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Some traditional investors in European high yield bonds are showing growing interest in lower rated paper. But a closer look at market dynamics suggests that, rather than just newfound risk appetite, the presence of occasional buyers in the market may also be pushing them down the ratings ladder. [ABSTRACT FROM AUTHOR]

KfW has sold Europe's first blockchain-based bond, although a quirk of German law meant the transaction had to be replicated on paper. While the bond was instantly settled, those involved say a crucial component is missing if this technology is to become part of capital markets' infrastructure: a cash settlement facility on a distributed ledger. [ABSTRACT FROM AUTHOR]

The European Insurance and Occupational Pensions Authority (EIOPA) floated the idea of a European network of guarantee schemes this week, in the latest indication it is seeking to eliminate disparities in how resolution and recovery of insurance firms works across the EU. [ABSTRACT FROM AUTHOR]

New securitization data from the Association for Financial Markets in Europe shows European issuers placed €1.8bn more paper with investors in 2014 than the previous year, though they retained a greater proportion of their own notes [ABSTRACT FROM AUTHOR]

If the tension in the European corporate bond market is often about how much paper can issuers persuade investors to take, this August the pull is the other way. Investors are thirsty, and issuers are withholding. [ABSTRACT FROM AUTHOR]

Some covered bonds issued recently have lacked sparkle, causing concern over the outlook. Even so, spreads still have good scope to tighten, especially in core Europe and the short end of the curve, though possibly not until the start of October, said two traders on Friday. [ABSTRACT FROM AUTHOR]

Aggressive widening of bank bond spreads has halted FIG bond issuance of all kinds in Europe [ABSTRACT FROM AUTHOR]

Non-US financial institutions have favoured going to the dollar market for unsecured offerings in the first two days of the year, with Crédit Agricole looking to raise tier two capital in the currency on Wednesday. [ABSTRACT FROM AUTHOR]

European banks are expected to call the first generation of Basel III compliant additional tier one (AT1) instruments, as a prolonged rally in the asset class has made refinancing conditions very attractive for issuers. [ABSTRACT FROM AUTHOR]

Greece's return to bond issuance on Tuesday drew praise from bankers across the SSA sector, who are now eagerly waiting to see whether the book -- much smaller than its previous comeback bond in April 2014 -- trumps that older deal for quality. [ABSTRACT FROM AUTHOR]

SNCF Réseau will issue the first green bond ever from a European transport company on Thursday. [ABSTRACT FROM AUTHOR]

CNP Assurance's pioneering tier three bond in euros this week will have had funding teams at Europe's insurance firms gripped. The French firm's trailblazer in a new asset class has opened an irresistibly cheap source of capital and there is little standing in the way of a flurry of copycat trades, writes Tyler Davies. [ABSTRACT FROM AUTHOR]

The article reports the move by Union Bank of Switzerland (UBS) in early April 2016 of a perpetual non-call five year bond deal in dollars to exploit the expansion by the European Central Bank (ECB) of its stimulus program. Also cited are the data issued by the Association for Financial Markets in Europe (AFME) showing that tier one contingent convertible (CoCo) notes issued by European banks dropped by 10% and tier two CoCos declined by 4%.

The UK printed on Tuesday a tap of its 0.125% index-linked Gilt maturing March 2046. The note was sold at the tightest spread to the benchmark since it was first syndicated. [ABSTRACT FROM AUTHOR]

The article reports on the decline in Portugal's 10 year bond after European Central Bank (ECB) President Mario Draghi made a pronouncement that the accommodative monetary policy would be reexamined at its December 2015 meeting. Topics discussed include the decline of Eurozone government yields and the potential reduction to ECB's deposit rate.

The article reports on the 2.5 billion euros 10 year debt auctioned by the Italian government on June 11, 2015, which was taken by investors at an average yield of 1.83 percent that represents a 43bp increase over the last sale of the tenor in April 2015 and is the highest rate at an Italian 10 year auction.

Blackouts ahead of fourth quarter earnings releases kept primary activity sedate on Tuesday, with Münchener Hypothekenbank the only issuer to take to the euro market, selling a small seven year print. [ABSTRACT FROM AUTHOR]

The article reports that high yield bond demand and issuance in Europe has recovered at the start of 2015. Topics discussed include the factors behind the return of high yield in the region's market, the prediction that single-B rated bond issues will be the next popular option in the region and the travel company Thomas Cook's launch of the first single-B rated deal of 2015.

Chinese high grade corporate euro-denominated bond spreads have moved sharply wider in the last few weeks, but analysts reckon there is little chance of contagion weighing on Europe's mainstream investment grade corporate bond market. [ABSTRACT FROM AUTHOR]

FedEx, the US delivery company, picked Europe to print its debut sustainable bond on Tuesday, as the region's green and environmental, social and governance debt market is "years ahead" of the US. [ABSTRACT FROM AUTHOR]

Cement company Cemex became the first Mexican credit to issue internationally since January as it tapped European investors for a new seven that it will use to refinance existing debt. [ABSTRACT FROM AUTHOR]

Changing emphasis from national regulators could give European banks more incentive to refinance additional tier ones with low common equity tier one triggers in the next couple of years, according to analysts at research house CreditSights. [ABSTRACT FROM AUTHOR]

Danske Bank is looking to issue two tranches of senior non-preferred debt in Swedish kronor, fresh from issuing its first such instrument in euros this week. It had been expected to issue several weeks ago but pulled back from the market. [ABSTRACT FROM AUTHOR]

Banks unleashed a blizzard of floating rate bond issuance on the euro market this week, tapping into some pent-up demand from investors. But the return of the long-neglected and more defensive FRN format suggests that issuers feel as though they could be on shakier ground in the primary market this year. [ABSTRACT FROM AUTHOR]

Banks will prioritise funding that helps meet their regulatory ratios in 2018, but covered bonds will continue to play a pivotal role because they provide the cheapest cost of funding. By Bill Thornhill [ABSTRACT FROM AUTHOR]

Restricted tier one (RT1) bonds still do not quite make sense for Europe's insurance industry, and the asset class will need benchmark issuance before it becomes a significant market in its own right. But the first deal in a major currency from ASR Nederland will be a very important line in the sand. [ABSTRACT FROM AUTHOR]

Shougang Corp Co, one of China's largest steel producers by volume and assets, priced its maiden euro bond on Thursday, joining a slew of Chinese names exploring the European market this year. [ABSTRACT FROM AUTHOR]

The extraordinary levels of activity in Europe's investment grade corporate bonds hit new heights this week, as issuers burst out of earnings blackout periods and printed bonds at pace hurrying to avoid a potentially difficult June. Ross Lancaster reports. [ABSTRACT FROM AUTHOR]

The article reports the issuance by Mexican beverage firm Femsa in early April 2016 of one billion euro seven year bond in its bid to exploit the European Central Bank (ECB)-driven rally in the credit markets. Lead banks are Credit Suisse, Deutsche Bank, and Banco Bilbao Vizcaya Argentaria, SA (BBVA). Also cited are the issuances by Mexican firms Pemex and América Móvil.

The article reports the move by U.S. industrial group HoneyWell International as of early March 2016 to issue its debut euro-denominated bond in four tranche amidst the positive performance of the European stock markets. The bookrunners of the deal are Barclays, Bank of America Merrill Lynch, Citi, and Goldman Sachs. Also cited is the bond issued by U.S. firm Carnival Corp.

The article reports on the declining but still positive index returns of the high yield market in Europe in 2015. Topics discussed include the severe slowdown of issuance in September, the negative news that adversely affected the market such as the bailout of Greece and the slowdown of the Chinese economy, and the high yield returns accompanied by a large divergence between regions.

The article discusses the highlights of a 2015 executive roundtable about European banks in the Samurai bond market. Topics discussed include the issuance patterns in the Samurai market, the resurgence of Euroyen from large U.S. corporates, and the performance of the Pro-Bond market and the capital market in Europe.

This year has already proven to be a record one in terms of Chinese issuers taking advantage of the low yielding environment in Europe. But a pair of landmark trades over the past two weeks could drive issuance to scale even greater heights this year, writes Rev Hui. [ABSTRACT FROM AUTHOR]

This article presents information on the responses from bondholders to the exchange offer and consent consolidation by iron ore pellet producer Ferrexpo for its April 2016 dollar Eurobonds on June 15, 2015. It discusses the conversion of the exchange offer into cash and bonds and the similarity of the offer to the company's exchange offer from January 2015.

The article reports that iron ore pellet producer Ferrexpo announced a second exchange offer on its 2016 dollar bonds while a primary restructuring agreement was reached by State Export-Import Bank with its own bondholders, which continues rounds of consent solicitations from troubled Ukrainian companies. Topics discussed include the difference between Ferrexpo's previous deal with its second exchange and details about the agreement between State Export-Import Bank and its bondholders.

The article reports on the move of European banks to source bail-inable capital away from the public debt market under the Financial Stability Board's Total Loss Absorbing Capacity (TLAC). Debt capital markets (DCM) bankers issued that TLAC and the European Union's Minimum Requirement for Own Funds and Eligible Liabilities (MREL) have required to build up their stock of bail-inable debt. They also cite that TLAC offers issuers real alternative to get away to tier structures.

The article reports on the strong tier two pipeline of insurers in the European stock market in the second quarter of 2015.

A southern European sovereign dipped into negative yield territory at auction for the first time this week. But despite the ultra-low returns in euros, bankers doubted whether European sovereigns would follow Mexico's daring 100 year euro benchmark this week. [ABSTRACT FROM AUTHOR]