SECURITIZATION

News

• Covered bond buying branded ‘insane’ as ECB goes for QE-lite
• SoFi to bring third securitization and offer mortgages
• Italy SME CLOs protected from weak economy
• Virgin goes Dutch on Gosforth as FLS effect melts away
• Raters square up over single-family rental
• LCR means worse capital treatment for agency MBS
• Ocwen downgrade spurs need for better servicers

CORPORATE BONDS

News

• Corporate credit skips with delight after ECB rate cut surprise
• US M&A financing wave begins with Marathon as AbbVie nears
• Deutsche Bahn stokes floating rate debate
• Reiter, Bucher and Bobst take advantage of low Swiss rates
• British American appeals on Swiss debut
• Corporate issuance hits full speed as Sanofi’s €3bn blockbuster blows out
• TMCC and FdR thrive in seven year €
• Volvo brings third bond in three weeks with €300m FRN
• Alfa Laval’s first bond since 2000 a big hit on ECB day
• Lufthansa’s €500m return faces Ryanair test

HIGH YIELD

News

• Phones 4U disaster puts high yield market’s weak liquidity to the test
• Wind power developer Arise launches second green bond
• Nyrstar to refresh capital with bond, rights
• Fiat taps July’s 2022 deal as Draghi cut lifts spirits
• Ahlstrom plans €100m bond issue for tender offer

MTNS AND CP

SYNDICATED LOANS AND LEVERAGED FINANCE

Investment Grade or Non-Leveraged Loans

• Imperial Tobacco closes oversubscribed $13bn loan syndication
• Telekom Austria seeks €1bn RCF after Móvil ups stake
• ABP refinances last 2011 loans with £400m revolver

Leveraged Finance Loans

• United Internet to fund buys with €1.382bn in loans
• Bureau van Dijk first to the levfin starting line in September with its €620m acquisition loan
• Cov-lite boom boosts issuance volumes beyond 2007 run rate
• Belgium's Corialis prepares €483m loan to start levfin season
• KKR's Finedining Capital cooks up €615m loan after buying WMF
• Douglas Holding gets €1.1bn August repricing at favourable terms

Emerging Market Loans

• No Russian loan re-entry despite Ukrainian ceasefire
• Oman Oil signs first club loan under new CEO
• Liquid Telecom seeks $150m to expand African network
• EBRD agrees Turkish loan and $1bn Ukraine pledge

EMERGING MARKETS

News

• Riot of roadshows in CEEMEA as six more announce bonds
• Ukraine starts working with banks for standalone Eurobond
• Cemex set to print dual trancher after going tighter
• Brazil taps for $1bn, low sovereign supply buoys bid
• Brazil’s GOL roadshows for bond alongside tender
• EPM pesos bring hopes local currency bid is back
• BTG Pactual mandates for rare perpetual tier one

EQUITY

News

• Q4 glee ebbs as debutants run into soggy receptions
• Emaar kicks off long awaited mall IPO
• Equity capital markets, news in brief — September 5, 2014

DERIVATIVES

News

• Swap docs set to vanish for vanilla trades as CCPs grow
• CLN issuers fear greater capital charges
• LME Clear receives EMIR approval
• Hedge funds hold out for cheaper clearing costs nearer deadline
• KRX introduces raft of changes ahead of vol futures trading
• CME, SCH to develop OTC products and services
• Argentina CDS valued at auction
• Denver boutique eyes short futures, long call VIX structure
• HY cash set up hedges in iTraxx Crossover
• Seven-year swap future popularity spikes, Eris says
• SEFs call on CFTC to extend data reporting relief

MARKET NEWS

News

• RBS cuts CEE bonds and loans, Mustafa to leave
• ESMA flags record sovereign debt burden
• European investment banks halt US takeover
• US firms up bank liquidity rules
• Oil and gas drives jump in Jefferies numbers
• European repo market shrinks, says ICMA
• People Moves in Brief

COLUMNS

Leader

• ECB: failure or masterstroke?
• Sov default: testing the untestable

Southpaw

• Bankers fight for relevance in tech M&A

MTN Leak

• MTN leak: Thank you for the pan pipes

GlobalCapital View

• Alibaba’s IPO is well worth the wait
• The tide is turning on Europe’s underloved IBs
• Pushing maturities is the next stage of peripheral recovery
• Let this be the autumn that ECM comes of age
• Boris island ditched – disaster averted