Sunday, 22 October 2017

Helene Durand' s stories

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  • 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.

  • Logo of the French power grid RTE

    RTE plans more long-end supply

    Ticker | 02 October 2017

    RTE is planning to bring a long-dated euro deal, the latest issuer to test investor demand for longer dated assets in the European corporate market.

  • KfW, EBRD nail tight green prints

    Bonds | 29 September 2017

    Public sector issuers took full advantage of the benefits from selling Green bonds last week, nailing levels they would have been unable to achieve with standard vanilla benchmarks.

  • A woman walks past Standard Chartered logo at its headquarters in Hong Kong, China.

    StanChart returns to euros

    Ticker | 28 September 2017

    Enticing pricing levels and good conditions coaxed Standard Chartered back into the senior euro market after a three year absence this week, joining an array of issuers that normally favour Yankees choosing euros instead.

  • StanChart

    StandChart returns to euros after three-year hiatus

    Ticker | 26 September 2017

    Standard Chartered is on track to print its first euro-denominated deal since 2014, joining the fray of Yankee issuers that are favouring euros over US dollars for funding.

  • Long end is the right end

    Bonds | 22 September 2017

    Duration was the order of the day in the corporate market last week as deals continued to tick over, though transaction sizes were relatively modest.

  • 'Phenomenal', 'irrational' Stada buyout bonds defy gravity

    Bonds | 22 September 2017

    Warnings that aggressive covenants would leave investors on the hook at the expense of private equity sponsors did little to derail the financing of Stada’s buyout, with a €1.075bn bond issue becoming the tightest secured and unsecured LBO ever printed in Europe.

  • Stada

    High-yield market goes mad for Stada buyout bond

    Ticker | 21 September 2017

    The bond part of a financing backing the buyout of Stada has been increased by €250m at the expense of the loan market despite warnings that it includes an aggressive covenant package.

  • Frantic new issue chase prevails in strong FIG market

    Ticker | 20 September 2017

    The hunt for new issues did not skip a beat on Wednesday, with Santander Consumer Finance and Mediobanca becoming the latest to attract chunky order books for their euro deals despite offering little in the way of concession.

  • MOVES-BAML's De Naurois takes on coverage role

    Ticker | 20 September 2017

    Adrien de Naurois, Bank of America Merrill Lynch’s head of sovereign, supranational and agency debt syndicate, is taking on additional coverage responsibilities at the US bank, according to sources familiar with the matter.

  • Austrian Flag 2.jpg

    OeKB preps return to euro benchmark market

    Ticker | 18 September 2017

    Austrian export credit agency Oesterreichische Kontrollbank has mandated banks for its first transaction in euros since 2009, a deal that will follow on the coattails of a heavily oversubscribed dual-tranche issue from its guarantor last week.

  • Vienna

    Austria 100-year blows the doors off

    Top News | 15 September 2017

    Austria made bond market history last week, bringing the first 100-year eurozone sovereign syndicated trade and pushing the boundaries of the European bond market into uncharted territory.

  • EIB goes out on a high

    Bonds | 15 September 2017

    The European Investment Bank concluded its 2017 Euro Area Reference Note (EARN) programme on a high, luring over €9.7bn of investor demand for a €3bn December 2023 trade.

  • Banco BPM reopens Italian sub market

    Bonds | 15 September 2017

    Banco BPM successfully reopened the market for Italy’s second tier banks last Thursday, pricing a €500m Tier 2, the first euro Italian subordinated debt sale since the liquidation of Veneto Banca and Banca Popolare di Vicenza.

  • Logo of the European Investment Bank

    EIB goes out on a high

    Ticker | 14 September 2017

    The European Investment Bank concluded its 2017 Euro Area Reference Note (EARN) programme on a high, luring over €9.7bn of investor demand for a €3bn December 2023 trade.

  • Denmark

    Small but perfectly formed, Jyske keeps it snappy for AT1 debut

    Ticker | 14 September 2017

    The small size of Jyske Bank’s maiden Additional Tier 1 proved no hurdle to its success, with the leads swiftly moving guidance and closing books on the €150m PNC10 trade.

  • Mitsubishi UFJ Financial Group Inc in Tokyo

    MOVES-MUFG takes Viort for non-banks financial coverage

    Ticker | 14 September 2017

    Mitsubishi UFJ Financial Group has hired Franck Viort to work in its non-bank financial institutions business within the corporate banking division for EMEA, according to market sources.

  • AT1 pipeline fills with esoteric names

    Ticker | 13 September 2017

    A pair of issuers will make their debut in the Additional Tier 1 market in the coming days, with Jyske Bank and Grenke AG mandating banks for euro sub-benchmark trades.

  • SNS Bank logo

    De Volksbank preps senior first

    Ticker | 13 September 2017

    De Volksbank has mandated banks for an inaugural senior trade, taking a further step on the long road to recovery after the Dutch government wiped out shares, Tier 1 securities and subordinated bonds in SNS Bank, its predecessor, in 2013.

  • Vienna

    Austria sees blowout demand for 100-year eurozone first

    Ticker | 12 September 2017

    Austria was overwhelmed by demand for the first 100-year eurozone sovereign syndication, with order books over €11bn at the last update.

  • KBC

    Reach for yield propels rare KBC Tier 2

    Ticker | 11 September 2017

    Demand for a €500m Tier 2 bond for KBC Group reached over €1.75bn, contrasting with the sub €1bn order books for National Australia Bank and LF Bank’s senior trades as investors’ reach for yield remains the overwhelming theme in the European market.

  • Bigger and tighter, SSAs on a roll

    Bonds | 08 September 2017

    Order books for public sector debt issuance swelled to record levels last week as a lack of overall supply and a technical market squeeze pushed investors into new issues.

  • SSA

    AFD lays dollar demons to rest

    Ticker | 07 September 2017

    Agence Francaise de Developpement is returning to the US dollar market after volatility earlier this year scuppered its plans to raise funding in the currency.

  • NRW.Bank logo

    NRW.Bank lands tight print for latest Green bond

    Ticker | 06 September 2017

    NRW.Bank’s €500m 10-year Green bond, the issuer’s fifth trade in the format, will land at a tight 16bp through mid-swaps, but has still secured enough demand to cover the trade.

  • MOVES-Credit Agricole takes Bidet for global solutions and advisory

    Ticker | 05 September 2017

    Credit Agricole has appointed Cecile Bidet as global head of debt capital market solutions and advisory, a new role at the bank, according to a market source.

  • Spanish flag colours

    KfW, ICO fly as investors scramble for paper

    Ticker | 05 September 2017

    Euro trades from KfW and ICO were well oversubscribed on Tuesday, helped by investors looking to get their hands on primary supply. The strong demand allowed both issuers to revise guidance tighter. 

  • Natixis logo

    MOVES-Woolley goes to pastures new

    Ticker | 05 September 2017

    Natixis has hired Mark Woolley as a senior coverage banker for insurance in the UK and Switzerland, according to a bank spokesperson.

  • Barclays

    MOVES-Barclays bolsters high-yield desk with Del Canto return

    Ticker | 05 September 2017

    Fabianna Del Canto has moved back to Barclays’ London syndicate desk, joining the leveraged finance syndicate according to a spokesperson at the bank. 

  • Market poised for SSA supply despite geopolitical tensions, ECB

    Ticker | 04 September 2017

    Public sector issuers will have to navigate an increasingly nervous backdrop this week as geopolitical tensions and the long-awaited ECB meeting hang over the market.

  • EIB

    EIB makes rare sterling appearance

    Ticker | 31 August 2017

    Investors got a rare opportunity to buy EIB paper in sterling on Thursday, rewarding the issuer with a book of over £840m for the £500m December 2023 trade.

  • Juicy JFM dollar finds strong bid

    Ticker | 31 August 2017

    Japan Finance Organization for Municipalities lured more than US$2.4bn of demand for a US$1bn three-year trade on Thursday as issuers offering juicier spreads continue to enjoy strong execution. 

  • Flock of birds

    Early swoop strategy pays off for NWB, Rentenbank

    Ticker | 22 August 2017

    The decision by Nederlandse Waterschapsbank and Rentenbank to proceed with benchmark trades ahead of the traditional September funding spree paid off, with the two issuers attracting strong order books at opposite ends of the maturity spectrum.

  • MOVES-Salvoni heads to HSBC to bolster Canadian coverage

    Ticker | 17 August 2017

    HSBC has hired Andrew Salvoni as a director to bolster the bank’s public sector coverage in Canada, according to a memo seen by IFR.

  • Scandi name rumoured but real action expected next week

    Ticker | 15 August 2017

    Denmark’s Kommunekredit is looking at the market and could offer up the only SSA trade of the week as borrowers start to jostle for pole position next week when benchmark issuance is expected to pick-up. 

  • Primary bond market grapples with Libor's demise

    Bonds | 11 August 2017

    Kraft Heinz, Enterprise Products and UBS have flagged up the risk of buying Libor-pegged floaters in their bonds’ prospectuses, though the market has yet to get to grips with the implications of the benchmark’s future demise.

  • Paltry government returns leave investors cold

    Bonds | 11 August 2017

    Being a holder of eurozone government debt has not reaped investors many rewards in 2017, and with a change in ECB policy a now not too distant prospect, avoiding further pitfalls and being best positioned will not be an easy task.

  • MOVES-NatWest Markets bolsters FIG franchise with Scalongne hire

    Ticker | 10 August 2017

    NatWest Markets has hired Barbara Scalongne to work as a director in its financial institution origination and solutions business, Spain.

  • MOVES-BNP Paribas takes Lloyds’s Duff for FIG syndicate

    Ticker | 10 August 2017

    BNP Paribas has hired Matthew Duff to work on financial institutions debt capital markets bond syndicate desk according to market sources.

  • MOVES-SSA banker to leave Morgan Stanley

    Ticker | 09 August 2017

    Andrew Salvoni, a sovereign, supranational and agency debt syndicate banker at Morgan Stanley, is leaving the bank, according to market sources.

  • Deutsche Bank headquarters

    MOVES-Deutsche hires Le for financial institutions syndicate

    Ticker | 09 August 2017

    Deutsche Bank has hired Viet Le to work on its financial institutions debt syndicate in Europe, according to people with knowledge of the matter.

  • Royal Bank of Canada (RBC) logo

    MOVES-RBC takes Jelic for SSA DCM

    Ticker | 09 August 2017

    Royal Bank of Canada has hired Andrea Jelic to work in its sovereign, supranational and agency debt capital markets business, according to market sources.

  • Old-style senior takes another leg down in frantic rally

    Ticker | 08 August 2017

    European bank senior preferred debt has been on a tear in the secondary market, forcing investors to buy paper at levels where they would have bought covered bonds a few months ago.

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