Search

Companies may obtain fresh funding opportunities in euro commercial paper, as European money market funds move away from bank issuers, which are posting tighter and tighter levels and cutting issuance. [ABSTRACT FROM AUTHOR]

The article reports that the Instituto de Crédito Oficial (ICO) has introduced short term euro paper and response to the same from banking and non-banking firms. Topics include euro trade by banks, European Central Bank`s last targeted longer term refinancing operation (TLTRO), and fund managers and pension funds.

A lack of supply in the European CLO market this summer has left investors desperate to source bonds, with the few deals moving through the pipeline seeing heavy oversubscription and tight spreads. [ABSTRACT FROM AUTHOR]

Regulatory bodies responsible for drawing up the technical standards for the 'simple, transparent, standardised' (STS) framework for European securitization have published five draft consultation papers, seeking industry comment through March. [ABSTRACT FROM AUTHOR]

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]

The European investor base jumped on consumer ABS paper this week, with Santander's German auto deal driving spreads to a new low and drawing some long absent investors back to the asset class. [ABSTRACT FROM AUTHOR]

The article details trading deals in European leveraged finance primary markets as of March 15, 2018. Topics discussed include the expected issuance of 1 billion euro worth of papers by investors, market assessment by leveraged bankers and investors, and the potential yield offered by leverage finance.

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]

◆ US RMBS sales in Europe: immigration or vacation? ◆ UBS AT1 makes nonsense of claims of investor fears ◆ The EU's last hurrah in the SSA market [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]

Klépierre, the French shopping centre operator, and UPM–Kymmene, the Finnish paper company, were two of a handful of names to receive raucous receptions from the bond market this week. Issuers benefited as a wave of market-friendly news turned the focus in Europe's high grade bond market back to a risk on mode. [ABSTRACT FROM AUTHOR]

The article reports on Rabobank's release of a position paper that criticized Germany's response to total loss-absorbing capacity (TLAC) of banks. Topics discussed include Rabobank's claim that the German draft law places senior unsecured debt at risk, the Dutch bank's opposition to its adoption as a Europe-wide solution, and the adverse consequences of the German proposal in times of market volatility.

The euphoria that infused Europe's corporate bond market from Tuesday to Thursday has cooled somewhat, although investors are still open for business. Bankers had said on Thursday that Friday would bring an interesting crop of deals, but there is only one, for paper company Mondi, rated Baa1/BBB+. [ABSTRACT FROM AUTHOR]

In an otherwise barren summer week for equity block trades in Europe, UBS led the sale on Thursday night of R1.4bn ($95.4m) of stock in Mondi, the Anglo-South African paper and packaging company, on behalf of a group of shareholders left out of a recent reorganisation of Mondi's listing. [ABSTRACT FROM AUTHOR]

Analysts warned this week of securitization's drift into a private, bilateral and less visible type of market at the expense of the public market, despite last year's primary pipeline churning out the highest volume of publicly syndicated bonds since 2011. [ABSTRACT FROM AUTHOR]

A joint paper from eight European trade associations has outlined the importance of rehabilitating Europe's securitization market, ahead of crucial discussions on the industry's regulatory future in the European Parliament on Tuesday. [ABSTRACT FROM AUTHOR]

An investor reappraisal of additional tier one paper left the asset class trading at unprecedented lows on Monday, forcing Deutsche Bank to reassure the market of its ability to pay its coupons. [ABSTRACT FROM AUTHOR]

Short term debt opportunities are opening for public sector borrowers as European money market funds move to the asset classes at the expense of banks, which are posting tighter and tighter levels and cutting supply in euro commercial paper. [ABSTRACT FROM AUTHOR]

The coronavirus pandemic has made for a busy time for Europe's equity capital markets with all manner of emergency capital raises and block sales being done alongside even the odd IPO. Market participants expect the pace of issuance to run on in the weeks ahead after May turned out to be one of the best months of the last few years. [ABSTRACT FROM AUTHOR]

$14.6bn of secondary block paper priced in Europe and the US this week, according to Cortex data, as sellers offloaded large stakes in listed companies. They were taking advantage of a rally since the bottom of the pandemic sell-off in March. However, falling earnings estimates mean some fear that sellers may be divesting stock because they believe the market is overvalued. [ABSTRACT FROM AUTHOR]

With the Schuldschein having grown into one of Europe's foremost private debt markets, Asian and European banks have swarmed to it on the hunt for implied investment grade companies to lend to. But at the corners of the market, new characters are edging into the picture. According to several market sources, hedge funds and US investment banks have started to work their way into a still rare element of the centuries-old German market — distressed debt. Silas Brown investigates. [ABSTRACT FROM AUTHOR]

Christine Lagarde has praised Europe's achievement in developing the climate finance market, which she said was now dominated by paper denominated in euros. [ABSTRACT FROM AUTHOR]

Renewable energy company Vena Energy stumped Asian investors with its debut bond sale on Wednesday, relying instead on heavy support from Europe. [ABSTRACT FROM AUTHOR]

The frenzy of investment grade corporate bond issuance in Europe intensified on Thursday, when eight companies came to market, issuing a total of €6.6bn of paper in euros. That brought the total for the first four days of this week to over €20bn. Despite the heavy supply, issuers have found sufficient demand to support their notes. [ABSTRACT FROM AUTHOR]

Green securitizations are figuring into the European Commission's plan to make private finance for climate-friendly investments more popular in Europe, according to a paper published by the EC's Directorate-General for Climate Action. [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]

The European Banking Authority's plans to level the playing field for synthetic securitization could raise the cost of such deals for banks supervised by the European Central Bank's Single Supervisory Mechanism (SSM), slowing down a market which has boomed in the last two years, and forcing banks to look elsewhere for capital relief. [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]

BMW sold the latest European auto ABS transaction on Wednesday, with demand driving pricing tighter than initial talk. [ABSTRACT FROM AUTHOR]

European banks piled back into the bond market this week following Emmanuel Macron's victory in the French election and as reporting season passed its busiest point. Borrowers were looking to issue capital amid attractive funding conditions for senior paper eligible for total loss-absorbing capacity (TLAC). [ABSTRACT FROM AUTHOR]

JAB Holdings and Prosus have hired banks to run bond issues, adding to the barrage of corporate deals in the works before Europe's summer break. [ABSTRACT FROM AUTHOR]

A big night for the European blocks market on Tuesday took Europe's equity capital markets by surprise, with almost €2.9bn printed across three accelerated deals. The success of the sales has given the market hope that there are more opportunities to bring big block trades, writes Sam Kerr. [ABSTRACT FROM AUTHOR]

◆ Italian bank gets duration in Yankee market that it cannot reach in Europe ◆ The $3bn deal was its biggest for a decade ◆ Global bid for duration allows it to print longest SP dollar deal this year [ABSTRACT FROM AUTHOR]

The frenetic pace of January's SSA issuance may have abated but some issuers are still making the most of supportive conditions to pull off good deals. [ABSTRACT FROM AUTHOR]

Total loss absorbing capacity-eligible callable deals issued in euros this week by Morgan Stanley and last week by Goldman Sachs could herald the future for bank senior unsecured paper. But regulatory clarity will be needed before it is possible to see whether European banks can follow suit, writes Bill Thornhill. [ABSTRACT FROM AUTHOR]

This article presents information on the increase in the number of issuers in the asset-backed securities (ABS) market in Europe in 2016. It discusses the ABS deal launched by BMW Bank, the pricing to be made by Opel Bank on its German auto paper above par, and the high demand for European ABS securities.

Covered bonds have reclaimed the FIG primary market this week, as poor earnings figures from European banks and weak economic data have softened the backdrop. [ABSTRACT FROM AUTHOR]

The European bank capital market is not expected to build on its trio of 2016 transactions any time soon, as volatility in credit default swaps betrays lingering buyside fears about lenders' stability. [ABSTRACT FROM AUTHOR]

The European bank capital market is not expected to build on its trio of 2016 transactions any time soon, as volatility in credit default swaps betrays lingering buyside fears about lenders' stability. [ABSTRACT FROM AUTHOR]

The article provides an overview of the Euro-medium term note (MTN), a type of private placement (PP). Topics discussed include the access to PP in the form of Euro-MTNs by European companies that are regular bond issuers, benefits of the Euro-MTN to investors and the decline in the issuance of corporate MTNs in 2015.

The article reports that Italy broke its euro-era record for a five year auction, with the Eurozone government yields declining after European Central Bank president Mario Draghi hinted that he could announce more monetary easing in December 2015.

The article reports that Spain has reduced its borrowing costs at an auction in September 2015 and mentions the impact of the Greek debt crisis on the capital markets in Europe.

European high yield borrowers have pushed out many of their maturities beyond 2018 and face low needs to refinancing in the short term, according to a research paper published by Moody's on Wednesday. [ABSTRACT FROM AUTHOR]

The article presents information on the increase in the number of European money market funds acquiring Chinese bank debt, according to a report released by credit rating agency Fitch. It discusses the factors that contributed to this trend, Chinese state-owned banks dominating the market, and the response of Chinese issuers to this trend.

This article presents information on the increase in the number of European money market funds acquiring Chinese bank debt, according to a report released by Fitch ratings agency. It discusses the factors that have contributed to this trend, Chinese-owned commercial banks dominating the market, and the types of Chinese securities held by European funds.

Capital Markets Union could look at removing some post-crisis regulation, according to Jeroen Dijsselbloem, the head of the Eurogroup of Financial Ministers, speaking on the sidelines of ICMA's annual general meeting in Amsterdam. [ABSTRACT FROM AUTHOR]

BlackRock is set to price its first ever euro senior unsecured trade on Tuesday, opening books for a SEC registered 10 year print that had syndicate bankers struggling to pin down relative value. [ABSTRACT FROM AUTHOR]

Capital Markets Union merits the three capital letters. It is a grandiose project planned by a Commission which is fresh to the task, full of energy, and dealing with a European leadership more aware than ever before of the need to work together in economics and finance. It is also the perfect cover for a project to fix the past five years of poor regulation in Europe. [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]

International Personal Finance, the consumer finance company active in eastern Europe and Mexico, is issuing a rare UK retail-targeted bond, in a market that has almost dried up. [ABSTRACT FROM AUTHOR]