GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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Issue 1524

Main

Cerberus to float Austrian bank Bawag after 10 year turnround

Pirelli prices €2.6bn IPO, Italy’s biggest for two years

Leader

Green by words rather than action?

Public Sector

SSAs push Kangas over 2016 heights

News

Politics fail to derail SSAs in euros

Dollar investors scramble for assets as issuance slows

KfW blockchain ECP test highlights missing link of cash settlement

Bond Comments

BNG USD2.25bn 1.75% Oct 20

MuniFin EUR500m 0.75% Sep 27 green bond

Ontario USD2bn 2.2% Oct 22

Bpifrance EUR700m 0.75% Nov 24 tap

Finnvera USD1bn 1.875% Oct 20

KfW USD1bn 2% Sep 22 green bond

Covered Bonds

News

OCBC covereds soar in ‘one-way market’

NordLB normalises with improved Pfandbrief outcome

Apo prescribes Pfandbrief through fair value

SR sets subscription record in sevens

UBI pays no premium for largest and longest covered bond

CM Arkéa issues tightest 10 year covered bond

Caixa Económica to market Portugal’s first CPT covered

Bond Comments

Financial Institutions

News

MuHyp goes public in Swiss

Bank of Montreal debuts in Kangaroo market

BPAA prints T2, set to enter covereds

StanChart marks its euro return with first callable seniors

Goldman makes pre-earnings dash for cash

New fears creep into AT1 as market hits record lows

Portuguese bank issuance poised to resume

Bond Comments

ABN Amro EUR1bn 4.75% PNC10 AT1

Santander EUR1bn 5.25% PNC6 AT1

Standard Chartered EUR750m 0.75% Oct 23/EUR500m 1.625% Oct 27

Commonwealth Bank of Australia EUR1bn 1.936% Oct 29 tier two

Securitization

Investors embrace Santander UK prime RMBS return

Asset Backed Securities

News

CLO investors lever up in flat credit curve

More commercial real estate lenders turn to CLO product

Legacy RMBS holders hit by more trustee action

Eurozone not ready for normalization yet says ECB’s Praet

Buy side buoyant despite Brexit

Residential MBS

Structured Credit

Derivatives

Taxpayers are priority in CCP failure, says EU Parliament

ICE announces FANG+ index for tech exposure

Equity volatility not going anywhere, say derivatives experts

ESMA delays MiFID waivers for derivatives

CFTC gives further relief from reporting obligations

Swinburne: euro clearing is becoming a "political football"

Corporate Bonds

Chilean corp debuts in Swiss market

News

HY investors frustrated with Ebitda adjustments

Three automotive finance companies hit five year sweet spot in same week

Norske Skog restructuring thrown into fresh doubt as latest proposal rejected

Total eclipses previous tight spread for €1.5bn

Heineken proves the debt market likes a good beer

Brambles packs in another 10 year with no premium

Aroundtown taps hybrid while RWE tenders

Fluxys sells small but beautifully formed dual tranche

Volkswagen double takes 2017 total over €17bn

Dollar issuers leave investors wanting more

Northumbrian Water opens sterling flow but more to follow next week

Bonds Comments

Total Capital International EUR500m 0.625% Oct 2024, EUR1bn 1.375% Oct 2029

High yield

MTNS and CP

News

Bond Comments

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

Goshawk considers a further dollar Schuldscheine

HomeVi prepares loan launch

Nets board urges approval of Hellman & Friedman $5.3bn takeover offer

Levloans braced for whole lot of Wind

Leveraged finance loans

Emerging market loans

Socar Trading to refi loan amid downgrade

Bahrain Islamic Bank doubles debut facility

Fears over Qatari exposure chills Indian banks on Dubai deal

Refresco cuts euros and adds sterling to term loan ‘B’

Emerging Markets

News

CPI bags largest ever CEE real estate bond

Ziraat defies softer mart to print with minimal NIP

Russian banks buy back sub debt as contagion fears keep prices low

Jordan looks far and wide for long term commitment

Saudi Arabia grows up fast with $12.5bn syndicated success

Petrobras builds big bonds with attractive exchange

LatAm pipe promises more rare names

Mexichem shrugs off Treasury wobble in LatAm show of strength

Bond Comments

League Table

Equity

Cinven sells another 10% of Just Group

Varta AG revives €150m micro-batteries IPO

Tobacco packing IPO of GIMA TT will price high

ThyssenKrupp gets €1.37bn ahead of Tata joint venture

Apple chip supplier AMS brings first CB for $350m

German property firms exploit funding windfall with CBs before ECB tightens

Deutsche Wohnen goes long with new €800m CB

Market News

Osty’s new world order

Obituary: John Millar, humble banker who changed equity markets

European regulators exempt themselves from diversity push

Europe's banks call for capital rules to favour green assets

MiFID data deluge opens markets to cyber threats

EU firms to lose Asia business over MiFID

People Moves

Ex-DB banker joins Nordea as global DCM head

Columns

Leader

The Naked Broker

Credit Matters

GlobalCapital View

Food for thoughts

Southpaw

Euroblog

MTN Leak

Loans Ranger

Tuesday view

League Tables

Loans

Bonds

Revenue

New Issues

Cartoons

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