Issue 1306 - 24 May 2013

Credit News

Public Sector

• Appetite unabated for SSA dollar bonds
• KBN targets juicy basis swap with five year Kanga
• KDB leads Koreans on global capital search
• Periphery targeting dollars as market rides out storm
• Sevens on cards for EFSF trade as investors push down curve
• Slovaks take tight five year print with second euro deal

Covered Bonds

• WL Bank gets its 1bp wish with rare Pfandbrief
• Pbb brings hungry covered bond buyers out to 15 years
• KBC’s ‘screamer’ testifies to the dearth of supply
• Covered bond trio in dollars raises 2013 supply by 40%

Financial Institutions

• Acid test for senior debt as EU intensifies bail-in fears
• ADCB goes tight with drive-by $300m LT2
• Deutsche triumphs with new tier two structure for US
• Emirates NBD perp bears brunt of market sell-off
• ING draws in retail interest with five year Australian dollar transaction
• Sampo sells new krona benchmark after buyback
• Société Générale offers concession against euros for Swiss francs
• Nomura, DVB, Bank Austria flood the fashionable fives

Corporate Bonds

• Reed Elsevier hailed as Swiss deal sells tight
• Tieto, Orion and Panostaja hybrid ignite Finnish market
• Unibail-Rodamco holds full roadshow before next issue
• Volkswagen braves rough Thursday via BofA Merrill
• Jam-maker Hero’s only senior bond flies as Swiss investors warm to familiar name
• FGA Capital goes right up to Agricole-Fiat JV expiry date with €250m 18 month FRN
• Long-awaited Open Grid Europe plans bond debut
• Markit Data 1306
• Plastic Omnium cuts cost with first public bond
• EDP opens up new Portuguese asset class
• GDF’s in-house bank Solfea seeks first bond
• Gecina enjoys newly tight funding cost after deleveraging with €300m 10 year
• German drugmaker Stada readies unrated return
• Glencore Xstrata picks day before QE alarm, wins $5bn blowout
• Dar Al Arkan $450m sukuk shakes off market blues
• Bosch joins 20 year reverse enquiry game for €250m
• Coca-Cola Amatil goes long in A$ to offer more yield

High Yield

• Codere bonds falter as Moody’s warns of ‘very high’ default risk
• Elan seeks $800m HY bond to fend off hostile takeover
• IDH dental firm extracts £400m from sterling funds
• France’s SMCP, Germany’s FTE to fund LBOs with bonds
• Outsourcer Equiniti debuts as £440m is 10 times sold
• Spanish bus line Avanza’s €490m debut sells tight
• Thomas Cook shrugs off rough day with €525m comeback
• William Hill seeks sterling HY to pay for online buys

Emerging Markets

• Parent uses its muscle for Millicom to get its $500m
• Renaissance Credit wins with $350m, could tap later
• Romanian sovereign seeks banks for benchmark bond
• Why wait for govvie? Funds pile into Kazagro
• Ziraat Bank heard lining up leads for dollar debut
• Market jitters scare off Russian Standard Bank’s LT2
• Morocco inflates dollar tranches by 50%
• MTS reprices curve, wins praise from rivals despite rouble delay
• RAB back for more, but currency still undecided
• RCO structured deal drives Mexican peso innovation
• Famsa flags up strength of LatAm high yield
• Head of steam for Mid East bonds and sukuk
• GCP Student Living, Polar in London fund launches

Bond Comments

Public Sector

Dollars

• KfW
• Council of Europe
• Swedish Export Credit Corporation — SEK
• Oesterreichische Kontrollbank — OeKB

Financial Institutions

Euros

• DVB Bank SE
• JPMorgan Chase & Co
• Nomura Europe Finance NV
• ABN Amro

High Yield

• Unédic

Emerging Markets

• Renaissance Credit

Alternative currencies

• Kingdom of Morocco
• Mobile TeleSystems — MTS
• Abu Dhabi Commercial Bank

This week's Other New Issues

• Reed Elsevier

Structured Finance

Asset Backed Securities

• EDP opens up new Portuguese asset class

Residential MBS

• Holmes and Kenrick wake UK RMBS from its 2013 slumber
• Obvion meets demand with third Storm RMBS

CMBS and Corporate Securitisation

• Opera CMH buyers choose Kennedy Wilson proposal

Structured Credit

• European CLOs struggling to shift triple-A tranches

Consumer ABS

• Alba sells a Italian lease securitisation across nation

Auto ABS

• Banque PSA and BMW market new ABS issues

Structured Credit

• GCP Student Living, Polar in London fund launches

MTNs and CP

• BMW sprays short FRNs across street, SG misses out
• Glencore Xstrata picks day before QE alarm, wins $5bn blowout
• Long floaters flower in corporate MTN boom
• MTN League Tables 1306: Deutsche Bank rises two places to third
• MTN Leak: Photo ops, football and annual leave
• Regional banks frozen out of EMTNs
• US money funds back in eurozone after March dip

Syndicated Loans and Leveraged Finance

Investment Grade or Non-leveraged Loans

• Back to normality, not back to reality
• National Express leaves station with £400m request
• Opportunistic deals in summer months, says EuroWeek poll
• Schneider shows tightening French-German pricing gap
• Western Europe syndicated loans - news in brief, May 24, 2013

Leveraged Finance Loans

• Wendel takes revolver up to €600m
• European CLOs struggling to shift triple-A tranches
• European TLBs surge — and shift to dollar

Emerging markets Loans

• Int’l lenders find Nigeria bank dollar rush tough to stomach
• Norilsk Nickel advances to unsecured borrowing, moves away from PXF facilities
• Rare three year loan of $200m from miner Randgold hedges gold volatility, says CEO
• Emerging Market syndicated loans - news in brief, May 24, 2013

League Tables

Bonds

• Bonds Tables 1306
• Bookrunners of all global bonds (Global) — 2013 (May 22, 2013)
• Bookrunners of all international bonds — 2013 (May 22, 2013)

Loans

• Bookrunners of all syndicated loans marketed in EMEA — 2013 (May 23, 2013)
• EMEA Utility and Energy: Loans bookrunner rankings — last 12 months rolling
• Germany: Loans bookrunner rankings — last 12 months rolling
• Bookrunners of all global syndicated loans — 2013 (May 23, 2013)
• Nordic: Loans bookrunner rankings — last 12 months rolling

League Table Equity

• Bookrunners of all global ECM issuance — 2013 (May 23, 2013)
• Bookrunners of all EMEA ECM issuance — 2013 (May 23, 2013)
• Bookrunners of all EMEA equity-linked — 2013 (May 23, 2013)
• Bookrunners of EMEA overnight ECM transactions — 2013 (May 23, 2013)

Revenue

• Debt capital markets revenue — Global 2013 (May 23, 2013)
• Equity capital markets revenue — Global 2013 (May 23, 2013)
• All investment banking revenue — Global 2013 (May 23, 2013)
• Syndicated loan revenue — Global 2013 (May 23, 2013)
• Mergers & Acquisitions revenue — Global 2013 (May 23, 2013)

MTNs and CPs

• MTN League Tables 1306: Deutsche Bank rises two places to third
• Markit Data 1306

Leveraged Loans

• EMEA Leveraged: Loans bookrunner rankings — last 12 months rolling

Equity

• Bpost kicks off €800m IPO in taster of new mail privatisations
• Death and taxes
• Equity Capital Markets news in brief - May 24, 2013
• FirstGroup hangs on to IG rating with cap hike, shares hit hard
• Galp stakes keep giving as Amorim sells EB
• GCP Student Living, Polar in London fund launches
• Growthpoint brings internationals to top up
• Lloyds £445m SJP success marred by market drop
• Mizuho’s de Jong shakes up Hearn’s legacy
• Opportunistic NBAD increases convertible
• Timely launches aid Terna, Pandora, Morrison
• Wealth funds help VTB to $3.3bn capital raise

Market News

• Babson adds $5bn in HY as interest persists
• BlueBay closes fund for SME financing after €800m
• Bond Market Awards Charity League Table
• EBA proposes a tougher treatment of ABS in CRR
• First close for Beechbrook’s new mezzanine fund
• Market ignoring impact of depositor preference and bail-in, say investors
• People Moves in Brief, May 24, 2013
• RiverRock snaps up Chenavari broker-dealer

The Naked Broker

• Death and taxes

Southpaw

• Mizuho’s de Jong shakes up Hearn’s legacy

People Moves

• Bond Market Awards Charity League Table
• EBA proposes a tougher treatment of ABS in CRR
• Market ignoring impact of depositor preference and bail-in, say investors
• People Moves in Brief, May 24, 2013

MTN Leak

• MTN Leak: Photo ops, football and annual leave

Emerging Markets

• ADCB goes tight with drive-by $300m LT2
• Dar Al Arkan $450m sukuk shakes off market blues
• Emerging Market syndicated loans - news in brief, May 24, 2013
• Emirates NBD perp bears brunt of market sell-off
• Equity Capital Markets news in brief - May 24, 2013
• Famsa flags up strength of LatAm high yield
• Growthpoint brings internationals to top up
• Head of steam for Mid East bonds and sukuk
• Int’l lenders find Nigeria bank dollar rush tough to stomach
• Market jitters scare off Russian Standard Bank’s LT2
• Morocco inflates dollar tranches by 50%
• MTS reprices curve, wins praise from rivals despite rouble delay
• Norilsk Nickel advances to unsecured borrowing, moves away from PXF facilities
• Opportunistic NBAD increases convertible
• Parent uses its muscle for Millicom to get its $500m
• RAB back for more, but currency still undecided
• Rare three year loan of $200m from miner Randgold hedges gold volatility, says CEO
• RCO structured deal drives Mexican peso innovation
• Renaissance Credit wins with $350m, could tap later
• Wealth funds help VTB to $3.3bn capital raise
• Why wait for govvie? Funds pile into Kazagro
• Ziraat Bank heard lining up leads for dollar debut

Latest News (Top 5 RSS Feed)

• Glencore Xstrata picks day before QE alarm, wins $5bn blowout
• Volkswagen braves rough Thursday via BofA Merrill

Leader

• Back to normality, not back to reality
• Bernanke was right to test markets

New Issue

• New Issues 1306

Emerging Markets

• Romanian sovereign seeks banks for benchmark bond