to an internal memo seen by IFR.

  • Europe sets out to improve corporate bond market

    People & Markets | 24 November 2017

    The European Commission is muscling in on how European corporate bond markets function, with a set of 22 recommendations it believes will drive improvements for issuers and investors.

  • Winners and losers in REITs as investors pick and choose

    Bonds | 24 November 2017

    The relentless flow of REIT issuance that has been one of the biggest trends in the European corporate bond market in 2017 shows little sign of abating, leaving investors with plenty to pick and choose from and resulting in mixed success for issuers.

  • F1 race

    Prosegur, Redexis up next as corporates throttle back

    Ticker | 23 November 2017

    Prosegur Cash and Redexis are likely to be the next corporates accessing the euro market and could surface as early as Friday.

  • BNPP

    MOVES-Lynagh broadens remit in BNPP corporate reshuffle

    Ticker | 22 November 2017

    Mark Lynagh has been appointed as head of the corporate debt platform for Europe, Middle East and Africa (EMEA) at BNP Paribas as part of a broader reshuffle at the French bank, according to a spokesperson.

  • Unipol Gruppo

    Fresh-faced Unipol makes bond market return

    Ticker | 21 November 2017

    Unipol Gruppo is set to bring its first bond since a restructuring carved out its non-performing loans into a bad bank and saw it sell two insurance holdings to its main operating subsidiary.

  • A worker adjusts and cleans the logo of the European Commission at the entrance of the Berlaymont building

    EC sets out stall for better European corporate bond market

    Ticker | 20 November 2017

    The European Commission is muscling in on how European corporate bond markets function with a set of 22 recommendations that it believes will drive improvements for issuers and investors.

  • Tikehau Capital Europe logo

    Tikehau scrapes by with next piece of financing jigsaw

    Ticker | 20 November 2017

    Tikehau has had to temper ambitions for its bond market debut and is set to price a €300m six-year - the smallest size and shortest tenor of the mandated options.

  • European corporate market rattled but not shaken

    Bonds | 17 November 2017

    Corporate issuers ploughed through volatility that turned out to be a temporary blip, printing over €13bn-equivalent in euros, sterling and Eurodollars last week, in what could be one of the last clear runs of issuance in 2017.

  • Orsted ditches black for Green in first post-rebrand bond sale

    Bonds | 17 November 2017

    Orsted on Thursday sold its first ever Green bonds, coming to market with a dual-tranche senior and hybrid trade that was its first capital markets foray since the company became fully dedicated to renewable energy.

  • M&A risk no obstacle for HIT's return

    Ticker | 17 November 2017

    Looming M&A risk did little to put investors off a dual-tranche issue from France’s HIT, with books closing at around the €4.1bn mark.

  • A rat eats pieces of bread

    Rentokil gnaws away at spread

    Ticker | 16 November 2017

    Rentokil Initial gnawed away at the spread on its first public euro issue since 2013, a €400m November 2024 that printed 20bp tighter than the swaps plus 75bp area IPTs.

  • dong.jpg

    Orsted ditches black for Green in first post-rebrand bond sale

    Ticker | 16 November 2017

    Orsted is set to bring its first-ever Green bond, a dual-tranche senior and hybrid trade that will be its first capital markets foray since the company became fully dedicated to renewable energy.

  • Logo of Spanish electric utility company Iberdrola

    Shaky secondary fails to curb enthusiasm for Iberdrola hybrid

    Ticker | 14 November 2017

    Shaky performance of recent hybrid trades did not deter investors from piling into the latest deal in the format from Iberdrola, a €1bn Green bond that will price through 2%.

  • Ferrovial, Eurofins hit bid for hybrids just in time

    Bonds | 10 November 2017

    Ferrovial made its debut in the hybrid market last week, printing a heavily oversubscribed €500m trade at 2.125%, though the offering struggled to perform in the aftermarket as more than €12bn of primary supply weighed on some new issues.

  • Corporate market in a muddle

    Bonds | 10 November 2017

    A rampant rally in the European corporate bond market has distorted some borrowers’ curves to such an extent that pricing new issues could become a minefield - a scenario reminiscent of what happened to the covered market in 2014.

  • Ferrari logo

    Ferrari takes chequered flag in latest bond market race

    Ticker | 09 November 2017

    The European investment-grade corporate bond market continued to fire on all cylinders on Thursday with Ferrari racing way out in front, seeing over €1.75bn orders for its €500m January 2021 trade.

  • AT&T bonds widen on DoJ news

    Ticker | 03 November 2017

    AT&T bonds widened slightly on Thursday and Friday on reports that the US Department of Justice is laying the groundwork for a potential lawsuit aimed at stopping its deal with Time Warner if settlement talks do not work out.

  • AT&T bonds widen on DoJ news

    Bonds | 03 November 2017

    AT&T bonds widened slightly late last week on reports that the US Department of Justice is laying the groundwork for a potential lawsuit aimed at stopping its deal with Time Warner if settlement talks do not work out.

  • S&P slams door on 100% equity hybrids

    Bonds | 03 November 2017

    Corporates’ ability to attain high equity content from hybrid bonds is under threat after a potential change to S&P’s methodology on these instruments.

  • MOVES-Deutsche Bank bolsters debt syndicate

    Ticker | 02 November 2017

    Deutsche Bank has hired Sam Wareham to bolster its European debt syndicate desk, according to market sources.

  • A man walks past the Standard & Poor's building in New York's financial district

    S&P slams door on 100% equity hybrids

    Ticker | 01 November 2017

    Corporates’ ability to attain high equity content from hybrid bonds is under threat after a potential change to S&P’s methodology on these instruments.

  • Eurofins

    Eurofins to bolster balance sheet with hybrid debt

    Ticker | 31 October 2017

    Eurofins has announced its intention to print a hybrid bond, fresh from raising new equity as it looks to bolster its balance sheet ahead of potential M&A activity.

  • People walk past a Swedbank branch in Riga

    The squeeze is on: Swedbank brings "sickeningly tight" Green bond

    Ticker | 30 October 2017

    Swedbank priced the tightest post-crisis senior fixed rate unsecured bank trade at the tenor in the European bond market, a €500m five-year that is also the bank’s inaugural Green bond issue.

  • Danone

    Danone skims cream off hybrid market

    Top News | 27 October 2017

    Danone set a new low for the European corporate hybrid market last week, breaking the record for the lowest yield and coupon on such an instrument as a lack of alternatives and search for value pushes investors to buy riskier instruments.

  • From feast to famine: corporate market hunkers down ahead of ECB

    Ticker | 25 October 2017

    Corporates issuers steered clear of the primary market on Wednesday just one day before the most anticipated ECB meeting of the year.

  • 2i Rete goes straight to bonds for M&A refi, but demand wanes

    Ticker | 24 October 2017

    Italian energy company 2i Rete Gas has cut to the chase, skipping the loan stage and heading straight for bonds to finance its acquisition of two local businesses from Spain’s Gas Natural Fenosa.

  • Procter & Gamble's Tide laundry detergent

    P&G rides in Nestle's slipstream

    Ticker | 23 October 2017

    Procter & Gamble will bring a rare euro trade later on Monday, a deal that follows in the slipstream of Friday’s €2bn three-trancher from Nestle as issuers make the most of buoyant conditions.

  • Danone

    Investors stand up for Danone hybrid

    Ticker | 23 October 2017

    Danone is expected to break the record for the lowest coupon on a euro hybrid corporate bond as investors’ desperate search for yield pushes them to buy riskier instruments.

  • CSPP or no, anything goes in high-grade

    Bonds | 20 October 2017

    A combination of lack of supply and ongoing flows into funds helped bolster demand for investment-grade corporate bonds last week as the market remained impervious in the face of one of the most eagerly awaited ECB meetings of 2017.

  • Tesco and Verizon to tender euro and sterling bonds

    Bonds | 20 October 2017

    Tesco and Verizon are out to tender part of their outstanding euro and sterling bonds as more companies seek to improve their debt profiles.

  • Different types of chocolates are seen at the Nestle headquarters in Vevey

    Nestle dusts off Lux vehicle for multi-tranche first

    Ticker | 20 October 2017

    Nestle has dusted off a Luxembourg-domiciled entity to issue its first multi-tranche euro trade since announcing a SFr20bn share buyback programme, the starkest sign yet of a shift in issuance strategy to accommodate shareholders.

  • Aroundtown - the only game in town

    Bonds | 13 October 2017

    Aroundtown extended its onslaught on the European capital markets with its first trade in sterling and its longest non-hybrid deal to date.

  • Investors lap up rare Segro bond

    Bonds | 06 October 2017

    Investors gave the thumbs up to a rare market foray from Segro last week, allowing the issuer to tighten talk twice for the two-tranche trade on combined books of over £1.7bn.

  • British pound sterling banknotes

    Segro sticks to the plan but NHH has to shorten

    Ticker | 04 October 2017

    Segro stuck to its plans of issuing 12 and 20-year sterling debt on Wednesday, but Notting Hill Housing Trust was not as lucky and had to shorten duration from 40 to 31 years on its first sterling deal since 2014.

  • Corporate market restarts in earnest after short pause

    Ticker | 04 October 2017

    The European corporate market restarted in earnest on Wednesday after a two-day hiatus, with borrowers finding plenty of demand for euro trades across the maturity spectrum.

  • Notting Hill Housing Trust draws near

    Ticker | 03 October 2017

    Notting Hill Housing Trust could emerge with its first sterling issue since February 2014 as early as this week as investor meetings draw to a close.

  • Segro lines up sterling for Wednesday window

    Ticker | 03 October 2017

    Segro could surface as early as Wednesday with its first public issue since 2009, a deal that will follow the completion of a five-bond tender and help extend the maturity of its debt.

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