KfW keeps it short in dollars
KfW is the solitary SSA issuer out in dollars so far this week, and it is sticking to the very short end with an 18 month deal, a week before a US Federal Open Market Committee meeting at which...
View ArticleTime to end the German home bias in Schuldschein
A German company, of implied investment grade, can waltz into the Schuldschein market, expecting shrinking margins, and a bulging order book. A foreign issuer’s journey is more complicated, and much...
View ArticleQatar crisis highlights vulnerability of GCC market
GCC debt markets are experiencing their first major wobble since gaining prominence as the most prolific issuers in CEEMEA, and no one saw it coming. The recent Qatar-related sell-off is both a stark...
View ArticleEU risk retention to be up for review every three years
Risk retention levels in European securitization are to be reviewed at least every three years by the European Systemic Risk Board (ESRB), according to a paper released by the government of Malta on...
View ArticleAs STS fog clears, Global ABS to focus on new themes
The 21st annual Global ABS event kicked off on Tuesday in Barcelona, with attendees and the event organizer saying that the 2017 event will shift focus from previous years, with more focus on new and...
View ArticleCME Europe like "canary in coalmine" says Sprecher
Intercontinental Exchange chief Jeffrey Sprecher on Tuesday compared the shutting down of the Chicago Mercantile Exchange's (CME) clearing and exchange operation in London to a "canary in a coalmine"...
View ArticleBPE Cédulas performance shows faith
Banco Popular Espanol’s covered bonds have barely reacted to credit stress afflicting bonds further down its capital structure, which may illustrate the effectiveness of the Covered Bond Purchase...
View ArticleBayer extends Covestro exit with €2bn block trade, exchangeable bond
Bayer is monetising more of its stake in Covestro, the plastics company it span off in 2015, through a simultaneous block trade and exchangeable bond worth a total of €2bn.
View ArticleEuropean derivative exchanges outperform US
The major derivative exchanges' May volume figures have shown increased activity despite low volatility across markets, with European exchanges posting higher activity than their US counterparts.
View ArticleChange from the ground up to promote gender balance – WABS
The Women in ABS panel on day two of Global ABS told attendees in the audience that, on balance, gender diversity is still lacking in financial services, and to up the numbers of female senior...
View ArticleTradebe signs market first syndicated green term loan
Tradebe, the Spanish waste reclamation and recycling solutions firm, has signed a €265m green syndicated term loan, a facility that arranger BBVA says is the first of its kind ever.
View ArticleEuro borrowers jostle for space in crowded market
Eurozone issuers crammed into the euro market on Wednesday ahead of a European Central Bank meeting.
View ArticleIFRS 9 could boost risk transfer market
New IFRS 9 accounting rules could give issuers another reason to enter the risk transfer market, according to panellists at the balance sheet synthetics session at Global ABS on Wednesday.
View ArticleSingle-B name takes 12 year money at sub-4%
Liberty Global’s UPC Holding BV locked in a coupon of below 4% for a bond of 12 years, the longest maturity for a new deal in the European high yield market so far this year.
View ArticleRevealed: Oman's loan shopping list
A banker on the majority of loan deals originating in Oman has told GlobalCapital the order in which the sultanate plans to execute the facilities, in the light of increasing concerns around lenders...
View ArticleMiFID II will not be delayed, says Maijoor
European Securities and Markets Authority chair Steven Maijoor today said that any suggestion of further delaying implementation of the Market in Financial Instruments Directive II (MiFID II) was...
View ArticleDebate on euro clearing heats up as French regulator rejects US model
The debate on clearing euro derivatives showed signs of heating up on Wednesday, when a French regulator speaking at the International Derivatives Expo in London insisted that the activity should take...
View ArticleNew collateral platform from IHS Markit
IHS Markit has launched a new end-to-end collateral management platform that can be used to calculate margin, settle margin calls and settle margin disputes.
View ArticleBanco Popular rescue poses CDS conundrum
The contingent convertible (CoCo) bank capital market received all the plaudits on Wednesday, when Banco Popular Español was forced into a “rescue” by Santander.
View ArticleSchuldschein taps ground with B. Braun hit
German medical firm B. Braun sold what some are calling the tightest six year loan in Schuldschein history this week, even as it more than doubled the €150m initial target. However, some Schuldschein...
View Article