Collateral is king... if you can find it
The supply of high quality liquid assets (HQLA) needed for capital regulations is insufficient. This has created an imbalance which, at times, grows so critical it poses a systemic risk. Regulators and...
View ArticleKfW lands 10 year euro whopper
KfW sold its second euro benchmark of the year on Tuesday, scoring €5bn at the difficult 10 year area of the curve in what a banker away from the trade called “a positive sign for the market”.
View ArticleESMA concerned about trader cross networks
The European Securities and Markets Authority — ESMA — has written a letter to the European Commission warning that some dealers may try and circumvent MIFID II obligations by creating networks of...
View ArticleCinnober hires for push into clearing
Cinnober, the Sweden based financial IT company, has recruited Patrick Tessier to spearhead its push into post trade clearing IT and services in London.
View ArticleRusal falls in Hong Kong after Prokhorov sells 3.3% stake
Shares in Rusal, the largest aluminium producer in Russia, closed 3.9% lower in Hong Kong on Tuesday after Onexim, an investment vehicle controlled by Mikhail Prokhorov, the billionaire owner of the...
View ArticleEDF rights issue on track, coming soon
Electricité de France confirmed today that its rights issue was on track to be launched this quarter, as it revealed its 2016 full year results and said its turnround was going to plan.
View ArticleFirst Kaufman & Broad block since re-IPO
BNP Paribas and Crédit Agricole with Kepler Cheuvreux have tonight launched the first block trade of stock in Paris residential property builder Kaufman & Broad since its re-IPO last April.
View ArticleCRT outperforming other RMBS
Fannie Mae and Freddie Mac's credit risk transfer (CRT) programmes have outperformed other non-agency RMBS, with the first loss pieces of recent deals yielding 5% on average in January, according to...
View ArticleAmEx makes ABS return with oversubscribed deal
Strong fundamentals and a rally in ABS spreads led bankers to increase the deal size of credit card ABS transaction from American Express on February 13.
View ArticleAgrokor can survive 2017, says Moody's, but PIK is critical
Agrokor, a Croatian retail, food and agriculture company, has enough funding to repay debt maturities this year despite a recently pulled loan syndication, according to Moody’s, but cash flow is low...
View ArticleEFSF likely to aim for big size after sending RFP
A request for proposals from the European Financial Stability Facility (EFSF) hit screens on Wednesday, with the issuer likely needing to print a larger deal than its last visit to the market.
View ArticleNew name to land in sterling
The Province of Alberta is set to make its debut in sterling on Thursday, in a move which may pave the way for its peers to follow suit.
View ArticleUnibail joins 2017’s long dated corporate bond club
France’s Unibail-Rodamco printed a €600m February 2028 bond on Wednesday, becoming one of the few investment grade corporate issuers this year to sell debt beyond the 10 year mark.
View ArticleCrédit Ag lands RMBS debut after earnings blackout ends
Crédit Agricole priced its debut public French RMBS deal on Wednesday, after the bank reported full year results, clearing the path for the new deal.
View ArticleMariner launches inaugural consumer ABS offering
Mariner Finance, a consumer finance company with 200 branches across the US, has launched a debut ABS offering backed by unsecured personal loans.
View ArticleFirst block trade in Flow Traders, second in Nordic Waterproofing
Tonight, private equity firm Summit Partners, Avalon Holding and Javak Investments have hired Morgan Stanley and UBS to sell a 12.65% stake in Flow Traders, the Dutch market-making firm, after it...
View ArticleISDA calls on regulators to copy CFTC's grace period
ISDA has welcomed the US Commodity Futures Trading Commission’s decision to grant swap dealers an extra six months to align their credit support annex agreements with new variation margin requirements,...
View ArticleTop Republicans attack Yellen over monetary policy
Emboldened Congressional Republicans ramped up attacks against the US Federal Reserve on Wednesday, taking aim at the central bank’s role in negotiating international financial rules and its bond...
View ArticleMSCI choice weighs on A-shares prospects
Despite the launch of Shenzhen Connect, MSCI’s decision on the inclusion of A-shares later this year still looms large on global investors’ views on whether to increase their exposure to onshore equities.
View ArticleBlock pace brisk as PEs exit Flow Traders, Waterproofing
Equity block trading activity this week in Europe has remained brisk, with 10 deals completed in the first four days, though of smaller size than in the last couple of weeks. Issuance so far this year,...
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