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IFR 2313 - 14 Dec 2019 - 20 Dec 2019

IFR Awards 2019: The winners

Citigroup is IFR’s Bank of the Year 2019. Building on its globe-spanning corporate bank and a reorganisation that combined that unit with investment banking and capital markets, Citigroup made meaningful progress in 2019. In what was a down market for many, it moved up the league tables, increased market and wallet share, and added a host of star bankers to its ranks. That is just one of the 103 categories in this year's IFR Awards, and you can read them all here. A PDF of the Winners list can be accessed here. The digital edition of the Awards supplement can be read here.

Quick read
IFR 2313 - 14 Dec - 20 Dec
IFR 2313 - 14 Dec 2019 - 20 Dec 2019

Shell signs US$10bn sustainability-linked loan with SOFR pricing

Anglo-Dutch oil company Royal Dutch Shell has agreed a US$10bn revolving credit facility that features pricing based on the secured overnight financing rate, marking a major step in the loan market’s transition from Libor-based pricing to risk-free rates (RFRs) ahead of the planned cessation of Libor at the end of 2021. “Transactions such as this play a crucial role in establishing conventions that can be widely adopted across the market, and Shell has demonstrated real leadership by engaging with banks to demonstrate a path to a post-Libor world,” said Tushar Morzaria, chair of the Sterling Risk Free Reference Rates Working Group. In another notable landmark for Shell, the deal also links margins and fees to the company’s progress towards its short-term net-carbon footprint intensity target, as published in its sustainability report. Shell is aiming to reduce the net-carbon footprint of the energy products it sells by 20% by 2035 and 50% by 2050 as it moves towards meeting the aims of the Paris Agreement. The company has also set a three-year target to reduce its net-carbon footprint by 2%–3% by 2021 compared with 2016. Shell’s net carbon footprint is a measure of the emissions intensity of the portfolio of energy products sold by the company. The calculations include a greenhouse-gas-emissions-to-equity calculation based on emissions directly from Shell operations, third parties' emissions caused by supplying energy for the production of Shell's products, and customers' emissions from consumption of those products. Shell’s net-carbon footprint is presented annually to its environmental auditor Lloyd's Register Quality Assurance. “This is an innovative deal that also demonstrates Shell’s broad-based commitment to reducing the net-carbon footprint of the energy products we sell,” said Russell O’Brien, Shell’s group treasurer. STOP LIBOR Lenders are facing increased pressure to find common ground after the UK’s Financial Conduct Authority’s RFR Working Group set a target date of the end of the third quarter of 2020 to stop new Libor-based cash contracts that mature beyond 2021. On top of that, lenders are also facing the huge challenge of amending existing loan agreements to transition them to the new RFRs before 2022. “Around US$2trn–$3trn of loans have to be renegotiated in the next year. The regulations don’t tell you how to do it, just that you have to do it,” a banker said. A smattering of small sterling overnight index average-referencing bilateral loans have emerged this year. Under a NatWest pilot project, UK transport group National Express closed the first Sonia-based loan in June. This was followed, under the same pilot scheme, by deals for South West Water and UK gas and electricity utility SSE. "In sterling, we would expect to see Sonia-linked loans become more prevalent in the new year as market participants target the end of Q3 2020 to stop new lending using Libor,” Morzaria said. To arrange a Sonia-based syndicated loan now would require loan market consensus and agreement between banks on transition methodologies. AGAINST THE CLOCK Banks have been hampered by a silo mentality that has meant differing flavours of transition even within the same institution. Meanwhile, anti-competition regulation has made lenders wary of engaging with each other. However, loan market participants are being strongly encouraged to engage with regulators and the working groups on the issue in the short time available. The Loan Market Association published exposure drafts for loan agreements based on RFRs in September and an exposure draft reference rate selection agreement for use on legacy transactions transitioning from Libor to alternative reference rates in October. The documents highlight many of the issues that are in play and how much more work must be done to get methodologies and systems aligned and ready for tr

BON LOA
7 min read
EMEA
IFR 2313 - 14 Dec - 20 Dec
Alasdair Reilly
IFR 2313 - 14 Dec 2019 - 20 Dec 2019

Aramco trades up but will international investors now step in?

It took less than two days of share trading for Saudi Aramco to secure the prized US$2trn valuation that bankers were unable to deliver on the oil giant's IPO. The rapid ascent led to energy minister Prince Abdulaziz bin Salman declaring the trading a "vindication" of the price that the government had sought - even if it was only briefly achieved on Thursday. More important than the chest-beating, though, is the question of whether the stock's run-up would prompt renewed interest from international accounts that largely avoided the SR96bn (US$25.6bn) float. Technically, another sale, either on the Tadawul or on a foreign exchange, is not on the cards as the government and Aramco are locked up for 12 months. The lock-up was deemed vital to reassure investors buying into the largest ever IPO that more stock would not flood the market at a later date. However, Aramco needs the agreement of just three of the nine global coordinators on the IPO to waive the lock-up. At present, bankers on the IPO say there is no desire from the owners to sell more stock, despite the shares ending the week up 15% from the IPO at SR36.90, just shy of the SR37.50 level where the market capitalisation is US$2trn. "It's pure speculation, but the lock-up is not particularly robust," said a head of ECM at a global coordinator on the IPO. The government is now focused on other projects as part of its "Vision 2030" programme, said another head of ECM on the top line of the IPO syndicate, though he noted that there is no visibility on more Saudi IPOs to follow Aramco. FEAR OF MISSING OUT Three heads of ECM involved in the float said international investors would not reverse their position on Aramco so quickly as less than 10% of the IPO went to overseas investors. "Definitely not," said one of the heads of ECM when asked if foreign buyers would now chase the stock. "The US$2trn number is just political and having traded up significantly, you could say [the stock] is even less attractive." A blue-chip investor who was one of the few international investors to take part in the deal said other international investors would be looking at the stock - but investment decisions would take time and would not focus on the market capitalisation. Index inclusion means some will have to buy the stock, said the investor, with analyst speculation that Aramco's inclusion in indices will deliver investment of approximately US$3.8bn. Any concerns that the local market could not support the world's largest company should fall away, however, and any emerging market investor not buying would be taking an active decision not to follow an index stock. The investor reiterated a view shared among the banking syndicate that the Saudi authorities would make sure the stock continues to rise, regardless of provision for a 15% greenshoe. As the stock rises, so does the fear of missing out. Beyond that, investors will now look at other characteristics such as underlying income, currency of revenues, dividends and location of risk and how the stock fits into a portfolio, potentially leading to diverse views on the stock. The first head of ECM said "it has been very important for the local market and the vendor that this has been a successful debut but international accounts can't really take a proper view until it has traded for at least six months". He said that the overhang from retail investors getting bonus shares after six months would probably also need to be dealt with first. LESSONS TO LEARN Aramco's IPO broke records so should have added something to ECM knowledge. Beyond the local market, however, there is a widely held view that the largest IPO of all time will have little impact on the future of ECM. "No, honestly, no," said a head of ECM at one of the bookrunner banks when asked whether there were lessons to be learned from the deal. "What was supposed to be the deal of the century turned out to be a mostly local deal where some very wealthy people put a huge amount of money i

EQY
6 min read
Emerging Markets
IFR 2313 - 14 Dec - 20 Dec
Robert Venes
IFR 2313 - 14 Dec 2019 - 20 Dec 2019

Aramco trades up but will international investors now step in?

It took less than two days of share trading for Saudi Aramco to secure the prized US$2trn valuation that bankers were unable to deliver on the oil giant's IPO. The rapid ascent led to energy minister Prince Abdulaziz bin Salman declaring the trading a "vindication" of the price that the government had sought - even if it was only briefly achieved on Thursday. More important than the chest-beating, though, is the question of whether the stock's run-up would prompt renewed interest from international accounts that largely avoided the SR96bn (US$25.6bn) float. Technically, another sale, either on the Tadawul or on a foreign exchange, is not on the cards as the government and Aramco are locked up for 12 months. The lock-up was deemed vital to reassure investors buying into the largest ever IPO that more stock would not flood the market at a later date. However, Aramco needs the agreement of just three of the nine global coordinators on the IPO to waive the lock-up. At present, bankers on the IPO say there is no desire from the owners to sell more stock, despite the shares ending the week up 15% from the IPO at SR36.90, just shy of the SR37.50 level where the market capitalisation is US$2trn. "It's pure speculation, but the lock-up is not particularly robust," said a head of ECM at a global coordinator on the IPO. The government is now focused on other projects as part of its "Vision 2030" programme, said another head of ECM on the top line of the IPO syndicate, though he noted that there is no visibility on more Saudi IPOs to follow Aramco. FEAR OF MISSING OUT Three heads of ECM involved in the float said international investors would not reverse their position on Aramco so quickly as less than 10% of the IPO went to overseas investors. "Definitely not," said one of the heads of ECM when asked if foreign buyers would now chase the stock. "The US$2trn number is just political and having traded up significantly, you could say [the stock] is even less attractive." A blue-chip investor who was one of the few international investors to take part in the deal said other international investors would be looking at the stock - but investment decisions would take time and would not focus on the market capitalisation. Index inclusion means some will have to buy the stock, said the investor, with analyst speculation that Aramco's inclusion in indices will deliver investment of approximately US$3.8bn. Any concerns that the local market could not support the world's largest company should fall away, however, and any emerging market investor not buying would be taking an active decision not to follow an index stock. The investor reiterated a view shared among the banking syndicate that the Saudi authorities would make sure the stock continues to rise, regardless of provision for a 15% greenshoe. As the stock rises, so does the fear of missing out. Beyond that, investors will now look at other characteristics such as underlying income, currency of revenues, dividends and location of risk and how the stock fits into a portfolio, potentially leading to diverse views on the stock. The first head of ECM said "it has been very important for the local market and the vendor that this has been a successful debut but international accounts can't really take a proper view until it has traded for at least six months". He said that the overhang from retail investors getting bonus shares after six months would probably also need to be dealt with first. LESSONS TO LEARN Aramco's IPO broke records so should have added something to ECM knowledge. Beyond the local market, however, there is a widely held view that the largest IPO of all time will have little impact on the future of ECM. "No, honestly, no," said a head of ECM at one of the bookrunner banks when asked whether there were lessons to be learned from the deal. "What was supposed to be the deal of the century turned out to be a mostly local deal where some very wealthy people put a huge amount of money i

EQY
6 min read
Emerging Markets
IFR 2313 - 14 Dec - 20 Dec
Robert Venes
IFR 2313 - 14 Dec 2019 - 20 Dec 2019

Deutsche admits clean-up will be slower

Deutsche Bank has scaled back its ambitions for a rapid clean-up of €250bn of legacy trades and former businesses, with the bank substantially cutting back its estimates for planned reductions in its capital release unit for this year and next. The unit is expected to still have a leverage exposure – the best gauge for the size of the portfolio – of €140bn by the end of this year and €50bn at the end of 2020. That is sharply higher than forecasts of €119bn and €17bn respectively when plans were announced in July. While substantial progress has been made during the first five months, including a deal to sell the prime brokerage and cash equities business to BNP Paribas, progress in other areas has been slower than expected, leading to targets being pushed out into the future. The BNP Paribas deal, which was finalised last month and will see 1,300 people eventually move to the French bank, is also part of the reason for the pushback. Deutsche now expects to retain about €60bn of the assets until final migration happens in 2021. "Pursuant to the BNP transaction and the final completion of our strategic timetable, we have slightly slower rundown of leverage exposure in 2020, and therefore we are slightly increasing our 2020 leverage target to €50bn," CRU head Louise Kitchen told analysts on Tuesday. EATING INTO CAPITAL The capital release unit is also expected to prove anything but, with the unit expected to burn capital on a net basis over its lifetime. While having a positive impact this year, with the 65bp drag on Deutsche's core equity Tier 1 ratio from CRU losses and clean-up costs more than offset by the 85bp lift from the reduction in risk-weighted assets, that process is expected to reverse over the next three years. Indeed, the cost of running the CRU is projected to lead to a 105bp drag on CET1 over the next three years, implying losses of around €3.5bn based on today's levels. That more than offsets the 75bp gain in CET1 because of the shrinkage in the balance sheet and reduction in RWAs. "It is a significant, complex book of work that we need to complete as efficiently as we can to minimise the disruption to the bank," said Kitchen. "Over the long term the group will obviously benefit from a more focused and profitable business mix." The CRU lost €1.6bn in the first nine months of this year. While costs are expected to come down, partly through the BNP deal but also through reductions in IT costs, it is still expected to be losing up to €1bn a year by the end of 2022, when deleveraging is supposed to be largely complete. For the first time, Deutsche provided more detail on the shape of the portfolio and where money was being lost. Some €137bn of the initial €250bn came from the shuttered prime brokerage and equity businesses. A further €88bn came from legacy rates trades, and €20bn from credit assets. Crucially, it showed there are some lengthy time frames for the remaining positions in the CRU, such as interest-rate swaps, cross-currency swaps and options assets. Indeed, Deutsche said the weighted average life for the remaining €88bn of rates positions is eight years. "Most of our assets, like our substantial derivatives portfolio, do not have a yield in themselves but do have ongoing hedging costs," Kitchen said. "However, this impact will, of course, reduce use over time as we reduce the overall size of the capital release unit." ROLLING OFF Between 10% and 15% of assets are expected to roll off naturally each year, with the remaining assets earmarked for sale. The CRU has brought in teams and drawn up de-risking strategies for assets that will be balanced against the bank's wider financial targets. Sales can be costly. "When we can rely on just run-off to take place, that's great and that doesn't create just de-risking costs," said CFO James von Moltke. "Where we accelerate is where it is capital productive, if you like, to engag

RATE P&M
5 min read
EMEA
IFR 2313 - 14 Dec - 20 Dec
Steve Slater, Gareth Gore
IFR 2313 - 14 Dec 2019 - 20 Dec 2019

New year cheer for lev loan bankers

Around €14bn of leveraged loans are set to hit Europe’s loan market in the first quarter of 2020, promising a solid start to the year as the pipeline of new issuance builds. The pipeline involves deals of all sizes, from a €3bn-equivalent financing backing a buyout of UK defence and aerospace group Cobham to €690m of leveraged loans backing Platinum Equity’s acquisition of European biscuits manufacturer Biscuit International. “Holy moly, €14bn is more than I thought,” a senior banker said. "It won’t all come at the same time and people have lots of money and want new supply and choice so it feels like there will be a healthy and active market. We should all rejoice." A loan backing technology-focused private equity firm Thoma Bravo’s US$3.82bn acquisition of UK cyber security company Sophos could be the first out of the blocks in the new year. The financing totals US$2.075bn and, although a US$520m second-lien loan has been preplaced, a US$1.43bn Term Loan B still needs to be syndicated. It is expected a portion of that TLB will be denominated in euros. While much of the pipeline is awaiting syndication, some is comprised of potential deals in the final stages of auction processes such as a sale of German classifieds group Scout24’s autos unit AutoScout24, which will require up to €750m of debt financing to back a buyout. In keeping with 2019, there will be huge differentiation between credits and there is unlikely to be a one-size-fits-all approach when it comes to leverage levels and pricing. Highly leveraged and non-cyclical deals include £1.4bn of debt to back an acquisition of UK forensic sciences group LGC by a private equity consortium led by European firms Cinven and Astorg, which equates to around eight times LGC’s approximate £165m-£170m Ebitda. That financing will consist of first-lien loans and subordinated debt either in the form of second-lien loans or mezzanine-like cash-pay and payment-in-kind. Others are lower leveraged and cyclical deals including a €1.5bn-equivalent debt financing backing a sale of BASF’s construction chemicals business to Lone Star, which comes in at around 4.25-4.5 times the unit's Ebitda. “There is certainly choice to be had and something for everyone,” a capital markets head said. Other deals in the pipeline include a €2.5bn debt financing backing French entertainment production and distribution company Banijay Group’s acquisition of Endemol Shine; £2.4bn of loans backing TDR Capital’s British pubs group Stonegate Pub’s buyout of the UK’s largest pub owner EI Group; around €800m of debt for PAI Partners’ buyout of insulation foam maker Armacell; £305m of loans backing CapVest Partners’ acquisition of Young’s Seafood; and a debt financing for Dutch equipment rental firm Boels’ acquisition of Finland’s Cramo. MORE BESIDES The €14bn pipeline figure has not taken into account a second potential syndication of the remaining portion of a €1.8bn buyout financing for German chemicals group Evonik’s methacrylates plastics unit Madrid that banks are stuck with having backed Advent International’s buyout. It also doesn't include possible mega-trades such as a €7bn debt deal to back a potential sale of German Thyssenkrupp's elevator unit or a ground-breaking US$50bn debt financing for a possible sale of Walgreens Boots Alliance. The first quarter is certainly promising to be more fruitful that the first three months of 2019, which saw volumes plummet following a difficult fourth quarter 2018 in Europe’s leveraged loan market. Bankers are hoping the European CLO market will pick up again after a slower end to 2019, following saturation issues with Triple A investors and year-end fatigue. “We should move gently into 2020. It is a far better start to the year than 2019 knowing there is deal flow to kick off with, but there is still plenty of capacity. Having said that, we will need the CLO market to restart again,” a second senior banker said.

LOA
4 min read
Americas, EMEA
IFR 2313 - 14 Dec - 20 Dec
Claire Ruckin
IFR 2313 - 14 Dec 2019 - 20 Dec 2019

Deutsche admits clean-up will be slower

Deutsche Bank has scaled back its ambitions for a rapid clean-up of €250bn of legacy trades and former businesses, with the bank substantially cutting back its estimates for planned reductions in its capital release unit for this year and next. The unit is expected to still have a leverage exposure – the best gauge for the size of the portfolio – of €140bn by the end of this year and €50bn at the end of 2020. That is sharply higher than forecasts of €119bn and €17bn respectively when plans were announced in July. While substantial progress has been made during the first five months, including a deal to sell the prime brokerage and cash equities business to BNP Paribas, progress in other areas has been slower than expected, leading to targets being pushed out into the future. The BNP Paribas deal, which was finalised last month and will see 1,300 people eventually move to the French bank, is also part of the reason for the pushback. Deutsche now expects to retain about €60bn of the assets until final migration happens in 2021. "Pursuant to the BNP transaction and the final completion of our strategic timetable, we have slightly slower rundown of leverage exposure in 2020, and therefore we are slightly increasing our 2020 leverage target to €50bn," CRU head Louise Kitchen told analysts on Tuesday. EATING INTO CAPITAL The capital release unit is also expected to prove anything but, with the unit expected to burn capital on a net basis over its lifetime. While having a positive impact this year, with the 65bp drag on Deutsche's core equity Tier 1 ratio from CRU losses and clean-up costs more than offset by the 85bp lift from the reduction in risk-weighted assets, that process is expected to reverse over the next three years. Indeed, the cost of running the CRU is projected to lead to a 105bp drag on CET1 over the next three years, implying losses of around €3.5bn based on today's levels. That more than offsets the 75bp gain in CET1 because of the shrinkage in the balance sheet and reduction in RWAs. "It is a significant, complex book of work that we need to complete as efficiently as we can to minimise the disruption to the bank," said Kitchen. "Over the long term the group will obviously benefit from a more focused and profitable business mix." The CRU lost €1.6bn in the first nine months of this year. While costs are expected to come down, partly through the BNP deal but also through reductions in IT costs, it is still expected to be losing up to €1bn a year by the end of 2022, when deleveraging is supposed to be largely complete. For the first time, Deutsche provided more detail on the shape of the portfolio and where money was being lost. Some €137bn of the initial €250bn came from the shuttered prime brokerage and equity businesses. A further €88bn came from legacy rates trades, and €20bn from credit assets. Crucially, it showed there are some lengthy time frames for the remaining positions in the CRU, such as interest-rate swaps, cross-currency swaps and options assets. Indeed, Deutsche said the weighted average life for the remaining €88bn of rates positions is eight years. "Most of our assets, like our substantial derivatives portfolio, do not have a yield in themselves but do have ongoing hedging costs," Kitchen said. "However, this impact will, of course, reduce use over time as we reduce the overall size of the capital release unit." ROLLING OFF Between 10% and 15% of assets are expected to roll off naturally each year, with the remaining assets earmarked for sale. The CRU has brought in teams and drawn up de-risking strategies for assets that will be balanced against the bank's wider financial targets. Sales can be costly. "When we can rely on just run-off to take place, that's great and that doesn't create just de-risking costs," said CFO James von Moltke. "Where we accelerate is where it is capital productive, if you like, to engag

RATE P&M
5 min read
EMEA
IFR 2313 - 14 Dec - 20 Dec
Steve Slater, Gareth Gore

BON LOA P&M

Refinitiv looks to slash costs on US$6.45bn loan a year after record buyout

Financial data and content services provider Refinitiv on Thursday returned to the loan market looking to reprice roughly US$6.45bn in debt, just four months after the company agreed to a US$27bn acquisition by the London Stock Exchange Group (LSE), sources familiar with the matter said. The term loan is one part of Refinitiv’s US$12.825bn bond and loan financing that backed private equity firm Blackstone Group’s buyout of the company, formerly Thomson Reuters’ Financial & Risk business, in September 2018. The transaction is one of the largest leveraged buyouts since the financial crisis. Refinitiv’s repricing comes on the back of robust trading in its bonds and loans in the secondary market as investors welcomed the potential acquisition of the company by the publicly traded LSE. “Investors view Refinitiv as a much better credit given the announcement from the LSE. A lot of the concerns around the financing from Blackstone have settled too,” said one investor with knowledge of the transaction. “The concerns are not the business, but the loan documents, sponsor risk and high leverage.” When Refinitiv launched its financing in September last year, the documentation was criticized for including some of the weakest investor protections seen since the financial crisis such as Ebitda add-backs based on projected cost savings. Adjusted total leverage on a pro forma basis was estimated at 5.3 times when the financing was in market, but Moody's Investors Service estimated pro forma total leverage of about 7.6 times at the end of June 2018. Fourteen months on, Refinitiv is shopping the term loan B at a rate of 325bp-350bp over Libor, a move that could lower the interest rate on the loan by up to 50bp from 375bp over Libor, the sources said. Bank of America is arranging the transaction. Lenders have until December 17 to join the deal. A Bank of America spokesperson did not return a telephone call or email seeking comment. A spokesperson for Refinitiv declined to comment. REPRICING WAVE Refinitiv is one of more than a dozen US borrowers looking to cut costs on their existing loans this month. Companies higher up the credit ratings spectrum are taking advantage of investor demand for the safer haven of Double-B rated debt, as uncertainty lingers over the US-China trade war and a slowdown in global growth. While several companies are using their stronger, Double-B credit ratings to leverage investors’ flight to quality, the Single-B rated Refinitiv comes to market on the back of positive momentum after the LSE announcement. “Given the existing pricing on the loans, I expected a repricing of the dollars,” a second investor said. On Wednesday, Refinitiv’s term loan, which matures in 2025, dropped to an average bid of 100.25 from 101 after speculation of a repricing emerged, sources said. Bank of America hosted the lender call on Thursday morning. The company’s senior unsecured bonds, due in 2026, have also rallied to a cash price of 113 cents this month, after hitting a low of 91.1 cents on the dollar in December 2018, according to MarketAxess data. The secured bonds, also maturing in 2026, are now at 109.375 cents this month, compared to a low of 96.265 a year ago. The LSE, meanwhile, is supporting the purchase of Refinitiv from Blackstone with US$9.325bn and €3.58bn (US$4bn) in bridge loans. In September 2018, Refinitiv raised US$9.25bn in term loans to back Blackstone’s US$20bn purchase of a 55% stake in the company from Thomson Reuters. This comprised a US$6.5bn seven-year term loan and a US$2.75bn-equivalent seven-year loan in euros. Refinitiv also raised US$2.825bn in bonds. LPC is owned by Refinitiv.

BON LOA P&M
4 min read
Americas, EMEA
Aaron Weinman
IFR 2313 - 14 Dec 2019 - 20 Dec 2019

New year cheer for lev loan bankers

Around €14bn of leveraged loans are set to hit Europe’s loan market in the first quarter of 2020, promising a solid start to the year as the pipeline of new issuance builds. The pipeline involves deals of all sizes, from a €3bn-equivalent financing backing a buyout of UK defence and aerospace group Cobham to €690m of leveraged loans backing Platinum Equity’s acquisition of European biscuits manufacturer Biscuit International. “Holy moly, €14bn is more than I thought,” a senior banker said. "It won’t all come at the same time and people have lots of money and want new supply and choice so it feels like there will be a healthy and active market. We should all rejoice." A loan backing technology-focused private equity firm Thoma Bravo’s US$3.82bn acquisition of UK cyber security company Sophos could be the first out of the blocks in the new year. The financing totals US$2.075bn and, although a US$520m second-lien loan has been preplaced, a US$1.43bn Term Loan B still needs to be syndicated. It is expected a portion of that TLB will be denominated in euros. While much of the pipeline is awaiting syndication, some is comprised of potential deals in the final stages of auction processes such as a sale of German classifieds group Scout24’s autos unit AutoScout24, which will require up to €750m of debt financing to back a buyout. In keeping with 2019, there will be huge differentiation between credits and there is unlikely to be a one-size-fits-all approach when it comes to leverage levels and pricing. Highly leveraged and non-cyclical deals include £1.4bn of debt to back an acquisition of UK forensic sciences group LGC by a private equity consortium led by European firms Cinven and Astorg, which equates to around eight times LGC’s approximate £165m-£170m Ebitda. That financing will consist of first-lien loans and subordinated debt either in the form of second-lien loans or mezzanine-like cash-pay and payment-in-kind. Others are lower leveraged and cyclical deals including a €1.5bn-equivalent debt financing backing a sale of BASF’s construction chemicals business to Lone Star, which comes in at around 4.25-4.5 times the unit's Ebitda. “There is certainly choice to be had and something for everyone,” a capital markets head said. Other deals in the pipeline include a €2.5bn debt financing backing French entertainment production and distribution company Banijay Group’s acquisition of Endemol Shine; £2.4bn of loans backing TDR Capital’s British pubs group Stonegate Pub’s buyout of the UK’s largest pub owner EI Group; around €800m of debt for PAI Partners’ buyout of insulation foam maker Armacell; £305m of loans backing CapVest Partners’ acquisition of Young’s Seafood; and a debt financing for Dutch equipment rental firm Boels’ acquisition of Finland’s Cramo. MORE BESIDES The €14bn pipeline figure has not taken into account a second potential syndication of the remaining portion of a €1.8bn buyout financing for German chemicals group Evonik’s methacrylates plastics unit Madrid that banks are stuck with having backed Advent International’s buyout. It also doesn't include possible mega-trades such as a €7bn debt deal to back a potential sale of German Thyssenkrupp's elevator unit or a ground-breaking US$50bn debt financing for a possible sale of Walgreens Boots Alliance. The first quarter is certainly promising to be more fruitful that the first three months of 2019, which saw volumes plummet following a difficult fourth quarter 2018 in Europe’s leveraged loan market. Bankers are hoping the European CLO market will pick up again after a slower end to 2019, following saturation issues with Triple A investors and year-end fatigue. “We should move gently into 2020. It is a far better start to the year than 2019 knowing there is deal flow to kick off with, but there is still plenty of capacity. Having said that, we will need the CLO market to restart again,” a second senior banker said.

LOA
4 min read
Americas, EMEA
IFR 2313 - 14 Dec - 20 Dec
Claire Ruckin

RATE ECON P&M

Fed unleashes cash in a bid to avert year-end funding turmoil

The US Federal Reserve is prepared to inject money markets with tens of billions of additional US dollars into early 2020 to avoid the turbulence seen back in September and to safeguard other areas of the financial markets. On Thursday, the Fed released its latest schedule of repurchase operations into mid-January, covering a period when wholesale lending is light. The Fed's bump in temporary cash, however, fell short of what some analysts had predicted. One analyst earlier this week had forecast for the central bank to kick off a fourth round of Treasuries purchases by year-end to allay funding strain. In these operations, the Fed allows primary dealers to use their Treasuries and mortgage-backed bonds as collateral for short-term loans at a fixed interest rate. The Fed will offer overnight repo size of at least US$120bn starting on Friday to December 30, according to the latest schedule on the New York Federal Reserve's website. "In accordance with the most recent FOMC directive, the Desk will conduct repo operations to ensure that the supply of reserves remains ample and to mitigate the risk of money market pressures around year end that could adversely affect policy implementation," said the New York Fed, which conducts open market operations like repos for the central bank, in a statement. It will ramp up the size of overnight repos to at least US$150bn on New Year's Eve December 31 to January 2. The minimum repo size will return to US$120bn on January 3 and stay at that level through January 14. The Fed added an operation on December 30 with a one-day forward settlement with a minimum of US$75bn. In a move to keep providing longer-dated cash, the Fed will offer a series term repos over the coming four weeks. The longest repo maturity will be a 32-day operation conducted on December 16 with a minimum size of US$50bn. Back in September, the Fed began pumping cash into financial system in an attempt to hold down short-term interest rates. Some overnight costs had soared to 10%, more than four times the Fed's target rate at the time. Analysts have blamed a lack of cash in the banking system for the disruption in money markets. They have cited huge payments on taxes and Treasury supply, as well as a shrinking Fed balance sheet for the dearth of money for wholesale lending. "The Fed’s liquidity operations have not been sufficient to relax the constraints banks will face in the upcoming year-end turn. Reserves are still insufficient; there are no true “excess” reserves," Credit Suisse analyst Zoltan Pozsar said in a research note on Monday. Pozsar, who had worked at the New York Fed and US Treasury Department, said the Fed may embark on a fourth round of quantitative easing, or QE4, by year-end if there were severe imbalances in funding markets.

RATE ECON P&M
3 min read
Americas
Richard Leong

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Equities

IFR US ECM Weekly Wrap-up

WEEKLY TOTAL $7.23bn – IPO $3.25bn – ABB/BLOCK $1.61bn– FOLLOW-ON $1.07bn – CB $1.35bn Monday Arbor Realty Trust ABR.N (US, mortgage REIT) – $91.9m Block. 6.5m shares (100% prim) at $14.14 fixed versus $14.77 last sale. JPM, JMP, RJ. Upsized from 6m shares. Bought back 650,000 shares from CEO. Aurinia Pharmaceuticals AUP.TO (Canada, biotech) – $166.7m FO. 11.1m shares (100% prim) at $15.00 versus $15.78 last sale and $15.44 launch. JEFF, SVBL. Nasdaq "AUPH"/TSX "AUP.TO". Upsized from $150m. Lumentum LITE.O (US, optical networking) – $900m 7y cvt at 0.5%, up 42.5% versus talk of 0.25%-0.75% and 40%-45%. GS. Upsized from $850m. Ryman Hospitality Properties RHP.N (US, hotel REIT) – $256.8m ABB. 3m shares (100% prim) at $85.60 versus $85.60-$88.10 marketing and $89.07 last sale. BOFA, JPM, WF. Tuesday BRP BRP.O (Canada, snowmobile maker) – C$305.9m Block. 5m shares (100% sec) at C$61.17 versus C$63.72 last sale. BMO, CITI, RBC. Constellation Pharmaceuticals CNST.O (US, biotech) – $224.3m FO. 6.5m shares (100% prim) at $34.50 versus $35.51 last sale and $36.14 launch. JPM, JEFF, COWN, RBC, SUNT. Upsized from 4.75m shares. Everbridge EVBG.O (US, software) – $375m 5y cvt priced at 0.125%, up 35% versus talk of 0.125% fixed and 35%-37.5%. JPM, GS, NOM, BOFA, CS, WF. Price talk revised from 0%-0.25% and 32.5%-37.5%. Global Medical REIT GMRE.N (US, REIT) – $78m ABB. 6m shares (100% prim) at $13.00 versus $14.13 last sale. STFL, BMO, BAIRD, KEYB, SUNT. Upsized from 4.75m shares. LIV Capital Acquisition LIVKU.O (Mexico, SPAC) – $70m IPO. 7m units (100% prim) at $10.00. Each unit comprised of one share and one warrant. EBRD. Madrigal Pharmaceuticals MDGL.O (US, biotech) – $129.4mm Block. 1.2m shares (100% sec) at $107.85 versus $107.85-$112.50 marketing and $118.50 last sale. GS. OrthoPediatrics KIDS.O (US, biotech) – $57.3m ABB. 1.57m shares (97% prim, 3% sec) at $36.50 versus $36.00-$36.50 marketing and $38.57 last sale. PJ, STFL. Upsized from $50m. PennyMac Mortgage Investment Trust PMT.N (US, mortgage REIT) – $176.8m ABB. 8m shares (100% prim) at $22.10 versus $22.10-$22.20 marketing and $22.75 last sale. MS, CS, BOFA, JPM, BARC. Ranpak Holdings PACK.N (US, packaging) – $100.1m ABB. 15.4m shares (100% prim) at $6.50 versus $5.87 last sale. CHC. Rocket Pharmaceuticals RCKT.O (US, biotech) – $85m FO. 3.82m shares (100% prim) at $22.25 versus $22.25-$22.50 marketing and $24.23 last sale. JPM, COWN, EVER. Upsized from $75m. XP XP.O (Brazil, brokerage) – $1.96bn IPO. 72.5m shares (59% prim, 41% sec) at $27.00 versus $22-$25 marketing. GS, JPM, MS, XP, ITAU, BOFA, CITI, CS, UBS. Nasdaq "XP". Wednesday Assembly Biosciences ASMB.O (US, biotech) – $125m ABB. 7.57m shares (100% prim) at $16.50 fixed reoffer versus $17.17 last sale. JEFF, SVB, WMB. Offering comprised of 5.15m shares and 2.42m pre-funded warrants. Bill.com BILL.N (US, billing/back-office software) – $216.1m IPO. 9.8m shares (100% prim) at $22.00 versus $19-$21 marketing. GS, BOFA, JEFF, KEYB. Dragoneer Investment indicated for up to 1.5m shares. Price range increased from $16-$18 on 12/10. Upsized from 8.8m shares. Brigham Minerals MNRL.N (US, royalty trust) – $199.1m FO. 11m shares (55% prim, 45% sec) at $18.10 versus $18.58 last sale and $19.70 launch. CS, GS, RBC. EHang EH.O (Cayman Islands/China, drone maker) – $40m IPO. 3.2m shares (100% prim) at $12.50 versus $12.50-$14.50 marketing. MS. Insiders indicated for $7m. Forty Seven FTSV.O (US, biotech) – $170.1m ABB. 4.86m shares (100% prim) at $35.00 versus $34.00-$35.00 marketing and $35.96 last sale. MS, CS. Upsized from $140m. Impinj PI.O (US, semiconductors) – $75m 7y cvt at 2.0%, up 27.5% versus talk of 1.5%-2% and 27.5%-32.5%. GS. Livongo Health LVGO.O (US, healthcare IT) – $75m FO. 2.8m shares (100% sec) at $27.00 versus $27.54 last sale and $27.43 launch. MS, GS, JPM. Momenta Pharmaceuticals MNTA.O (US, biotech) – $225m FO. 14.5m shares (100% prim) at $15.50 versus $15.71 last sale and $18.07 launch. GS, JPM, STFL. Upsiz

EQY
5 min read

RATE FX

BUZZ-IMM: GBP, JPY specs reduce short, USD long position slips to lowest since May

GBP pre-elex & trade-related yen buying weigh on USD longs nL1N28N1E3 EUR specs +1,406 contract, now short 67,643 contracts; EUR +0.08% in period JPY specs buy 4,141 contracts reduce short to 43,692 contracts; JPY +0.1% GBP specs buy 7,411 contracts short now -22,639 on upbeat Tory polls Aussie and CAD saw slight selling; NZD specs bought 1,652 contracts EUR & JPY IMM Chart: https://tmsnrt.rs/2ROSxq1 IMM positioning Chart: https://tmsnrt.rs/2smq14u

RATE FX
2 min read
Global
Paul Spirgel

RATE FX

BUZZ-USD/JPY-Tech buy 109 runs risk-free after 109.73/80 hurdles hold

Tech long from 109 runs risk-free after 109.73 trend high holds The 200-WMA and downtrend line from late 2018 are at 109.80 If prices can close above those hurdles, and 110, 110.50's next 110.50 is the M-T ABC objective by 76.4% of 2019's drop at 110.53 Choppy uptrend is propped by the 55-DMA and rising daily cloud Chart: https://tmsnrt.rs/2tg6qU5

RATE FX
2 min read
Global
Randolph Donney

RATE FX

USD/JPY Trader

Long trade from 109 is running risk-free after today's 109.71 high was capped just below the 109.73 trend high, and with the 200-WMA and downtrend line from late 2018 nearby at 109.80. If prices can clear and close above those hurdles, and the 110 figure resistance, the 110.50 target linked to a M-T ABC objective by the 76.4% Fibo of 2019's drop at 110.53 will be back in play. Chart: https://tmsnrt.rs/2tg6qU5

RATE FX
2 min read
Asia
Randolph Donney

RATE FX

BUZZ-EUR/USD-Bullish breakout is a bust, 50-WMA, Fibo cap

Intraday surge to 1.1200 stopped right at the 50-WMA Also just shy of the 61.8% of the June-October drop at 1.1208 Nasty rejection back below just-cleared 200-DMA at 1.1154, also Thur's high 1.1101 low probes below Thur's 1.11035 low, undercuts o/n bullish breakout Some S-T MA and cloud support below in mid-1.1000s But price action too choppy for a good risk-reward trade here Eventual 1.1208+ close would target 1.1282 ABC & 76.4% Fibo at 1.1286 Chart: https://tmsnrt.rs/2Ee7pXd

RATE FX
2 min read
Americas, EMEA
Randolph Donney

RATE FX

EUR/USD Trader

Intraday surge to 1.1200 stopped right at the 50-WMA and just shy of the 61.8% retracement of the June-October drop at 1.1208. Nasty rejection back below just-cleared 200-DMA at 1.1154, also Thur's high, to 1.1101 versus Thur's 1.11035 low, undercuts the bullish breakout. Some S-T MA and cloud support below, but price action is to choppy for a good risk-reward trade. Chart: https://tmsnrt.rs/2Ee7pXd

RATE FX
2 min read
Randolph Donney

Equities

Everbridge alerts to high-class CB dilemma

Management software provider Everbridge took advantage of investor enthusiasm from recent contract wins to pre-fund the takeout of a deep-in-the-money convertible bond with a new CB. Everbridge is paying a coupon of just 0.125% on the new US$375m five-year CB with investors eligible to convert at prices above US$112.36, a 35% premium to reference. JP Morgan and Goldman Sachs, along with four other banks, had marketed the CB Tuesday at a coupon of 0%-0.25% and conversion premium of 32.5%-37.5%, locking down talk at 0.125%, up 35%-37.5% that afternoon. Everbridge shares fell 1% on the marketing to US$83.52. As part of the financing, Everbridge spent US$57.8m to buy back US$23m principal of an extant 1.5% CB that is convertible at US$33.71 and matures in 2022. It pledged to buy back the remaining roughly US$90m of 1.5%s when they become callable next November. Everbridge purchased a call spread in conjunction with the new deal to offset dilution to share prices above US$166.46, double the reference price used in pricing. The only question, and somewhat academic, is why Everbridge did not purchase all of the 1.5%s? One consideration was the risk of triggering a creeping tender, which would obligate Everbridge to keep the purchase offer to all holders for 20 business days, by going out to too many holders. "This was the company's decision," said one banker involved. "Concentration of holdings is a factor in tender considerations. If one holder owns 100% of a deal, the repurchase is not viewed as discriminatory." Typically, the 25% threshold is cited as a “substantial percentage”, but there have certainly been larger CB repurchases and concentration (three large holders) could have allowed for a bigger repurchase. Regardless, creeping tender is an ancillary consideration made possible only because of the strong performance of the underlying. Everbridge, which went public back in 2016 in a US$90m IPO (at US$12.00 a share), is coming off a strong quarter that included a number of significant new contracts, including a five-year contract with the state of California on a next-generation 911 alerting system and countrywide wins in Australia and Singapore.

EQY
2 min read
Americas
IFR 2313 - 14 Dec - 20 Dec

RATE FX

Asia FX Markets Open - December 16

By Publishing Editors USD losses pared after U.S.-China trade deal announced Market Briefs • U.S.-China trade deal swaps tariff rollbacks for farm, energy purchases • Kudlow says if china does not comply with trade deal terms, actions will be taken, including possible imposition of tariffs • "Brexit closure" - Johnson wins commanding victory in UK election • US Nov Export Prices MM, 0.2%, 0.1% f'cast, -0.1% prev • US Nov Import Prices YY, -1.3%, -3.0% prev • US Nov Retail Sales Ex-Autos MM, 0.1%, 0.4% f'cast, 0.2% prev, 0.3% rvsd • US Nov Retail Sales MM, 0.2%, 0.5% f'cast, 0.3% prev, 0.4% rvsd • US Nov Retail Control, 0.1%, 0.3% f'cast, 0.3% prev • US Oct Business Inventories MM, 0.2%, 0.2% f'cast, 0.0% prev, -0.1% rvsd • NY Fed's Williams says U.S. economy on stable footing after rate cuts • U.S. House panel approves charges, Trump at brink of impeachment Looking Ahead - Economic Data (GMT) • 15 Dec 22:00 AU Dec Manufacturing PMI, 49.9 prev • 15 Dec 22:00 AU Dec Services PMI, 49.5 prev • 16 Dec 00:30 JP Dec Jibun Bank Mfg PMI Flash, 48.9 prev • 16 Dec 01:30 CN Nov China House Prices YY, 7.8% prev • 16 Dec 02:00 CN Nov Urban Investment (YTD)YY, 5.2% f'cast, 5.2% prev • 16 Dec 02:00 CN Nov Industrial Output YY, 5.0% f'cast, 4.7% prev • 16 Dec 02:00 CN Nov Retail Sales YY, 7.6% f'cast, 7.2% prev • 16 Dec 04:30 JP Oct Tertiary Industry Activity NSA, 2.7% prev • 16 Dec 20:00 NZ Q4 Westpac Consumer Survey, 103.1 prev Looking Ahead - Events, Other Releases (GMT) • Dec 16 N/A BoE’s Mark Carney speaks at the bank's Financial Stability Report news conference, in London • Dec 16 13:00 ECB’s Philip Lane and Luis de Guindos participate in the ECB's 4th Macroprudential Policy and Research Conference in Frankfurt • Dec 16 17:00 BoE publishes half-yearly Financial Stability Report and annual stress test of UK banks in London Macro Themes In Play • Hefty risk-on flows stemming from the UK election and US-China trade deal hopes eroded on Friday in a sell-the-fact response to today’s confirmation of a phase one trade deal that underwhelmed with respect to the quantity of tariff rollbacks and agreement specificity. The trade deal announcement was met with heavy CNY selling, unwinding of short JPY carry trades and a general USD recovery despite, or partly due to, falling Treasury yields. • The US retail sales miss and aggressive Fed MM operations to preclude a yearend funding crisis also played roles in the Treasury yield pullback. • EUR/USD surged to 1.1200, the 50-WMA and near the 61.8% at 1.1208 in Asia after UK election poll results allowed it to ride the coattails of the GBP/USD 3+ big figure rise. But it was all downhill from there, tumbling back below the 200-DMA at 1.1154 it had cleared overnight. The Bundesbank’s halving of its 2019 GDP forecast to 0.6% and the reality of “getting Brexit done” didn’t help those who bought the breakout. • GBP/USD’s explosive rally to 1.3516, its highest since May 2018, and briefly above 61.8% of the 2018-19 drop at 1.3453, came in for consolidation toward 1.3300 as focus shift to getting a trade deal done within the current transition period • USD/JPY’s risk-on rally failed just shy of the 109.73 trend high, as well as the 200-WMA and downtrend line from late 2018 at 109.80 in line with the pullbacks in Treasury yields and US stocks. • AUD/USD’s 200-DMA topside breakout overnight imploded to below Thursday’s low on the underwhelming US-China trade deal announcement • That 10-year Treasury and Bund yield rallies both failed near their November recovery highs suggests continuing demand for those havens into year-end, despite relief from some risk-off threats and persistent risk-taking in other assets Commentary and Analysis EUR/USD-Coattails ride on Sterling's vote surge short-lived • EUR/USD spiked to 1.1200, 50-WMA, on GBP/USD's Brexit relief surge • Overnight gains then reversed to below 200-DMA & Thursday's low • Reality of 2020 Brexit hurdles also trims part of GBP/USD spike up • Bundesbank's halving

RATE FX
11 min read
Asia
Chandra Ramarathnam

BUZZ-Asia FX Markets Open - December 16

USD losses pared after U.S.-China trade deal announced Market Briefs • U.S.-China trade deal swaps tariff rollbacks for farm, energy purchases • Kudlow says if china does not comply with trade deal terms, actions will be taken, including possible imposition of tariffs • "Brexit closure" - Johnson wins commanding victory in UK election • US Nov Export Prices MM, 0.2%, 0.1% f'cast, -0.1% prev • US Nov Import Prices YY, -1.3%, -3.0% prev • US Nov Retail Sales Ex-Autos MM, 0.1%, 0.4% f'cast, 0.2% prev, 0.3% rvsd • US Nov Retail Sales MM, 0.2%, 0.5% f'cast, 0.3% prev, 0.4% rvsd • US Nov Retail Control, 0.1%, 0.3% f'cast, 0.3% prev • US Oct Business Inventories MM, 0.2%, 0.2% f'cast, 0.0% prev, -0.1% rvsd • NY Fed's Williams says U.S. economy on stable footing after rate cuts • U.S. House panel approves charges, Trump at brink of impeachment Looking Ahead - Economic Data (GMT) • 15 Dec 22:00 AU Dec Manufacturing PMI, 49.9 prev • 15 Dec 22:00 AU Dec Services PMI, 49.5 prev • 16 Dec 00:30 JP Dec Jibun Bank Mfg PMI Flash, 48.9 prev • 16 Dec 01:30 CN Nov China House Prices YY, 7.8% prev • 16 Dec 02:00 CN Nov Urban Investment (YTD)YY, 5.2% f'cast, 5.2% prev • 16 Dec 02:00 CN Nov Industrial Output YY, 5.0% f'cast, 4.7% prev • 16 Dec 02:00 CN Nov Retail Sales YY, 7.6% f'cast, 7.2% prev • 16 Dec 04:30 JP Oct Tertiary Industry Activity NSA, 2.7% prev • 16 Dec 20:00 NZ Q4 Westpac Consumer Survey, 103.1 prev Looking Ahead - Events, Other Releases (GMT) • Dec 16 N/A BoE’s Mark Carney speaks at the bank's Financial Stability Report news conference, in London • Dec 16 13:00 ECB’s Philip Lane and Luis de Guindos participate in the ECB's 4th Macroprudential Policy and Research Conference in Frankfurt • Dec 16 17:00 BoE publishes half-yearly Financial Stability Report and annual stress test of UK banks in London Macro Themes In Play • Hefty risk-on flows stemming from the UK election and US-China trade deal hopes eroded on Friday in a sell-the-fact response to today’s confirmation of a phase one trade deal that underwhelmed with respect to the quantity of tariff rollbacks and agreement specificity. The trade deal announcement was met with heavy CNY selling, unwinding of short JPY carry trades and a general USD recovery despite, or partly due to, falling Treasury yields. • The US retail sales miss and aggressive Fed MM operations to preclude a yearend funding crisis also played roles in the Treasury yield pullback. • EUR/USD surged to 1.1200, the 50-WMA and near the 61.8% at 1.1208 in Asia after UK election poll results allowed it to ride the coattails of the GBP/USD 3+ big figure rise. But it was all downhill from there, tumbling back below the 200-DMA at 1.1154 it had cleared overnight. The Bundesbank’s halving of its 2019 GDP forecast to 0.6% and the reality of “getting Brexit done” didn’t help those who bought the breakout. • GBP/USD’s explosive rally to 1.3516, its highest since May 2018, and briefly above 61.8% of the 2018-19 drop at 1.3453, came in for consolidation toward 1.3300 as focus shift to getting a trade deal done within the current transition period • USD/JPY’s risk-on rally failed just shy of the 109.73 trend high, as well as the 200-WMA and downtrend line from late 2018 at 109.80 in line with the pullbacks in Treasury yields and US stocks. • AUD/USD’s 200-DMA topside breakout overnight imploded to below Thursday’s low on the underwhelming US-China trade deal announcement • That 10-year Treasury and Bund yield rallies both failed near their November recovery highs suggests continuing demand for those havens into year-end, despite relief from some risk-off threats and persistent risk-taking in other assets Commentary and Analysis EUR/USD-Coattails ride on Sterling's vote surge short-lived • EUR/USD spiked to 1.1200, 50-WMA, on GBP/USD's Brexit relief surge • Overnight gains then reversed to below 200-DMA & Thursday's low • Reality of 2020 Brexit hurdles also trims part of GBP/USD spike up • Bundesbank's halving of 2019 GDP forecast t

11 min read
Global
Chandra Ramarathnam
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US ECON-IFR US Economics Weekly Preview
MBS CLOSE-Basis tightens as treasuries bounce, vol pressured amid trade uncertainty
US GOVTS WRAP-Bond market plays the role of skeptic after phase one deal confirmed
BUZZ-IMM: GBP, JPY specs reduce short, USD long position slips to lowest since May
USD SWAP/EURO$ CLOSE-Trade details lack of clarity turns swaps mixed, rally Euro$s
BUZZ-USD/JPY-Tech buy 109 runs risk-free after 109.73/80 hurdles hold
BUZZ-EUR/USD-Bullish breakout is a bust, 50-WMA, Fibo cap
Everbridge alerts to high-class CB dilemma
BUZZ-Asia FX Markets Open - December 16
MBS-Spreads tighter from narrowly mixed at midday
BUZZ-Replay-Sell-the-fact trade deal, Brexit reality, USD/JPY highs
Lumentum shines light on growth with seven-year CB
BUZZ-EUR/USD-Coattails ride on Sterling's vote surge short-lived
US ECON-Preview of Monday's data and events
Mitre, Moura Dubeux build toward IPOs
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