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Tier two market slows despite tight spreads as de Volksbank prices €500m
◆ Investors demand higher concession on new tier twos ◆ de Volksbank issues latest euro deal and pays a premium ◆ Tweaks cost metrics to aim at higher profitability
M&A refinancing wins more than €11bn of orders and tightens by 50bp
Investors drive contrasting outcomes for FIG issuers
◆ Triple-B rated PBB print stuck at IPTs... ◆... while double-B rated Monte dei Paschi achieves strong outcome ◆ OP Corporate Bank lands flat to fair value
Sabadell achieves 'super-strong' senior appearance
◆ Spanish issuer funds with no new issue premium, if not breaching through fair value ◆ Market shows approval of the lone senior FIG print ◆ 'No major impact' spotted from BBVA's takeover expectations
M&A refinancing wins more than €11bn of orders and tightens by 50bp
Sub-sections
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◆ Supra returns after two-year hiatus ◆ Deal reopens SSA benchmark issuance, paused since late October ◆ Relative value in focus after end of ECB buying, recent swap moves -
London's airport is the third foreign corporate to tap the Swiss market this week
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◆ German bank prints popular tier two under new green funding framework ◆ Label a positive ingredient, says rival banker ◆ Funding completed at no concession
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Billions fall out of Stellantis's book after tightening by 40bp during bookbuilding
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Equinix, Otis and Zimmer take €2.7bn between them
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◆ First SSA euro deal sold in nearly two weeks ◆ Rarity, yield and green label lead to 'strong success' ◆ E-supras' curves referenced for pricing
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◆ Donald Trump’s threat to ESG finance in the US ◆ Why ‘woke capitalism’ won’t be put to bed ◆ UK auto ABS faces up to compensation crisis
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Politicians and corporations could try to ban pension funds and asset managers considering environmental and social issues
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Twenty-four states with 60% of US GDP still committed to going green as IRA wins bipartisan support
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Guidance released to help banks with quandary of how to deal with biodiversity
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Collateral pools are diversified but industry cannot ignore broader implications of more frequent extreme weather
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Oil and gas giant's return to Swiss francs achieves competitive pricing
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The impact of the G20’s review of multilateral development banks’ Capital Adequacy Frameworks in 2022 has been remarkable. But Chris Humphrey, one of the study’s authors, argues there is more to do
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Wealthy countries are letting debts rise and show little sign of reining in spending, raising risk of Liz Truss moments
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A $1.9bn IMF loan for Tunisia is frozen, while the government has refused to implement fiscal reforms, leaving the country at risk of default unless it can continue to source finance from other lenders
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Proper ministerial decision-making body would force countries to reach agreement
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As president, Ajay Banga has given the World Bank the highest ambition and clear targets, but reality rarely cooperates. He is trying to drum up support from business and banks. This week in Washington, the Bank must convince wealthier countries to back its mission with more money — but runs the risk of the Annual Meetings being overshadowed by strife over conflicts in Ukraine and the Middle East
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With political tensions gripping the world economy and threatening to squeeze even tighter, the International Monetary Fund’s managing director Kristalina Georgieva has her work cut out at this week’s annual meeting. If the IMF is to remain relevant and capable, she must strike deals that countries of different political hues and degrees of wealth can live with
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There was no clear reason why local banks were not picked, sources said, for first time in 17 years
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Loans from captive lenders, large banks likely to be most exposed as court says consumers are compensation
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Local banks play a vital role for the country in both domestic and international capital markets
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Parent company rescues spin-off in turnaround plan
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Two largest block trades of the year have been Pfizer sell-downs in Haleon
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Pfizer and Greek bailout fund selling as Applied Nutrition launches IPO
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CAF gearing up to transform regional development
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Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
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