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Tuesday, 11 December 2018

Helene Durand' s stories

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  • Virgin Money logo

    Brexit risk sees CYBG Tier 2 fly under the radar

    Ticker | 07 December 2018

    CYBG plc opted for the safety of a club deal to sell subordinated debt this week as it sought to sidestep Brexit-related execution risk for its first bond since the completion of its acquisition of Virgin Money.

  • No-call fear rocks Santander AT1

    Bonds | 07 December 2018

    The yield on a €1.5bn Banco Santander Additional Tier 1 has sky-rocketed as the market increasingly prices in the chance of the bank not calling the bond at the first opportunity next year.

  • ING pulls Tier 2 as shivers run down credit markets' spine

    Bonds | 07 December 2018

    ING Group threw in the towel on a Tier 2 US dollar trade last Monday, the most worrying sign yet that access to bank capital funding has become exceptionally expensive as credit investors shut their books after suffering dismal returns this year.

  • Santander

    No-call fears send Santander AT1 yield to all-time high

    Ticker | 06 December 2018

    The yield on a €1.5bn Banco Santander Additional Tier 1 has sky-rocketed as the market increasingly prices in the chance of the bank not calling the bond at the first opportunity next year.

  • The logo of ING bank is seen by the entrance of the group's main office in Brussels

    ING pulls Tier 2 as shivers run down credit markets' spine

    Ticker | 04 December 2018

    ING Group threw in the towel on a Tier 2 US dollar trade on Monday, the most worrying sign yet that access to bank capital funding has become exceptionally expensive as credit investors shut their books after suffering dismal returns this year.

  • MOVES-Rabobank appoints syndicate head, adds for SSA

    Ticker | 04 December 2018

    Rabobank has hired Harman Dhami to head its debt capital markets syndicate, according to an internal memo seen by IFR.

  • The Italian flag waves in front of the "Altare della Patria" in downtown Rome

    Tough backdrop triggers IFIS bond tender

    Ticker | 03 December 2018

    Banca IFIS is offering to buy back up to €100m of a €300m bond it priced just over seven months ago even though the market backdrop for European lenders, and Italian banks in particular, shows little signs of improving.

  • UniCredit

    Pimco comes to UniCredit's rescue, but charges a hefty price

    Top News | 30 November 2018

    UniCredit will escape the embarrassment of potentially being in breach of new capital rules after Pimco agreed to buy a US$3bn five-year bond issued by the Italian bank - albeit only after demanding a princely ransom, with the fund manager set to rake in more

  • UBS faces DCM whistleblowing case

    People & Markets | 30 November 2018

    UBS was in the spotlight last week after a London court decided to proceed with a whistleblower case against the bank and its debt capital markets boss, Amir Hoveyda.

  • Sabadell pulls off sub debt gamble

    Bonds | 30 November 2018

    Banco de Sabadell brought the first broadly placed Tier 2 from the eurozone periphery since June, a €500m trade that attracted over €900m of demand despite the torrid backdrop for subordinated bank debt.

  • Building societies get green light on bail-in debt

    People & Markets | 30 November 2018

    UK building societies will be able to issue senior bail-in-able securities from December, finally putting them on an equal footing with their bank peers as they look to build up their stacks of loss-absorbing debt.

  • The UBS logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada.

    UBS faces whistleblowing case in DCM

    Ticker | 30 November 2018

    UBS was in the spotlight this week, after a London court decided to proceed with a whistleblower case against the bank and its debt capital markets boss, Amir Hoveyda.

  • A Banco de Sabadell branch

    Sabadell pulls off sub debt gamble

    Ticker | 29 November 2018

    Banco de Sabadell has brought the first broadly placed Tier 2 from the eurozone periphery since June, a €500m trade that attracted over €900m of demand despite the torrid backdrop for subordinated bank debt.

  • UniCredit

    UniCredit turns to private market to shore up TLAC

    Ticker | 28 November 2018

    UniCredit has stunned the market by issuing a US$3bn senior non-preferred five-year bond to Pimco, paying a substantial premium but largely removing an overhang of TLAC debt resulting from its inaction in the wholesale markets since January.

  • A view shows the Standard & Poor's building in New York's financial district.

    Insurance hybrids threatened by S&P downgrade

    Ticker | 28 November 2018

    About 10% to 20% of insurance hybrid debt could suffer from a one-notch downgrade if methodology changes proposed by S&P go through as suggested.

  • ABN AMRO bank headquarters

    Issuers make swift play for senior as tone improves

    Ticker | 26 November 2018

    ABN AMRO Bank and Raiffeisen Bank International pounced on an improving market backdrop to go out with senior trades on Monday, and while the starting premiums looked elevated, hopes were high the deals would throw the primary market wide open.

  • UK and EU flags

    UK bank debt crumbles under Brexit strain

    Top News | 23 November 2018

    UK bank debt was severely buffeted by headwinds as UK prime minister Theresa May strained to sell her draft Brexit deal, leaving investors nursing heavy losses and potentially making market access more difficult in 2019.

  • Fog lingers over loss-absorbing debt

    People & Markets | 23 November 2018

    As European banks bolster their loss-absorbing debt to meet new regulatory requirements, the role played by senior preferred and Tier 2 debt in capital stacks remains uncertain due to regulatory uncertainty.

  • MREL uncertainty lifts after Europe strikes deal

    People & Markets | 23 November 2018

    Europe has taken a step closer to hammering out a region-wide framework for loss-absorbing debt, two years after the European Commission proposed how it would implement global standards.

  • EU flags flutter outside the European Commission headquarters in Brussels

    MREL certainty nears as Council and Parliament strike deal

    Ticker | 23 November 2018

    The European Council and Parliament took a step closer to hammering out a regionwide framework that will see the implementation of global standards for loss-absorbing debt in Europe, two years after the European Commission proposal.

  • Germany

    Munich Re underwrites success with generous premium

    Ticker | 15 November 2018

    A healthy new issue premium helped Munich Re pull off a strong result for its first subordinated bond since 2012, uncovering over €2.5bn of demand as broader markets sold off and TSB had to shelve a covered bond.

  • Logo of the Japan Bank for International Cooperation

    JBIC sticks to tried and tested, EIB flies

    Ticker | 23 October 2018

    Japan Bank for International Cooperation joined the US dollar primary fray on Tuesday, sticking to its tried-and-tested dual- tranche approach, as the European Investment Bank was putting the final touches to an over twice subscribed no-grow US$3bn transaction.

  • The headquarter of the European Bank for Reconstruction and Development (EBRD) is seen in London

    Improving economics lure EBRD to sterling, more to follow

    Ticker | 23 October 2018

    The European Bank for Reconstruction and Development is bringing its first fixed-rate sterling bond in over four years, drawn by the better funding costs offered in the currency.

  • Arunma Oteh, Vice President and Treasurer of World Bank

    MOVES-Oteh leaves World Bank to join Oxford University

    Ticker | 22 October 2018

    World Bank vice president and treasurer Arunma Oteh will leave the bank on December 1, according to market sources, to join St Antony’s College, Oxford University, as an academic scholar in January.

  • An Italian Army parachutist hoists Italian flag during the Republic Day military parade in Rome

    Italy stays at home as volatility flares

    Top News | 19 October 2018

    The Republic of Italy turned to the safety of its domestic retail market to raise funding last week, as the volatility that has stalked markets for weeks showed little sign of letting up.

  • Easy times over as QE fades

    Bonds | 28 September 2018

    My Money Bank failed to find enough demand to get a debut covered bond over the line last Thursday, the clearest sign yet that the ECB’s exit from the market could have broad repercussions for the asset class.

  • La Banque Postale

    Positive spread draws crowd for LBP

    Ticker | 26 September 2018

    A 10-year covered bond for La Banque Postale managed to draw a book of €1bn, helped by the positive spread on offer, giving the market some reassurance as it enters the last stages of the ECB QE programme.

  • DZ Bank headquarters

    German issuers take SRI route

    Ticker | 25 September 2018

    The German FIG market took a distinct SRI turn on Tuesday, with DZ Bank and Deutsche Kreditbank bringing respective Green and Social bonds.

  • Brighter Italian picture opens door to CDP

    Bonds | 21 September 2018

    Cassa Depositi e Prestiti brought last week the first transaction from an Italian government agency since the country was engulfed in political turmoil, the latest step in the Italian credit recovery.

  • EIB to shift funding team to products

    People & Markets | 21 September 2018

    The European Investment Bank is shaking up how it runs its funding team by moving from a currency-based split to a product based one, according to market sources.

  • Logo of the European Investment Bank

    EXCLUSIVE-EIB to shift funding team to products ahead of 60th

    Ticker | 19 September 2018

    The European Investment Bank is shaking up how it runs its funding team according to market sources, moving from a currency-based split to a product based one.

  • IDB

    SRI takes centre stage as IADB, ADB mandate

    Ticker | 18 September 2018

    The Inter-American Development Bank and Asian Development Bank joined the flurry of public sector issuers taking the SRI market by storm, mandating for respective four and 10-year US dollar trades.

  • BPCE

    BPCE uses LED to light up SRI market

    Ticker | 17 September 2018

    BPCE is bringing the first Local Economic Development (LED) bond, a €500m five-year that will further diversify the range of instruments investors can buy in the SRI space.

  • Spanish AT1 back on the map

    Bonds | 14 September 2018

    Bankia priced the first Spanish Additional Tier 1 bond since March, putting a reference point in the market for further peripheral supply. It should not be long before this is forthcoming, given newcomer and country peer Abanca is already plotting its debut.

  • ING Group logo

    ING smashes holdco out of the park

    Ticker | 14 September 2018

    ING Group is set to bring the biggest euro senior holding company trade of 2018, a €3.5bn triple-tranche transaction that has attracted over €12.6bn of demand despite the bank suffering a backlash at home over its failure to prevent money laundering.

  • The logo of the GE Money Bank is seen behind a traffic light in Prague.

    MMB prepares entry on covered bond scene

    Ticker | 13 September 2018

    My Money Bank named leads for an inaugural covered bond on Thursday, the sole issuer to insert a mandate into a bulging pipeline that includes deals from across the capital spectrum.

  • The flags of Austria and the European Union are pictured in front of the Austrian ministry of finance

    RLB Vorarlberg's roadshow pays off for debut

    Ticker | 10 September 2018

    A comprehensive roadshow for Raiffeisenlandesbank Vorarlberg’s debut covered bond paid off, with the €500m seven-year uncovering one of the best books seen for recent Austrian supply.

  • Lloyds, RBC broaden Sonia appeal as market gains momentum

    Bonds | 07 September 2018

    Another step in the development of the Sonia-linked market was taken last week after Lloyds Bank plc and Royal Bank of Canada brought the first notes linked to the sterling overnight index average (Sonia) from financial issuers.

  • Rare Spanish covered supply draws in large crowds

    Bonds | 07 September 2018

    Deutsche Bank SAE broke the drought in Spanish covered bond supply last Tuesday, bringing a €1bn March 2024 that attracted more than €1.35bn of demand, the biggest book of the week.

  • Spanish flag

    Rare Spanish covered supply draws in large crowds

    Ticker | 04 September 2018

    Deutsche Bank SAE broke the drought in Spanish covered bond supply on Tuesday, bringing a €1bn March 2024 that attracted more than €1.35bn of demand, the biggest book of the week so far.

  • NIBC

    NIBC CPT covered goes slow against busy backdrop

    Ticker | 04 September 2018

    Demand for a rare conditional pass-through covered bond was slow to build on Tuesday, with the book of some €800m for NIBC Bank’s 10-year giving leads little leeway to tighten pricing.

  • Japanese flag.jpg

    US dollar market fires up

    Ticker | 28 August 2018

    Three public sector issuers are expected to come to the US dollar market this week, providing some much needed supply after a rather lacklustre summer for issuance in the currency.

  • FMS

    FMS adds to sterling supply

    Ticker | 28 August 2018

    FMS Wertmanagement brought a £250m seven-year trade on Tuesday, in a bid to attract the last remnants of demand for sterling paper following last week’s issues from the IFC, OeKB, Rentenbank, IADB and ADB.

  • Finnish national flag

    Orders pour in for Finland 10-year return

    Ticker | 28 August 2018

    Investors, undeterred by the looming decline in the European Central Bank’s asset purchase programme, piled into the Republic of Finland’s first 10-year benchmark in a year, but the going was slower for frequent issuer KfW.

  • The National Australia Bank Logo is seen on a branch in central Sydney, Australia.

    NAB excels on return to euros

    Bonds | 24 August 2018

    National Australia Bank (Aa3/AA–/AA–) made a successful return to the euro market last Wednesday with a €2bn dual-tranche Eurobond issue that helped allay remaining fears of a European investor push-back related to Australia’s banking scandals.

  • Drivers leave the starting grid during the Formula E Championship race in Putrajaya.

    Fast and furious: German senior preferred market opens

    Top News | 24 August 2018

    German banks, eager to access cheap funding, wasted little time in raising senior preferred debt last week, with Berlin Hypo (BHH), Commerzbank and Deutsche Bank all setting out their stalls in the market.

  • Deutsche Bank

    Bond supply starts to weigh but Deutsche gets preferred

    Ticker | 23 August 2018

    Deutsche Bank on Thursday became the third German bank to issue public senior preferred debt, a €1bn five-year transaction that did not garner quite the same reception as Commerzbank earlier this week as supply started to weigh on the financials market.

  • Deutsche Pfandbriefbank headquarters

    Competing supply overshadows covered bonds

    Ticker | 22 August 2018

    Demand for Deutsche Pfandbriefbank and Raiffeisenlandesbank Niederoesterreich-Wien’s covered bonds was slow to come by on Wednesday in the face of more attractively priced senior supply.

  • Rentenbank logo

    Rentenbank extends SSA sterling run

    Ticker | 22 August 2018

    Rentenbank has brought further sterling supply to market, attempting to ride on the coattails of Tuesday’s oversubscribed Global from IFC.

  • Rabobank

    Market gears up for riskier supply as Rabo, BoI mandate

    Ticker | 21 August 2018

    Rabobank could bring the first senior non-preferred transaction from a Dutch lender as early as this week as it looks to meet new rules requiring banks to build layers of loss-absorbing debt.

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