Are you over 18 and want to see adult content?
More Annotations
![A complete backup of https://future-s.com](https://www.archivebay.com/archive6/images/8be8394f-ffa6-407a-93cf-58a8e411a90a.png)
A complete backup of https://future-s.com
Are you over 18 and want to see adult content?
![A complete backup of https://saddiechoua.com](https://www.archivebay.com/archive6/images/101949be-80cb-4c23-a414-70bcd39d83c8.png)
A complete backup of https://saddiechoua.com
Are you over 18 and want to see adult content?
![A complete backup of https://italautocenter.com.ua](https://www.archivebay.com/archive6/images/f2630d8d-7cff-45ce-b10a-285b5a773ab8.png)
A complete backup of https://italautocenter.com.ua
Are you over 18 and want to see adult content?
![A complete backup of https://martinberasategui.com](https://www.archivebay.com/archive6/images/0191a921-f20a-42e5-97f3-6c9e5cf2315d.png)
A complete backup of https://martinberasategui.com
Are you over 18 and want to see adult content?
![A complete backup of https://twobillsdrive.com](https://www.archivebay.com/archive6/images/36f5081e-b74c-42e6-ab18-d92464590e90.png)
A complete backup of https://twobillsdrive.com
Are you over 18 and want to see adult content?
![A complete backup of https://barbecook.com](https://www.archivebay.com/archive6/images/4882ce34-93f4-41dc-97ee-da3c876ecb09.png)
A complete backup of https://barbecook.com
Are you over 18 and want to see adult content?
![A complete backup of https://geopolitica.com.pe](https://www.archivebay.com/archive6/images/afbe6f1e-14d9-4b85-a31a-60a6515bcce2.png)
A complete backup of https://geopolitica.com.pe
Are you over 18 and want to see adult content?
![A complete backup of https://no1reviews.com](https://www.archivebay.com/archive6/images/d732b79e-7567-405f-8496-b43e1a8cf592.png)
A complete backup of https://no1reviews.com
Are you over 18 and want to see adult content?
![A complete backup of https://netsafe.org.nz](https://www.archivebay.com/archive6/images/a30f36f8-484e-48ff-8b85-1da0749f4584.png)
A complete backup of https://netsafe.org.nz
Are you over 18 and want to see adult content?
![A complete backup of https://menhairstylist.com](https://www.archivebay.com/archive6/images/4481499a-821b-4b61-8cc1-441a69156f28.png)
A complete backup of https://menhairstylist.com
Are you over 18 and want to see adult content?
Favourite Annotations
![A complete backup of pillcomparer.com](https://www.archivebay.com/archive2/ade7799a-960e-4086-83ca-51027a7fac1d.png)
A complete backup of pillcomparer.com
Are you over 18 and want to see adult content?
![A complete backup of valenciaciudaddelrunning.com](https://www.archivebay.com/archive2/1c5b7755-2179-4e3c-8fa9-b588946104f8.png)
A complete backup of valenciaciudaddelrunning.com
Are you over 18 and want to see adult content?
![A complete backup of kirakiratter.com](https://www.archivebay.com/archive2/7719b10a-9518-4248-a269-766f24733c89.png)
A complete backup of kirakiratter.com
Are you over 18 and want to see adult content?
![A complete backup of fotokonijnenberg.nl](https://www.archivebay.com/archive2/8a74d8c6-a434-421b-af8f-492db2b49ade.png)
A complete backup of fotokonijnenberg.nl
Are you over 18 and want to see adult content?
![A complete backup of truehealthso.com](https://www.archivebay.com/archive2/8f6aba52-5fa2-4f41-b25d-82f57a7b6932.png)
A complete backup of truehealthso.com
Are you over 18 and want to see adult content?
![A complete backup of solardynamics.net](https://www.archivebay.com/archive2/7cadfc72-6859-4caa-93e3-456b1cb181a2.png)
A complete backup of solardynamics.net
Are you over 18 and want to see adult content?
Text
IFR AWARDS | IFR
Goldman Sachs is IFR’s US Bond House and North America High-Yield Bond House of the Year. US Bond: Ford Motor Credit’s US$8bn three-tranche bond. Bookmark this page. Yankee Bond: Nissan’s US$8bn four-tranche holdco bond. Bookmark this page. Euro BondIFR ASIA AWARDS
Quick to adaptIn rapidly changing conditions, one bank picked the right deals and harnessed Asia’s growing demand for socially responsible investments to fund Covid recovery efforts. EC UNVEILS NGEU FUNDING STRATEGY EC unveils NGEU funding strategy. Details of how the European Commission plans to fund the NextGenerationEU (NGEU) plan were unveiled on Wednesday as it looks to kick-start the region's recovery from Covid-19. The Commission, through the European Union, said it will raise up to around €800bn through to the end of 2026 with anaverage of about
INDUSTRY BODIES DECIDE SLLS MUST HAVE EXTERNAL The world’s three loan industry trade associations are close to finalising a global update to the Sustainability Linked Loan Principles that will introduce mandatory external verification of companies’ performance against some ESG targets.. External verification is a big departure for the private, relationship-driven syndicated loan market, but the move brings it in line with ICMA’smore
IFR AWARDS 2020: THE WINNERS Morgan Stanley is IFR's Bank of the Year 2020. Best-in-class return on equity, best share price performance of its peers, record revenues across a now balanced institution – and a deal roster to be proud of. Given the tragic circumstances of 2020, a victory lap for those who have been along for the journey might be unseemly. MARKETAXESS OPENS SECONDARY TRADING TO D&I FIRMS You need to be logged in to view this content RICHARD LI’S FWD WEIGHS LISTING VENUE OPTIONS Richard Li’s FWD weighs listing venue options. FWD Group, the Asian insurer backed by billionaire Richard Li, is considering a listing in Singapore or a combination with a US-listed acquisition vehicle in order to maintain a dual-class shareholding structure, according to people familiar with the situation. FWD has been working towards aHong
LSEG SETS SIGHTS ON US$10BN-PLUS BRIDGE TAKEOUT LSEG, which after the takeover of Refinitiv owns IFR, agreed an underwritten bridge loan in August 2019 of around US$13.5bn to support the acquisition. The takeout could be in excess of US$10bn divided between bonds and loans and split into different currencies. Those involved think it will be weighted to bonds over loans and to USdollars over
PRICED - BANCO GENERAL US$400M PERPNC10 AT 5.25% Our Privacy Statement & Cookie Policy. All Refinitiv websites use cookies to improve your online experience. They were placed on your computer when you launched this RABO LAUNCHES SDG-LINKED LOAN TEMPLATE TO TACKLE FOOD Rabobank has launched a standardised “SDG 12.3” sustainability-linked loan template for financing that aims to tackle food loss and waste and drive investment towards achieving the third target of the UN’s Sustainable Development Goal number 12.. The goal covers responsible consumption and production, and the third target seeks to halve global food waste per capita at the retail andIFR AWARDS | IFR
Goldman Sachs is IFR’s US Bond House and North America High-Yield Bond House of the Year. US Bond: Ford Motor Credit’s US$8bn three-tranche bond. Bookmark this page. Yankee Bond: Nissan’s US$8bn four-tranche holdco bond. Bookmark this page. Euro BondIFR ASIA AWARDS
Quick to adaptIn rapidly changing conditions, one bank picked the right deals and harnessed Asia’s growing demand for socially responsible investments to fund Covid recovery efforts. EC UNVEILS NGEU FUNDING STRATEGY EC unveils NGEU funding strategy. Details of how the European Commission plans to fund the NextGenerationEU (NGEU) plan were unveiled on Wednesday as it looks to kick-start the region's recovery from Covid-19. The Commission, through the European Union, said it will raise up to around €800bn through to the end of 2026 with anaverage of about
INDUSTRY BODIES DECIDE SLLS MUST HAVE EXTERNAL The world’s three loan industry trade associations are close to finalising a global update to the Sustainability Linked Loan Principles that will introduce mandatory external verification of companies’ performance against some ESG targets.. External verification is a big departure for the private, relationship-driven syndicated loan market, but the move brings it in line with ICMA’smore
IFR AWARDS 2020: THE WINNERS Morgan Stanley is IFR's Bank of the Year 2020. Best-in-class return on equity, best share price performance of its peers, record revenues across a now balanced institution – and a deal roster to be proud of. Given the tragic circumstances of 2020, a victory lap for those who have been along for the journey might be unseemly. MARKETAXESS OPENS SECONDARY TRADING TO D&I FIRMS You need to be logged in to view this content RICHARD LI’S FWD WEIGHS LISTING VENUE OPTIONS Richard Li’s FWD weighs listing venue options. FWD Group, the Asian insurer backed by billionaire Richard Li, is considering a listing in Singapore or a combination with a US-listed acquisition vehicle in order to maintain a dual-class shareholding structure, according to people familiar with the situation. FWD has been working towards aHong
LSEG SETS SIGHTS ON US$10BN-PLUS BRIDGE TAKEOUT LSEG, which after the takeover of Refinitiv owns IFR, agreed an underwritten bridge loan in August 2019 of around US$13.5bn to support the acquisition. The takeout could be in excess of US$10bn divided between bonds and loans and split into different currencies. Those involved think it will be weighted to bonds over loans and to USdollars over
PRICED - BANCO GENERAL US$400M PERPNC10 AT 5.25% Our Privacy Statement & Cookie Policy. All Refinitiv websites use cookies to improve your online experience. They were placed on your computer when you launched this RABO LAUNCHES SDG-LINKED LOAN TEMPLATE TO TACKLE FOOD Rabobank has launched a standardised “SDG 12.3” sustainability-linked loan template for financing that aims to tackle food loss and waste and drive investment towards achieving the third target of the UN’s Sustainable Development Goal number 12.. The goal covers responsible consumption and production, and the third target seeks to halve global food waste per capita at the retail and IFR AWARDS 2020: THE WINNERS Morgan Stanley is IFR's Bank of the Year 2020. Best-in-class return on equity, best share price performance of its peers, record revenues across a now balanced institution – and a deal roster to be proud of. Given the tragic circumstances of 2020, a victory lap for those who have been along for the journey might be unseemly. EUR GOVTS - AUCTION CALENDAR You need to be logged in to view this content PROOFPOINT REVISES TERMS Our Privacy Statement & Cookie Policy. All Refinitiv websites use cookies to improve your online experience. They were placed on your computer when you launched this IFR AWARDS 2020: CALL FOR ENTRIES The awards year runs from November 16 2019 to December 31 2020. To help with our selections, banks, advisers and issuers may submit brief written presentations along with supporting data. IFR journalists will also organise pitch meetings. Pitching is entirely optional and consideration for an award will not be limited to advisers or issuers BAYFRONT INFRASTRUCTURE LAUNCHES PROJECT CLO, INCLUDING You need to be logged in to view this content UPFRONT - GOOD NEIGHBOURS Our Privacy Statement & Cookie Policy. All Refinitiv websites use cookies to improve your online experience. They were placed on your computer when you launched this UPDATE 2-GUATEMALA DRAWS ROBUST DEMAND ON NEW SOCIAL BOND Makes changes throughout. Guatemala became the second Latin American sovereign to tap the dollar bond market in a matter of weeks on Tuesday as the region's governments rush to raise funding to fight the Covid-19 pandemic.. The sovereign is poised to raise US$1.2bn, a US$500m through a 12-year social bond to counteract the impact of the virus, and other US$700m through a tap 6.125% STORIES BY ELEANOR DUNCAN IFR Sign In. Sign in to IFR and access unique real-time commentary and analysis on a range of assets, around the globe, 24 hours a day. NEIGHBORLY PREPS WHOLE BUSINESS ABS DEBUT Neighborly preps whole business ABS debut. Home services franchisor Neighborly is readying its first-ever whole business securitization for pricing next week, marking the first bond of this type in the asset-backed securities market in 2021. The US$800m Barclays -led deal, Neighborly Issuer LLC Series 2021-1, follows the successful WBSdebut of
UKRAINE LAYS THE GOLDEN EGG FOR BANK OF AMERICA Fixed-income traders covering Ukraine at Bank of America are on course for a hefty bonus after making a huge profit by backing one of the best performing assets of 2019.. The US bank's CEEMEA desk in London booked a profit of at least US$60m (and possibly significantly more), according to market sources, largely thanks to a spectacular rally in the prices of Ukraine's sovereign bonds and GDPWELCOME TO IFR
International Financing Review is the leading source of fixed income, capital markets and investment banking news, analysis and commentary. IFR's team of market specialists report on capital-raising across asset classes, from rumour to market reception. John Deere Capital, rated A2/A, priced a threeLOGIN | IFR
IFR Sign In. Sign in to IFR and access unique real-time commentary and analysis on a range of assets, around the globe, 24 hours a day. BONDS | GLOBAL | IFR IFR hosts a comprehensive programme of conferences, seminars and roundtables throughout the year, providing authoritative insight into the trends and outlooks for specific regions and asset classes. View Events Calendar. IFR Digital Edition. Access a digital replica of IFR's print magazine, updated each Friday.IFR ASIA AWARDS
Quick to adaptIn rapidly changing conditions, one bank picked the right deals and harnessed Asia’s growing demand for socially responsible investments to fund Covid recovery efforts. EC UNVEILS NGEU FUNDING STRATEGY EC unveils NGEU funding strategy. Details of how the European Commission plans to fund the NextGenerationEU (NGEU) plan were unveiled on Wednesday as it looks to kick-start the region's recovery from Covid-19. The Commission, through the European Union, said it will raise up to around €800bn through to the end of 2026 with anaverage of about
INDUSTRY BODIES DECIDE SLLS MUST HAVE EXTERNAL The world’s three loan industry trade associations are close to finalising a global update to the Sustainability Linked Loan Principles that will introduce mandatory external verification of companies’ performance against some ESG targets.. External verification is a big departure for the private, relationship-driven syndicated loan market, but the move brings it in line with ICMA’smore
RICHARD LI’S FWD WEIGHS LISTING VENUE OPTIONS Richard Li’s FWD weighs listing venue options. FWD Group, the Asian insurer backed by billionaire Richard Li, is considering a listing in Singapore or a combination with a US-listed acquisition vehicle in order to maintain a dual-class shareholding structure, according to people familiar with the situation. FWD has been working towards aHong
MARKETAXESS OPENS SECONDARY TRADING TO D&I FIRMS You need to be logged in to view this content SOFTBANK, TENCENT-BACKED KEEP PLANS US$500M US IPO You need to be logged in to view this content RABO LAUNCHES SDG-LINKED LOAN TEMPLATE TO TACKLE FOOD Rabobank has launched a standardised “SDG 12.3” sustainability-linked loan template for financing that aims to tackle food loss and waste and drive investment towards achieving the third target of the UN’s Sustainable Development Goal number 12.. The goal covers responsible consumption and production, and the third target seeks to halve global food waste per capita at the retail andWELCOME TO IFR
International Financing Review is the leading source of fixed income, capital markets and investment banking news, analysis and commentary. IFR's team of market specialists report on capital-raising across asset classes, from rumour to market reception. John Deere Capital, rated A2/A, priced a threeLOGIN | IFR
IFR Sign In. Sign in to IFR and access unique real-time commentary and analysis on a range of assets, around the globe, 24 hours a day. BONDS | GLOBAL | IFR IFR hosts a comprehensive programme of conferences, seminars and roundtables throughout the year, providing authoritative insight into the trends and outlooks for specific regions and asset classes. View Events Calendar. IFR Digital Edition. Access a digital replica of IFR's print magazine, updated each Friday.IFR ASIA AWARDS
Quick to adaptIn rapidly changing conditions, one bank picked the right deals and harnessed Asia’s growing demand for socially responsible investments to fund Covid recovery efforts. EC UNVEILS NGEU FUNDING STRATEGY EC unveils NGEU funding strategy. Details of how the European Commission plans to fund the NextGenerationEU (NGEU) plan were unveiled on Wednesday as it looks to kick-start the region's recovery from Covid-19. The Commission, through the European Union, said it will raise up to around €800bn through to the end of 2026 with anaverage of about
INDUSTRY BODIES DECIDE SLLS MUST HAVE EXTERNAL The world’s three loan industry trade associations are close to finalising a global update to the Sustainability Linked Loan Principles that will introduce mandatory external verification of companies’ performance against some ESG targets.. External verification is a big departure for the private, relationship-driven syndicated loan market, but the move brings it in line with ICMA’smore
RICHARD LI’S FWD WEIGHS LISTING VENUE OPTIONS Richard Li’s FWD weighs listing venue options. FWD Group, the Asian insurer backed by billionaire Richard Li, is considering a listing in Singapore or a combination with a US-listed acquisition vehicle in order to maintain a dual-class shareholding structure, according to people familiar with the situation. FWD has been working towards aHong
MARKETAXESS OPENS SECONDARY TRADING TO D&I FIRMS You need to be logged in to view this content SOFTBANK, TENCENT-BACKED KEEP PLANS US$500M US IPO You need to be logged in to view this content RABO LAUNCHES SDG-LINKED LOAN TEMPLATE TO TACKLE FOOD Rabobank has launched a standardised “SDG 12.3” sustainability-linked loan template for financing that aims to tackle food loss and waste and drive investment towards achieving the third target of the UN’s Sustainable Development Goal number 12.. The goal covers responsible consumption and production, and the third target seeks to halve global food waste per capita at the retail andWELCOME TO IFR
International Financing Review is the leading source of fixed income, capital markets and investment banking news, analysis and commentary. IFR's team of market specialists report on capital-raising across asset classes, from rumour to market reception. John Deere Capital, rated A2/A, priced a three BOOK UPDATE: AUTO ABS FRENCH LEASES 2021 You need to be logged in to view this contentREQUEST A TRIAL
Once you have submitted your request, you will be contacted by a Refinitiv representative to discuss your subscription requirements. If you require further information, please contact your local Refinitiv representative using the details below: Europe, Middle East & Africa: cmi.emeasales@refinitiv.com. CMBS: SLG 2021-OVA (ONE VANDERBILT) ESG $US3BN *GUIDANCE Our Privacy Statement & Cookie Policy. All Refinitiv websites use cookies to improve your online experience. They were placed on your computer when you launched this DEAL-CONTINGENT OPTIONS: RISKY BUSINESS GETS RISKIER Asia's bond markets remained open for corporate hybrids and high-yield issuers last week despite a vicious sell-off in worldwide risk assets. As the global spread of the new coronavirus slammed stocks and froze the US new issue market, 15 Asian issuers priced US dollar bonds last week – including 10 without an investment-grade rating. THE NEXT BOOM IN SUSTAINABLE FINANCE: ESG DERIVATIVES The uncertain fallout from the coronavirus outbreak in China has paralysed loan syndications across Asia, as lenders struggle to assess the damage to Chinese businesses and borrowers that rely heavily onChinese demand.
SOFR TO BECOME MAIN US DOLLAR LIBOR REPLACEMENT DESPITE The secured overnight financing rate will become the main replacement for Libor in US financial markets, according to a number of experts speaking at the International Swaps and Derivatives Association’s annual general meeting, despite the emergence of some alternativelending rates.
T-MOBILE ISSUES US$3.8BN OF HIGH-YIELD DEBT FOR 5G Mobile carrier T-Mobile returned to the US high-yield bond market for the second time this year on Tuesday, raising US$3.8bn of cash to fund its recent investment in 5G spectrum and to pay down other debt.. The carrier spent US$9bn in the auction of 5G spectrum earlier this year, with rivals such as Verizon and AT&T also spending heavily to compete in the rollout of new 5G technology. UN PRI RAISES THE ESG BAR FOR SIGNATORIES UN PRI raises the ESG bar for signatories. The UN-backed Principles for Responsible Investment has launched a three-year strategy that aims to raise the bar for signatories as the influential body steps up its drive to develop a sustainable global financial system. The ambitious 2021–24 Strategic Plan will strengthen the connectionbetween
A HISTORY OF THE PAST 40 YEARS IN FINANCIAL CRISES A look at a number of financial crises over the last 30 years suggests a high degree of commonality: excessive exuberance, poor regulatory oversight, dodgy accounting, herd mentalities and, in many cases, a sense of infallibility. William Rhodes has been involved in the industry for more than 50 years and has lived through nearly everymodern
IFR AWARDS | IFR
Goldman Sachs is IFR’s US Bond House and North America High-Yield Bond House of the Year. US Bond: Ford Motor Credit’s US$8bn three-tranche bond. Bookmark this page. Yankee Bond: Nissan’s US$8bn four-tranche holdco bond. Bookmark this page. Euro Bond IFR AWARDS 2020: THE WINNERS Morgan Stanley is IFR's Bank of the Year 2020. Best-in-class return on equity, best share price performance of its peers, record revenues across a now balanced institution – and a deal roster to be proud of. Given the tragic circumstances of 2020, a victory lap for those who have been along for the journey might be unseemly.IFR ASIA AWARDS
Quick to adaptIn rapidly changing conditions, one bank picked the right deals and harnessed Asia’s growing demand for socially responsible investments to fund Covid recovery efforts. EC UNVEILS NGEU FUNDING STRATEGY EC unveils NGEU funding strategy. Details of how the European Commission plans to fund the NextGenerationEU (NGEU) plan were unveiled on Wednesday as it looks to kick-start the region's recovery from Covid-19. The Commission, through the European Union, said it will raise up to around €800bn through to the end of 2026 with anaverage of about
RICHARD LI’S FWD WEIGHS LISTING VENUE OPTIONS Richard Li’s FWD weighs listing venue options. FWD Group, the Asian insurer backed by billionaire Richard Li, is considering a listing in Singapore or a combination with a US-listed acquisition vehicle in order to maintain a dual-class shareholding structure, according to people familiar with the situation. FWD has been working towards aHong
MARKETAXESS OPENS SECONDARY TRADING TO D&I FIRMS You need to be logged in to view this content LSEG SETS SIGHTS ON US$10BN-PLUS BRIDGE TAKEOUT LSEG, which after the takeover of Refinitiv owns IFR, agreed an underwritten bridge loan in August 2019 of around US$13.5bn to support the acquisition. The takeout could be in excess of US$10bn divided between bonds and loans and split into different currencies. Those involved think it will be weighted to bonds over loans and to USdollars over
PRICED - BANCO GENERAL US$400M PERPNC10 AT 5.25% Our Privacy Statement & Cookie Policy. All Refinitiv websites use cookies to improve your online experience. They were placed on your computer when you launched this NEIGHBORLY PREPS WHOLE BUSINESS ABS DEBUT Neighborly preps whole business ABS debut. Home services franchisor Neighborly is readying its first-ever whole business securitization for pricing next week, marking the first bond of this type in the asset-backed securities market in 2021. The US$800m Barclays -led deal, Neighborly Issuer LLC Series 2021-1, follows the successful WBSdebut of
RABO LAUNCHES SDG-LINKED LOAN TEMPLATE TO TACKLE FOOD Rabobank has launched a standardised “SDG 12.3” sustainability-linked loan template for financing that aims to tackle food loss and waste and drive investment towards achieving the third target of the UN’s Sustainable Development Goal number 12.. The goal covers responsible consumption and production, and the third target seeks to halve global food waste per capita at the retail andIFR AWARDS | IFR
Goldman Sachs is IFR’s US Bond House and North America High-Yield Bond House of the Year. US Bond: Ford Motor Credit’s US$8bn three-tranche bond. Bookmark this page. Yankee Bond: Nissan’s US$8bn four-tranche holdco bond. Bookmark this page. Euro Bond IFR AWARDS 2020: THE WINNERS Morgan Stanley is IFR's Bank of the Year 2020. Best-in-class return on equity, best share price performance of its peers, record revenues across a now balanced institution – and a deal roster to be proud of. Given the tragic circumstances of 2020, a victory lap for those who have been along for the journey might be unseemly.IFR ASIA AWARDS
Quick to adaptIn rapidly changing conditions, one bank picked the right deals and harnessed Asia’s growing demand for socially responsible investments to fund Covid recovery efforts. EC UNVEILS NGEU FUNDING STRATEGY EC unveils NGEU funding strategy. Details of how the European Commission plans to fund the NextGenerationEU (NGEU) plan were unveiled on Wednesday as it looks to kick-start the region's recovery from Covid-19. The Commission, through the European Union, said it will raise up to around €800bn through to the end of 2026 with anaverage of about
RICHARD LI’S FWD WEIGHS LISTING VENUE OPTIONS Richard Li’s FWD weighs listing venue options. FWD Group, the Asian insurer backed by billionaire Richard Li, is considering a listing in Singapore or a combination with a US-listed acquisition vehicle in order to maintain a dual-class shareholding structure, according to people familiar with the situation. FWD has been working towards aHong
MARKETAXESS OPENS SECONDARY TRADING TO D&I FIRMS You need to be logged in to view this content LSEG SETS SIGHTS ON US$10BN-PLUS BRIDGE TAKEOUT LSEG, which after the takeover of Refinitiv owns IFR, agreed an underwritten bridge loan in August 2019 of around US$13.5bn to support the acquisition. The takeout could be in excess of US$10bn divided between bonds and loans and split into different currencies. Those involved think it will be weighted to bonds over loans and to USdollars over
PRICED - BANCO GENERAL US$400M PERPNC10 AT 5.25% Our Privacy Statement & Cookie Policy. All Refinitiv websites use cookies to improve your online experience. They were placed on your computer when you launched this NEIGHBORLY PREPS WHOLE BUSINESS ABS DEBUT Neighborly preps whole business ABS debut. Home services franchisor Neighborly is readying its first-ever whole business securitization for pricing next week, marking the first bond of this type in the asset-backed securities market in 2021. The US$800m Barclays -led deal, Neighborly Issuer LLC Series 2021-1, follows the successful WBSdebut of
RABO LAUNCHES SDG-LINKED LOAN TEMPLATE TO TACKLE FOOD Rabobank has launched a standardised “SDG 12.3” sustainability-linked loan template for financing that aims to tackle food loss and waste and drive investment towards achieving the third target of the UN’s Sustainable Development Goal number 12.. The goal covers responsible consumption and production, and the third target seeks to halve global food waste per capita at the retail and MERX AVIATION (MAPSL 2021-1) US$540M+ AIRCRAFT ABS *PRICED You need to be logged in to view this content IFR AWARDS 2020: CALL FOR ENTRIES The awards year runs from November 16 2019 to December 31 2020. To help with our selections, banks, advisers and issuers may submit brief written presentations along with supporting data. IFR journalists will also organise pitch meetings. Pitching is entirely optional and consideration for an award will not be limited to advisers or issuers ABS: HALST 2021-B (AUTO LEASE) US$1.1BN+ *PRICING YIELDS You need to be logged in to view this content NEIGHBORLY PREPS WHOLE BUSINESS ABS DEBUT Neighborly preps whole business ABS debut. Home services franchisor Neighborly is readying its first-ever whole business securitization for pricing next week, marking the first bond of this type in the asset-backed securities market in 2021. The US$800m Barclays -led deal, Neighborly Issuer LLC Series 2021-1, follows the successful WBSdebut of
STORIES BY ELEANOR DUNCAN IFR Sign In. Sign in to IFR and access unique real-time commentary and analysis on a range of assets, around the globe, 24 hours a day. EUR GOVTS - TIGHT LOW VOLUME START You need to be logged in to view this content EUR ECON - GERMAN APR TRADE DATA CORRECTS A TAD You need to be logged in to view this content ALERT - NESTLE HOLDINGS MARKETING 4.5YR & 12YR GBP You need to be logged in to view this content UPDATE 2-GUATEMALA DRAWS ROBUST DEMAND ON NEW SOCIAL BOND Makes changes throughout. Guatemala became the second Latin American sovereign to tap the dollar bond market in a matter of weeks on Tuesday as the region's governments rush to raise funding to fight the Covid-19 pandemic.. The sovereign is poised to raise US$1.2bn, a US$500m through a 12-year social bond to counteract the impact of the virus, and other US$700m through a tap 6.125% UPDATE-MOVES-JP MORGAN NAMES IB CO-HEADS IN LEADERSHIP JP Morgan has appointed Viswas Raghavan and James Casey as co-heads of global investment banking as part of sweeping changes to leadership in the business.. Carlos Hernandez, head of investment banking, is moving to a new position as executive chair of global investment banking and appointed Raghavan and Casey to take his place.. The other changes cascade below them, and includeIFR AWARDS | IFR
Goldman Sachs is IFR’s US Bond House and North America High-Yield Bond House of the Year. US Bond: Ford Motor Credit’s US$8bn three-tranche bond. Bookmark this page. Yankee Bond: Nissan’s US$8bn four-tranche holdco bond. Bookmark this page. Euro Bond IFR AWARDS 2020: THE WINNERS Morgan Stanley is IFR's Bank of the Year 2020. Best-in-class return on equity, best share price performance of its peers, record revenues across a now balanced institution – and a deal roster to be proud of. Given the tragic circumstances of 2020, a victory lap for those who have been along for the journey might be unseemly.IFR ASIA AWARDS
Quick to adaptIn rapidly changing conditions, one bank picked the right deals and harnessed Asia’s growing demand for socially responsible investments to fund Covid recovery efforts. EC UNVEILS NGEU FUNDING STRATEGY EC unveils NGEU funding strategy. Details of how the European Commission plans to fund the NextGenerationEU (NGEU) plan were unveiled on Wednesday as it looks to kick-start the region's recovery from Covid-19. The Commission, through the European Union, said it will raise up to around €800bn through to the end of 2026 with anaverage of about
RICHARD LI’S FWD WEIGHS LISTING VENUE OPTIONS Richard Li’s FWD weighs listing venue options. FWD Group, the Asian insurer backed by billionaire Richard Li, is considering a listing in Singapore or a combination with a US-listed acquisition vehicle in order to maintain a dual-class shareholding structure, according to people familiar with the situation. FWD has been working towards aHong
MARKETAXESS OPENS SECONDARY TRADING TO D&I FIRMS You need to be logged in to view this content LSEG SETS SIGHTS ON US$10BN-PLUS BRIDGE TAKEOUT LSEG, which after the takeover of Refinitiv owns IFR, agreed an underwritten bridge loan in August 2019 of around US$13.5bn to support the acquisition. The takeout could be in excess of US$10bn divided between bonds and loans and split into different currencies. Those involved think it will be weighted to bonds over loans and to USdollars over
PRICED - BANCO GENERAL US$400M PERPNC10 AT 5.25% Our Privacy Statement & Cookie Policy. All Refinitiv websites use cookies to improve your online experience. They were placed on your computer when you launched this NEIGHBORLY PREPS WHOLE BUSINESS ABS DEBUT Neighborly preps whole business ABS debut. Home services franchisor Neighborly is readying its first-ever whole business securitization for pricing next week, marking the first bond of this type in the asset-backed securities market in 2021. The US$800m Barclays -led deal, Neighborly Issuer LLC Series 2021-1, follows the successful WBSdebut of
RABO LAUNCHES SDG-LINKED LOAN TEMPLATE TO TACKLE FOOD Rabobank has launched a standardised “SDG 12.3” sustainability-linked loan template for financing that aims to tackle food loss and waste and drive investment towards achieving the third target of the UN’s Sustainable Development Goal number 12.. The goal covers responsible consumption and production, and the third target seeks to halve global food waste per capita at the retail andIFR AWARDS | IFR
Goldman Sachs is IFR’s US Bond House and North America High-Yield Bond House of the Year. US Bond: Ford Motor Credit’s US$8bn three-tranche bond. Bookmark this page. Yankee Bond: Nissan’s US$8bn four-tranche holdco bond. Bookmark this page. Euro Bond IFR AWARDS 2020: THE WINNERS Morgan Stanley is IFR's Bank of the Year 2020. Best-in-class return on equity, best share price performance of its peers, record revenues across a now balanced institution – and a deal roster to be proud of. Given the tragic circumstances of 2020, a victory lap for those who have been along for the journey might be unseemly.IFR ASIA AWARDS
Quick to adaptIn rapidly changing conditions, one bank picked the right deals and harnessed Asia’s growing demand for socially responsible investments to fund Covid recovery efforts. EC UNVEILS NGEU FUNDING STRATEGY EC unveils NGEU funding strategy. Details of how the European Commission plans to fund the NextGenerationEU (NGEU) plan were unveiled on Wednesday as it looks to kick-start the region's recovery from Covid-19. The Commission, through the European Union, said it will raise up to around €800bn through to the end of 2026 with anaverage of about
RICHARD LI’S FWD WEIGHS LISTING VENUE OPTIONS Richard Li’s FWD weighs listing venue options. FWD Group, the Asian insurer backed by billionaire Richard Li, is considering a listing in Singapore or a combination with a US-listed acquisition vehicle in order to maintain a dual-class shareholding structure, according to people familiar with the situation. FWD has been working towards aHong
MARKETAXESS OPENS SECONDARY TRADING TO D&I FIRMS You need to be logged in to view this content LSEG SETS SIGHTS ON US$10BN-PLUS BRIDGE TAKEOUT LSEG, which after the takeover of Refinitiv owns IFR, agreed an underwritten bridge loan in August 2019 of around US$13.5bn to support the acquisition. The takeout could be in excess of US$10bn divided between bonds and loans and split into different currencies. Those involved think it will be weighted to bonds over loans and to USdollars over
PRICED - BANCO GENERAL US$400M PERPNC10 AT 5.25% Our Privacy Statement & Cookie Policy. All Refinitiv websites use cookies to improve your online experience. They were placed on your computer when you launched this NEIGHBORLY PREPS WHOLE BUSINESS ABS DEBUT Neighborly preps whole business ABS debut. Home services franchisor Neighborly is readying its first-ever whole business securitization for pricing next week, marking the first bond of this type in the asset-backed securities market in 2021. The US$800m Barclays -led deal, Neighborly Issuer LLC Series 2021-1, follows the successful WBSdebut of
RABO LAUNCHES SDG-LINKED LOAN TEMPLATE TO TACKLE FOOD Rabobank has launched a standardised “SDG 12.3” sustainability-linked loan template for financing that aims to tackle food loss and waste and drive investment towards achieving the third target of the UN’s Sustainable Development Goal number 12.. The goal covers responsible consumption and production, and the third target seeks to halve global food waste per capita at the retail and MERX AVIATION (MAPSL 2021-1) US$540M+ AIRCRAFT ABS *PRICED You need to be logged in to view this content IFR AWARDS 2020: CALL FOR ENTRIES The awards year runs from November 16 2019 to December 31 2020. To help with our selections, banks, advisers and issuers may submit brief written presentations along with supporting data. IFR journalists will also organise pitch meetings. Pitching is entirely optional and consideration for an award will not be limited to advisers or issuers ABS: HALST 2021-B (AUTO LEASE) US$1.1BN+ *PRICING YIELDS You need to be logged in to view this content NEIGHBORLY PREPS WHOLE BUSINESS ABS DEBUT Neighborly preps whole business ABS debut. Home services franchisor Neighborly is readying its first-ever whole business securitization for pricing next week, marking the first bond of this type in the asset-backed securities market in 2021. The US$800m Barclays -led deal, Neighborly Issuer LLC Series 2021-1, follows the successful WBSdebut of
STORIES BY ELEANOR DUNCAN IFR Sign In. Sign in to IFR and access unique real-time commentary and analysis on a range of assets, around the globe, 24 hours a day. EUR GOVTS - TIGHT LOW VOLUME START You need to be logged in to view this content EUR ECON - GERMAN APR TRADE DATA CORRECTS A TAD You need to be logged in to view this content ALERT - NESTLE HOLDINGS MARKETING 4.5YR & 12YR GBP You need to be logged in to view this content UPDATE 2-GUATEMALA DRAWS ROBUST DEMAND ON NEW SOCIAL BOND Makes changes throughout. Guatemala became the second Latin American sovereign to tap the dollar bond market in a matter of weeks on Tuesday as the region's governments rush to raise funding to fight the Covid-19 pandemic.. The sovereign is poised to raise US$1.2bn, a US$500m through a 12-year social bond to counteract the impact of the virus, and other US$700m through a tap 6.125% UPDATE-MOVES-JP MORGAN NAMES IB CO-HEADS IN LEADERSHIP JP Morgan has appointed Viswas Raghavan and James Casey as co-heads of global investment banking as part of sweeping changes to leadership in the business.. Carlos Hernandez, head of investment banking, is moving to a new position as executive chair of global investment banking and appointed Raghavan and Casey to take his place.. The other changes cascade below them, and includeWELCOME TO IFR
International Financing Review is the leading source of fixed income, capital markets and investment banking news, analysis and commentary. IFR's team of market specialists report on capital-raising across asset classes, from rumour to market receptionIFR ASIA AWARDS
Quick to adaptIn rapidly changing conditions, one bank picked the right deals and harnessed Asia’s growing demand for socially responsible investments to fund Covid recovery efforts. RICHARD LI’S FWD WEIGHS LISTING VENUE OPTIONS Richard Li’s FWD weighs listing venue options. FWD Group, the Asian insurer backed by billionaire Richard Li, is considering a listing in Singapore or a combination with a US-listed acquisition vehicle in order to maintain a dual-class shareholding structure, according to people familiar with the situation. FWD has been working towards aHong
ASIA | STRUCTURED FINANCE | IFR Americas, EMEA. IFR 2378 - 10 Apr - 16 Apr. Steve Slater. Tencent block smashes records. EQY. 09 Apr 04:40. 3 min read. Asia. IFR 2378 -10 Apr - 16 Apr.
STORIES BY ELEANOR DUNCAN IFR Sign In. Sign in to IFR and access unique real-time commentary and analysis on a range of assets, around the globe, 24 hours a day. THE NEXT BOOM IN SUSTAINABLE FINANCE: ESG DERIVATIVES The uncertain fallout from the coronavirus outbreak in China has paralysed loan syndications across Asia, as lenders struggle to assess the damage to Chinese businesses and borrowers that rely heavily onChinese demand.
MARKETAXESS OPENS SECONDARY TRADING TO D&I FIRMS You need to be logged in to view this content SUSTAINABLE EQUITY ISSUE: SCHNEIDER ELECTRIC’S €650M The leads opted not to pre-sound the deal, a relatively rare move now in equity-linked, especially considering the market volatility in November (even if it was positive vol around vaccines). “Schneider is a prestigious issuer,” said Thierry Petit, head of equity-linked for EMEA at BNP Paribas, which was sole global coordinator. UPDATE 1-HYATT LAUNCHES US$900M BOND DESPITE FALLEN ANGEL Hyatt Hotels is the third US hotel chain to come to market in recent weeks and is building on the success of its peers with a US$900m two-part trade Tuesday. Spreads started considerably wide of the company's outstanding curve and did not move far from initial price thoughts as investors sought compensation for the heightened risk inthe travel
1997: CHINA TELECOM'S US$4.2BN IPO: LANDMARK PRIVATISATION Creation of a national champion - It is hard to imagine many more challenging times than late 1997 to attempt a record-breaking Asian IPO. The Asian crisis had begun in May, and the effects were soon to feed through to the Hong Kong market. It isWELCOME TO IFR
International Financing Review is the leading source of fixed income, capital markets and investment banking news, analysis and commentary. IFR's team of market specialists report on capital-raising across asset classes, from rumour to market receptionIFR ASIA AWARDS
Quick to adaptIn rapidly changing conditions, one bank picked the right deals and harnessed Asia’s growing demand for socially responsible investments to fund Covid recovery efforts. RICHARD LI’S FWD WEIGHS LISTING VENUE OPTIONS Richard Li’s FWD weighs listing venue options. FWD Group, the Asian insurer backed by billionaire Richard Li, is considering a listing in Singapore or a combination with a US-listed acquisition vehicle in order to maintain a dual-class shareholding structure, according to people familiar with the situation. FWD has been working towards aHong
ASIA | STRUCTURED FINANCE | IFR Americas, EMEA. IFR 2378 - 10 Apr - 16 Apr. Steve Slater. Tencent block smashes records. EQY. 09 Apr 04:40. 3 min read. Asia. IFR 2378 -10 Apr - 16 Apr.
STORIES BY ELEANOR DUNCAN IFR Sign In. Sign in to IFR and access unique real-time commentary and analysis on a range of assets, around the globe, 24 hours a day. THE NEXT BOOM IN SUSTAINABLE FINANCE: ESG DERIVATIVES The uncertain fallout from the coronavirus outbreak in China has paralysed loan syndications across Asia, as lenders struggle to assess the damage to Chinese businesses and borrowers that rely heavily onChinese demand.
MARKETAXESS OPENS SECONDARY TRADING TO D&I FIRMS You need to be logged in to view this content SUSTAINABLE EQUITY ISSUE: SCHNEIDER ELECTRIC’S €650M The leads opted not to pre-sound the deal, a relatively rare move now in equity-linked, especially considering the market volatility in November (even if it was positive vol around vaccines). “Schneider is a prestigious issuer,” said Thierry Petit, head of equity-linked for EMEA at BNP Paribas, which was sole global coordinator. UPDATE 1-HYATT LAUNCHES US$900M BOND DESPITE FALLEN ANGEL Hyatt Hotels is the third US hotel chain to come to market in recent weeks and is building on the success of its peers with a US$900m two-part trade Tuesday. Spreads started considerably wide of the company's outstanding curve and did not move far from initial price thoughts as investors sought compensation for the heightened risk inthe travel
1997: CHINA TELECOM'S US$4.2BN IPO: LANDMARK PRIVATISATION Creation of a national champion - It is hard to imagine many more challenging times than late 1997 to attempt a record-breaking Asian IPO. The Asian crisis had begun in May, and the effects were soon to feed through to the Hong Kong market. It is BONDS | GLOBAL | IFR IFR hosts a comprehensive programme of conferences, seminars and roundtables throughout the year, providing authoritative insight into the trends and outlooks for specific regions and asset classes. View Events Calendar. IFR Digital Edition. Access a digital replica of IFR's print magazine, updated each Friday.ABOUT IFR | IFR
IFR (Online) Updated throughout the day. The same rich information as the publication, enhanced with breaking developments. Offers a regular news flow, including daily ‘wraps’ from each region and asset class. Provides unique real-time commentary and analysis on rates, credit and FX markets, around the globe, 24 hours a day.IFR SPECIAL REPORTS
The coronavirus pandemic cast a lengthy shadow and dominated all walks of life in ways unthinkable in a pre-Covid world. Governments around the globe implemented various initiatives in attempts to mitigate its effects. And all this came at a tremendous financial cost, leading to fundraising on an unprecedented scale as support packages were put RMBS: WFMBS 2021-RR1 (144A/REG S) *ANNOUNCEMENT* You need to be logged in to view this contentREQUEST A TRIAL
Once you have submitted your request, you will be contacted by a Refinitiv representative to discuss your subscription requirements. If you require further information, please contact your local Refinitiv representative using the details below: Europe, Middle East & Africa: cmi.emeasales@refinitiv.com. MARKETAXESS OPENS SECONDARY TRADING TO D&I FIRMS You need to be logged in to view this content EUR GOVTS - US AND GERMANY MOVING IN PARALLEL You need to be logged in to view this content A HISTORY OF THE PAST 40 YEARS IN FINANCIAL CRISES A look at a number of financial crises over the last 30 years suggests a high degree of commonality: excessive exuberance, poor regulatory oversight, dodgy accounting, herd mentalities and, in many cases, a sense of infallibility. William Rhodes has been involved in the industry for more than 50 years and has lived through nearly everymodern
CPPIB SONIA DEBUT MAKES STRONG IMPRESSION You need to be logged in to view this content USD EURO$ - STRIP RALLIES IN FRONT OF TSY SUPPLY; TEDS You need to be logged in to view this contentWELCOME TO IFR
International Financing Review is the leading source of fixed income, capital markets and investment banking news, analysis and commentary. IFR's team of market specialists report on capital-raising across asset classes, from rumour to market receptionIFR ASIA AWARDS
Quick to adaptIn rapidly changing conditions, one bank picked the right deals and harnessed Asia’s growing demand for socially responsible investments to fund Covid recovery efforts. RICHARD LI’S FWD WEIGHS LISTING VENUE OPTIONS Richard Li’s FWD weighs listing venue options. FWD Group, the Asian insurer backed by billionaire Richard Li, is considering a listing in Singapore or a combination with a US-listed acquisition vehicle in order to maintain a dual-class shareholding structure, according to people familiar with the situation. FWD has been working towards aHong
ASIA | STRUCTURED FINANCE | IFR Americas, EMEA. IFR 2378 - 10 Apr - 16 Apr. Steve Slater. Tencent block smashes records. EQY. 09 Apr 04:40. 3 min read. Asia. IFR 2378 -10 Apr - 16 Apr.
STORIES BY ELEANOR DUNCAN IFR Sign In. Sign in to IFR and access unique real-time commentary and analysis on a range of assets, around the globe, 24 hours a day. THE NEXT BOOM IN SUSTAINABLE FINANCE: ESG DERIVATIVES The uncertain fallout from the coronavirus outbreak in China has paralysed loan syndications across Asia, as lenders struggle to assess the damage to Chinese businesses and borrowers that rely heavily onChinese demand.
MARKETAXESS OPENS SECONDARY TRADING TO D&I FIRMS You need to be logged in to view this content SUSTAINABLE EQUITY ISSUE: SCHNEIDER ELECTRIC’S €650M The leads opted not to pre-sound the deal, a relatively rare move now in equity-linked, especially considering the market volatility in November (even if it was positive vol around vaccines). “Schneider is a prestigious issuer,” said Thierry Petit, head of equity-linked for EMEA at BNP Paribas, which was sole global coordinator. UPDATE 1-HYATT LAUNCHES US$900M BOND DESPITE FALLEN ANGEL Hyatt Hotels is the third US hotel chain to come to market in recent weeks and is building on the success of its peers with a US$900m two-part trade Tuesday. Spreads started considerably wide of the company's outstanding curve and did not move far from initial price thoughts as investors sought compensation for the heightened risk inthe travel
1997: CHINA TELECOM'S US$4.2BN IPO: LANDMARK PRIVATISATION Creation of a national champion - It is hard to imagine many more challenging times than late 1997 to attempt a record-breaking Asian IPO. The Asian crisis had begun in May, and the effects were soon to feed through to the Hong Kong market. It isWELCOME TO IFR
International Financing Review is the leading source of fixed income, capital markets and investment banking news, analysis and commentary. IFR's team of market specialists report on capital-raising across asset classes, from rumour to market receptionIFR ASIA AWARDS
Quick to adaptIn rapidly changing conditions, one bank picked the right deals and harnessed Asia’s growing demand for socially responsible investments to fund Covid recovery efforts. RICHARD LI’S FWD WEIGHS LISTING VENUE OPTIONS Richard Li’s FWD weighs listing venue options. FWD Group, the Asian insurer backed by billionaire Richard Li, is considering a listing in Singapore or a combination with a US-listed acquisition vehicle in order to maintain a dual-class shareholding structure, according to people familiar with the situation. FWD has been working towards aHong
ASIA | STRUCTURED FINANCE | IFR Americas, EMEA. IFR 2378 - 10 Apr - 16 Apr. Steve Slater. Tencent block smashes records. EQY. 09 Apr 04:40. 3 min read. Asia. IFR 2378 -10 Apr - 16 Apr.
STORIES BY ELEANOR DUNCAN IFR Sign In. Sign in to IFR and access unique real-time commentary and analysis on a range of assets, around the globe, 24 hours a day. THE NEXT BOOM IN SUSTAINABLE FINANCE: ESG DERIVATIVES The uncertain fallout from the coronavirus outbreak in China has paralysed loan syndications across Asia, as lenders struggle to assess the damage to Chinese businesses and borrowers that rely heavily onChinese demand.
MARKETAXESS OPENS SECONDARY TRADING TO D&I FIRMS You need to be logged in to view this content SUSTAINABLE EQUITY ISSUE: SCHNEIDER ELECTRIC’S €650M The leads opted not to pre-sound the deal, a relatively rare move now in equity-linked, especially considering the market volatility in November (even if it was positive vol around vaccines). “Schneider is a prestigious issuer,” said Thierry Petit, head of equity-linked for EMEA at BNP Paribas, which was sole global coordinator. UPDATE 1-HYATT LAUNCHES US$900M BOND DESPITE FALLEN ANGEL Hyatt Hotels is the third US hotel chain to come to market in recent weeks and is building on the success of its peers with a US$900m two-part trade Tuesday. Spreads started considerably wide of the company's outstanding curve and did not move far from initial price thoughts as investors sought compensation for the heightened risk inthe travel
1997: CHINA TELECOM'S US$4.2BN IPO: LANDMARK PRIVATISATION Creation of a national champion - It is hard to imagine many more challenging times than late 1997 to attempt a record-breaking Asian IPO. The Asian crisis had begun in May, and the effects were soon to feed through to the Hong Kong market. It is BONDS | GLOBAL | IFR IFR hosts a comprehensive programme of conferences, seminars and roundtables throughout the year, providing authoritative insight into the trends and outlooks for specific regions and asset classes. View Events Calendar. IFR Digital Edition. Access a digital replica of IFR's print magazine, updated each Friday.IFR SPECIAL REPORTS
The coronavirus pandemic cast a lengthy shadow and dominated all walks of life in ways unthinkable in a pre-Covid world. Governments around the globe implemented various initiatives in attempts to mitigate its effects. And all this came at a tremendous financial cost, leading to fundraising on an unprecedented scale as support packages were putABOUT IFR | IFR
IFR (Online) Updated throughout the day. The same rich information as the publication, enhanced with breaking developments. Offers a regular news flow, including daily ‘wraps’ from each region and asset class. Provides unique real-time commentary and analysis on rates, credit and FX markets, around the globe, 24 hours a day.REQUEST A TRIAL
Once you have submitted your request, you will be contacted by a Refinitiv representative to discuss your subscription requirements. If you require further information, please contact your local Refinitiv representative using the details below: Europe, Middle East & Africa: cmi.emeasales@refinitiv.com. UBM DEVELOPMENT UPDATES ON EUR HYBRID SLB PLANS You need to be logged in to view this content ABS: HALST 2021-B (AUTO LEASE) US$1.1BN+ *ANNOUNCED* Type a keyword to start your search. Advanced Search. Search for ' 'in News
A HISTORY OF THE PAST 40 YEARS IN FINANCIAL CRISES A look at a number of financial crises over the last 30 years suggests a high degree of commonality: excessive exuberance, poor regulatory oversight, dodgy accounting, herd mentalities and, in many cases, a sense of infallibility. William Rhodes has been involved in the industry for more than 50 years and has lived through nearly everymodern
USD SWAPS - ANNUAL MONEY PAYERS EMERGE AS TREASURIES MOVE You need to be logged in to view this content CPPIB SONIA DEBUT MAKES STRONG IMPRESSION You need to be logged in to view this content PRICED: CPPIB GBP750M JUN 2026 5YR FRN Type a keyword to start your search. Advanced Search. Search for ' 'in News
* IFR Extra
IFR Extra
* About Us
* Advertise with IFR* Reprints
* Contact us
* IFR Help
* IFR Featured
IFR Featured
* Special Reports
* Roundtables
* IFR Awards
* IFR Asia Awards
* League Table Archive* SIGN IN
* REQUEST A TRIAL
* My IFR
* My Account
My Account
* My IFR
* Alerts
* Bookmarks
* Saved Searches
* Settings
* Log Out
* Log Out
* News
* Issuers
* Deals
* Deals
Type a keyword to start your searchAdvanced Search
Search for '' in NEWSResults
MORE
Advanced Search
Type a keyword to start your searchIssuer Search
Search for '' in ISSUERSResults
MORE
Issuer Search
Type a keyword to start your searchAdvanced Search
Search for '' in DEALSResults
Advanced Search
* Home
* Bonds
Bonds
* Global
Bonds
/ Global
* Corporate
Bonds
/ Global
/ Corporate
* Investment Grade
* High Yield
* SSA
* FIG
* Emerging Markets
* Americas
Bonds
/ Americas
* Corporate
Bonds
/ Americas
/ Corporate
* Investment Grade
* High Yield
* SSA
* FIG
* LATAM
* Emea
Bonds
/ Emea
* Corporate
Bonds
/ Emea
/ Corporate
* Investment Grade
* High Yield
* SSA
* FIG
* Emerging Markets
* Asia
Bonds
/ Asia
* Corporate
Bonds
/ Asia
/ Corporate
* Investment Grade
* High Yield
* SSA
* FIG
* Emerging Markets
* Emerging Markets
Bonds
/ Emerging Markets
* LATAM
* Asia
* CEEMEA
* Loans
Loans
* Structured FinanceStructured Finance
* Global
* Americas
* EMEA
* Asia
* Rates
Rates
* Global
* United States
* Canada
* EMEA
* Asia
* FX
FX
* Global
* Majors
* Options / Emerging* Equities
Equities
* Global
* Americas
* EMEA
* Asia
* IPOs
* Structured Equity
* Economics
Economics
* Global
* Americas
* EMEA
* Asia
* P&M
P&M
* Data
Data
* News
* Issuers
* Deals
* Deals
Type a keyword to start your searchAdvanced Search
Search for '' in NEWSResults
MORE
Advanced Search
Type a keyword to start your searchIssuer Search
Search for '' in ISSUERSResults
MORE
Issuer Search
Type a keyword to start your searchAdvanced Search
Search for '' in DEALSResults
Advanced Search
* Home
* Bonds
Bonds
* Global
Bonds
/ Global
* Corporate
Bonds
/ Global
/ Corporate
* Investment Grade
* High Yield
* SSA
* FIG
* Emerging Markets
* Americas
Bonds
/ Americas
* Corporate
Bonds
/ Americas
/ Corporate
* Investment Grade
* High Yield
* SSA
* FIG
* LATAM
* Emea
Bonds
/ Emea
* Corporate
Bonds
/ Emea
/ Corporate
* Investment Grade
* High Yield
* SSA
* FIG
* Emerging Markets
* Asia
Bonds
/ Asia
* Corporate
Bonds
/ Asia
/ Corporate
* Investment Grade
* High Yield
* SSA
* FIG
* Emerging Markets
* Emerging Markets
Bonds
/ Emerging Markets
* LATAM
* Asia
* CEEMEA
* Loans
Loans
* Structured FinanceStructured Finance
* Global
* Americas
* EMEA
* Asia
* Rates
Rates
* Global
* United States
* Canada
* EMEA
* Asia
* FX
FX
* Global
* Majors
* Options / Emerging* Equities
Equities
* Global
* Americas
* EMEA
* Asia
* IPOs
* Structured Equity
* Economics
Economics
* Global
* Americas
* EMEA
* Asia
* P&M
P&M
* Data
Data
* IFR Extra
IFR Extra
* About Us
* Advertise with IFR* Reprints
* Contact us
* IFR Help
* IFR Featured
IFR Featured
* Special Reports
* Roundtables
* IFR Awards
* IFR Asia Awards
* League Table Archive* SIGN IN
* REQUEST A TRIAL
* My IFR
* My Account
My Account
* My IFR
* Alerts
* Bookmarks
* Saved Searches
* Settings
* Log Out
* Log Out
WELCOME TO IFR
International Financing Review is the leading source of fixed income, capital markets and investment banking news, analysis and commentary. IFR's team of market specialists report on capital-raising across asset classes, from rumour to market reception. Sign in Request a trialTOP NEWS
Add to My IFR Create an alert IFR 2323 - 07 MAR 2020 - 13 MAR 2020 NO TIME TO DIE FOR BONDS: PRIMARY MARKETS SHRUG OFF VIRUS FEARS Investment-grade primary markets on both sides of the Atlantic were back humming last week in spite of further volatility, including the collapse in US Treasury yields with the 10-year benchmark bid at 0.68% on Friday – a fall of more than 20bp in a matter of hours. The moves are a reflection of just how much uncertainty there is about the global economic outlook. Bankers will have to continue assessing issuance opportunities on a daily basis but they can take heart from the activity in both the US dollar and euro corporate markets last week. For a couple of days it seemed that the sell-off that happened at the end of February – one of the biggest sell-offs in risk assets in the past decade – barely had any impact on the ability of the primary market to operate at full capacity. After a rare blank week in the US corporate market the week before, as fears grew about the novel coronavirus, primary issuance roared back, with more than 20 corporate issuers launching deals in the US, while in Europe borrowers were pricing with new issue concessions of between zero and 5bp. "It's crazy to think that after only the second open day since the sell-off, new issue concessions are back to zero," said a DCM syndicate banker in London on Wednesday. This was 24 hours after another dramatic day for financial markets as an emergency rate cut by the US Federal Reserve on Tuesday spread panic. The 50bp cut, the first between-meetings rate reduction by the central bank since October 2008, spooked Wall Street with US equities falling almost 3%, while the yield on 10-year Treasuries fell below 1% for the first time in history. But the primary markets proved their resilience with the seven US issuers out at the time getting their transactions done without a hitch. "Of course investors will be selective given the volatility in the marketplace, but the underlying demand globally for US dollar fixed-income remains robust," said Jonathan Duensing, director of investment-grade credit at Amundi Pioneer. The deals on Tuesday included a three-part McDonald's bond and a two-part transaction from building materials company Sherwin-Williams. The negative reaction to the Fed's cut forced most issuers to speed up pricing and go straight from initial price thoughts to launch, arguably at the expense of some extra tightening. Even so, on an all-in basis issuers were able to achieve attractive coupons. A McDonald's 2030 bond, for example, priced at a coupon of 2.125% – 50bp less than its previous 10-year note from August. McDonald's got that coupon despite concerns that several hundred store closures in China due to the spread of the coronavirus could impact earnings and that similar closures could come to the US. SAME STORY It was a similar tale in the euro market. Berkshire Hathaway (which also did a US dollar deal), UK publisher RELX and US manufacturing company Honeywell all printed euro notes with 0% coupons. France's Schneider Electric equalled its lowest-ever coupon with a €800m 0.25% March 2029 note (it matched the coupon on its September 2024 bond). The RELX and Honeywell deals – a €2bn triple-trancher and €1bn two-part offering, respectively – printed on Tuesday. Their successful outcomes gave confidence to syndicate officials to put five more euro deals on screens the following day. Remarkably all of them priced with slim new issue concessions, including a debut €500m 12-year transition bond from UK utility Cadent Gas, which arguably came in line with fair value. "The trades proved there is a good amount of liquidity there. Investors signalled that when we were ready to go, they were ready to follow – markets are open, constructive and ready," said Christian Reusch, co-head of global financing and advisory at UniCredit. Syndicates began deal execution conservatively, with initial price thoughts 35bp–40bp back of fair value. But strong order books enabled t06 Mar 15:10
6 min read
Americas, EMEA
IFR 2323 - 07 Mar - 13 MarSudip Roy
IFR 2323 - 07 MAR 2020 - 13 MAR 2020Bookmark this page
FROM CROYDON TO ROMFORD, BANKS READY DISASTER SITES Investment banks are enacting plans to cope with the spread of the coronavirus, with JP Morgan, Citigroup and ING splitting trading operations and a host of other firms preparing for employees to work remotely at disaster recovery sites in New York and London. Citigroup is actively trading at its remote site in Lewisham, about seven miles from its Canary Wharf base in London's financial district, sources said. About 10% of its traders are at the back-up site and will be kept separate from colleagues at the main trading site, the sources told IFR. Citigroup said it was monitoring the situation and would adjust its operations as necessary. JP Morgan is moving traders in New York and London to remote locations, where they will stay until further notice, it said in a memo to sales and trading staff. A source said the biggest waves of moves will be on Monday. Its back-up sites include Basingstoke, 50 miles to the southwest of London. JP Morgan also extended its ban on non-critical international travel to domestic travel, affecting all its global locations. Most major banks have now banned international travel. Worries about the spread of the virus escalated on Thursday when HSBC said a member of its research department in its Canary Wharf headquarters tested positive for coronavirus. He has self-isolated and the bank sent about 100 staff home. Its building remained open. Trading sites are a particular concern for banks and regulators, as the need to conduct activity in a secure environment makes that hard to do remotely. As a result, banks have been trying to make sure any kinks are worked out. ING was the first major bank to separate its trading operations in Europe, when it started using remote facilities in London, Amsterdam, Frankfurt, New York and Manila on Monday as well as its main trading floors. It had already split trading operations in Hong Kong and Singapore. The move affected about 200 people globally in its financial markets and treasury divisions, a spokesman said. He said it was a precautionary move: "The idea is that these colleagues are not in contact with the others." In Madrid, BBVA moved about 100 traders - or a quarter of its trading floor there - to its back-up site in the suburb of Las Rozas as part of its contingency planning for the coronavirus. IN THE SUBURBS Most banks have split trading operations in Asia between the office, back-up sites and home. Anecdotally, about 50%-70% of investment bank staff in Hong Kong still seem to be in the office, mostly working in split teams. It is higher in heavily regulated areas, such as trading. Around London's suburbs, in addition to Citigroup's Lewisham site, Morgan Stanley is testing its site near Heathrow Airport, BNP Paribas and Societe Generale are doing the same in Romford, Essex, and Barclays has readied its alternative venue in Northolt, west London, industry sources said. Goldman Sachs has its disaster recovery site in Croydon, 15 minutes from central London. It sent teams of traders there on Thursday to ensure it is fit for purpose. In New York, banks have sites in New Jersey, Brooklyn and beyond as back-ups for their Manhattan hubs. In Hong Kong, recovery sites are located in some of the city's less upmarket districts, including Chai Wan and Tai Po. WHAT IS ALLOWED? Banks have had disaster recovery sites and business continuity plans for years, particularly after the 2001 terror attacks in New York, but for many this is the first major test of such sites. Working from home is tougher for traders and salespeople than for staff in other areas of a bank, and regulators are keeping a close eye on the risk that poses. The Hong Kong Monetary Authority has been flexible in allowing traders to work from home where possible, sources said. Still, some exchanges require access via a designated terminal, usually office-based. Sales staff need to record client interactions, so firms need to be confident they can manage risks, record calls, and report and monitortrades
P&M
06 Mar 14:00
6 min read
EMEA
IFR 2323 - 07 Mar - 13 Mar IFR 2323 - 07 MAR 2020 - 13 MAR 2020Bookmark this page
CORONAVIRUS IS GREATEST TEST YET OF BOND MARKET LIQUIDITY Regulators have long warned of the dangers the corporate bond market could pose to financial stability in times of market stress. So far, the risks have been largely theoretical rather than real. But the coronavirus-induced slump in credit markets will now provide a comprehensive test of how bond investors can navigate such storms in post-financial crisis trading conditions. The last week of February saw the sharpest sell-off in high-yield credit in nearly a decade, accompanied by record trading volumes, as investors reacted to the potential damage the novel coronavirus will do to the world economy. Markets managed to weather the first lurch lower without any indication of a self-reinforcing spiral of fire sales, despite investors pulling billions of dollars out of corporate bond funds. Instead, data showed record trading volumes in US high-yield corporate bonds, credit default swaps and exchange-traded funds as debt markets adjusted to the uncertain outlook. But there were increasing signs of market fragility on Friday following another massive round of fund outflows, with the European high-yield CDS index iTraxx Crossover jumping to its highest level since mid-2016.* Such large bond fund redemptions coupled with ongoing worries over the virus's impact will be the sternest test to-date of the resilience of the multi-trillion dollar corporate bond market. "The tail risk is if a large fund manager has to gate," said John Gousias, head of flow credit trading for EMEA at Nomura, referring to the process in which asset managers bar withdrawals from their funds. "If someone big gates, it'll be like when the first money market fund broke the buck. People are forced to sell, they don't care about the price." "If everyone suddenly needs to raise cash levels, it creates a sell-off in risky assets that could compound itself. It's a snowball that turns into an avalanche,” he said. PRESSURE POINT The US Federal Reserve and the Bank of England are among the regulators that have highlighted bond market liquidity – the ease of buying and selling securities in decent size – as a potential pressure point in financial markets. That is against the backdrop of the astronomical growth of asset managers and corporate bond markets over the past decade, coupled with the decline in risk appetite from bank trading desks. The International Capital Market Association released a report last week that found liquidity in the roughly €3.6trn European investment-grade debt market has deteriorated since the trade body’s last study four years ago, and called on policymakers and the industry to act to arrest the decline. Policymakers worry in particular about what would happen if asset managers offering investors daily access to their money have to gate funds because they are unable to sell corporate bonds fast enough to meet redemption requests. There have already been notable outflows from bond funds and ETFs, which could explain the speed of recent price swings, analysts say. Global high-yield credit spreads widened by 123bp to just below 500bp in the last week of February, according to Federated Hermes and ICE bond indices – the biggest jump since 2011. “I expect we'll see some big redemptions on the back of bad performance, and this is when you find out what the real value of these assets is,” said Mike Riddell, head of UK fixed income at Allianz Global Investors. Investors pulled US$16.1bn out of investment-grade, high-yield and emerging-market debt funds in the week ended March 4, the second highest outflow on record, according to Bank of America. That followed US$6.9bn draining out of high-yield debt funds in the previous weekly period, the third largest outflow ever. Meanwhile, almost US$2bn was pulled out of US high-yield ETFs on February 26 alone, according to Deutsche Bank – another record. There was also a “steadily worsening picture” in Europe, where outflows have been lower soRATE
05 Mar 15:47
8 min read
IFR 2323 - 07 Mar - 13 Mar Christopher Whittall, HeleneDurand
IFR 2323 - 07 MAR 2020 - 13 MAR 2020Bookmark this page
CORONAVIRUS IS GREATEST TEST YET OF BOND MARKET LIQUIDITY Regulators have long warned of the dangers the corporate bond market could pose to financial stability in times of market stress. So far, the risks have been largely theoretical rather than real. But the coronavirus-induced slump in credit markets will now provide a comprehensive test of how bond investors can navigate such storms in post-financial crisis trading conditions. The last week of February saw the sharpest sell-off in high-yield credit in nearly a decade, accompanied by record trading volumes, as investors reacted to the potential damage the novel coronavirus will do to the world economy. Markets managed to weather the first lurch lower without any indication of a self-reinforcing spiral of fire sales, despite investors pulling billions of dollars out of corporate bond funds. Instead, data showed record trading volumes in US high-yield corporate bonds, credit default swaps and exchange-traded funds as debt markets adjusted to the uncertain outlook. But there were increasing signs of market fragility on Friday following another massive round of fund outflows, with the European high-yield CDS index iTraxx Crossover jumping to its highest level since mid-2016.* Such large bond fund redemptions coupled with ongoing worries over the virus's impact will be the sternest test to-date of the resilience of the multi-trillion dollar corporate bond market. "The tail risk is if a large fund manager has to gate," said John Gousias, head of flow credit trading for EMEA at Nomura, referring to the process in which asset managers bar withdrawals from their funds. "If someone big gates, it'll be like when the first money market fund broke the buck. People are forced to sell, they don't care about the price." "If everyone suddenly needs to raise cash levels, it creates a sell-off in risky assets that could compound itself. It's a snowball that turns into an avalanche,” he said. PRESSURE POINT The US Federal Reserve and the Bank of England are among the regulators that have highlighted bond market liquidity – the ease of buying and selling securities in decent size – as a potential pressure point in financial markets. That is against the backdrop of the astronomical growth of asset managers and corporate bond markets over the past decade, coupled with the decline in risk appetite from bank trading desks. The International Capital Market Association released a report last week that found liquidity in the roughly €3.6trn European investment-grade debt market has deteriorated since the trade body’s last study four years ago, and called on policymakers and the industry to act to arrest the decline. Policymakers worry in particular about what would happen if asset managers offering investors daily access to their money have to gate funds because they are unable to sell corporate bonds fast enough to meet redemption requests. There have already been notable outflows from bond funds and ETFs, which could explain the speed of recent price swings, analysts say. Global high-yield credit spreads widened by 123bp to just below 500bp in the last week of February, according to Federated Hermes and ICE bond indices – the biggest jump since 2011. “I expect we'll see some big redemptions on the back of bad performance, and this is when you find out what the real value of these assets is,” said Mike Riddell, head of UK fixed income at Allianz Global Investors. Investors pulled US$16.1bn out of investment-grade, high-yield and emerging-market debt funds in the week ended March 4, the second highest outflow on record, according to Bank of America. That followed US$6.9bn draining out of high-yield debt funds in the previous weekly period, the third largest outflow ever. Meanwhile, almost US$2bn was pulled out of US high-yield ETFs on February 26 alone, according to Deutsche Bank – another record. There was also a “steadily worsening picture” in Europe, where outflows have been lower soRATE
05 Mar 15:47
8 min read
IFR 2323 - 07 Mar - 13 Mar Christopher Whittall, HeleneDurand
BONDS
Bookmark this page
PRUDENTIAL PRICES INAUGURAL US INSURANCE GREEN BOND Life insurer Prudential Financial came to the US high-grade market on Thursday to price a US$1.5bn three-part bond, which included the first green issuance from a US insurance company. Issuers outside of the energy and utility space are increasingly adding to the supply of green bonds, and Prudential's US$500m six-year was the latest following on from the likes of Starbucks, Verizon and PepsiCo last year. "This strong momentum in support of climate transition adds weight to our view that the green bond market is approaching a turning point for investors," said Joshua Kendall, senior ESG analyst at Insight Investment. "We expect 2020 to be another record year for green bonds, with early indications suggesting a total close to US$300bn in issuance. Prudential priced the green bond at 90bp over Treasuries, as well as two US$500m non-green tranches in 10 and 20-year maturities at 120bp and 145bp over, respectively. Bookrunners Bank of America, BNP Paribas, Deutsche Bank, HSBC and Morgan Stanley tightened spreads 30bp through price progression. However, the bonds did not perform well on the break as equities took a pounding and credit spreads followed in sympathy. Prudential's bonds were trading as much as 15bp wide on the break, according to MarketAxess data. The green bond held up the best of the three tranches but was still 10bp wide of its pricing level, at 100bp over Treasuries. The green bond tag did not seem to help Prudential achieve a lower spread, however. It came with a new issue concession of around 3bp, when accounting for the maturity extension over the company's outstanding 3.5% 2024 note that was trading at around a G-spread of 72bp, according to IFR calculations and MarketAxess data. But the green designation did appear to help attract a diverse investor base. The total book size built to US$4bn, with the most demand concentrated in the green bond, which garnered US$1.7bn in orders. A lack of insurance company green bonds worldwide may have helped drive demand. Only European insurers Generali, CNP and Swiss Re in addition to Canada's Manulife have issued them in the past, according to a CreditSights report. USE OF PROCEEDS Prudential will use the funds to finance or invest in projects that adhere to seven eligible green criteria, including renewable energy, green buildings and energy efficiency, according to a Sustainalytics report from February. The US$500m in funds dedicated to green projects will represent a drop in the bucket of Prudential's US$1.3trn in assets under management. Still, Insight Investments rated the level of disclosures highly in this bond. The investor even assigned it the firm's highest status for green bond frameworks, which it only gave to 27% of the more than 120 impact bonds reviewed last year. "By our standards, the market still struggles with transparency reporting and a clear demonstration of positive impact," Kendall said. "Issuance with these kinds of shortcomings would not meet our status." However, CreditSights noted it is unclear if Prudential will distribute the funds to PGIM for third party asset management or whether they will go to the company's general account. More stringent buyers of green bonds may be cautioned that the filing states "neither the notes nor the indenture requires Prudential Financial to use the proceeds as described . . . and any failure of Prudential Financial to comply with the foregoing or its obligations under its Green Bond Framework will not constitute a breach of or default under the notes", CreditSights pointed out. Proceeds from the two non-green tranches are expected to be used to refinance debt maturing through 2021, including the US$1.15bn of unsecured notes coming due this year.BON
06 Mar 17:05
4 min read
Americas, EMEA
William Hoffman
PEOPLE & MARKETS
JP MORGAN CEO DIMON RECOVERING AFTER EMERGENCY SURGERY JP Morgan CEO and chairman Jamie Dimon is recovering from emergency heart surgery done on Thursday morning, with two deputies taking over as he recuperates, the largest US bank said. Dimon, 63, experienced a tear in his heart's main artery, which was detected early and treated successfully, JP Morgan said, publicly releasing an internal memo. He is "awake, alert and recovering well," according to the memo. The bank did not disclose where Dimon is being treated. The bank's co-presidents and co-chief operating officers, Daniel Pinto and Gordon Smith, sent the message to all employees, and are running JP Morgan as Dimon recovers. Dimon has been CEO of JP Morgan for over a decade, and is a larger-than-life figure on Wall Street. He has fashioned himself into a voice of the industry and become more active in Washington in recent years. He often uses his platform as head of the country's biggest bank to opine on issues that fall outside that scope, including immigration, education and healthcare. At various times, Dimon has also mocked financial regulators, cursed during public appearances and joked about becoming US president. During his time at the helm of JP Morgan, Dimon has turned the bank into a global behemoth, with leading positions in many key businesses, through crisis-era acquisitions as well as opportunistic market-share grabs. His most vulnerable time as CEO may have come after a trader known as "the London Whale" caused billions of dollars' worth of losses from derivatives positions in 2012 that management overlooked. SUCCESSION WORRIES Industry analysts characterized Pinto and Smith as capable hands at the helm of JP Morgan, but noted that Dimon's health scare raised new questions about who will succeed him for the long term. He also battled throat cancer after a diagnosis in 2014 that sidelined him for several months. "This will definitely get the board to step up their efforts to put in place a succession plan because it is not going to be easy to replace someone like Dimon," said a Hong Kong-based consultant who works with the bank. The condition for which Dimon had surgery on Thursday is called an acute aortic dissection, where the inner lining of the aorta tears away from the outer edge of the tube. It is a serious, potentially deadly event that, left untreated, can lead to a heart attack or the aorta collapsing, said Gabriele Di Luozzo, director of thoracic aortic surgery at Mount Sinai Morningside hospital in New York. During surgery, about 6-8 inches of the aorta nearest to the heart is replaced typically with a synthetic tube, said Di Luozzo. "This is a major operation," Di Luozzo said. "In a typical elective surgery (to replace) an aorta, the risk of death is in the 2-3% range. But when you have an emergency operation it can be as high as 20%." If treated in time, patients typically spend a week in hospital followed by several weeks recovery at home, he said. Dimon's surgery was successful and bank executives said they expect him to return to work. When Dimon was going through cancer treatment, he curtailed travel and made fewer public appearances, but eventually recovered and got back to work. Questions about who might succeed him have existed for years, as many executives who were viewed as potential successors left out of impatience or for other opportunities. Pinto and Smith are relatively close in age to Dimon, who said in promoting them in 2018 that he wanted to stay in the job for five more years. Two other people often talked about as potential CEOs are Marianne Lake, who runs JP Morgan's consumer business, as well as chief financial officer Jennifer Piepszak. "The bottom line is that Mr. Dimon is often viewed as a steady hand for the banking industry during turbulent times (like we are in now)," KBW analyst Brian Kleinhanzl said in a note to clients, referring to recent market chaos and economic concerns stemming from the coronavirus outbreak. "Not having him at the helm of JP Morgan is a modest negP&M
06 Mar 09:43
4 min read
EMEA
Elizabeth Dilts, David HenryBONDS
Bookmark this page
PRUDENTIAL PRICES INAUGURAL US INSURANCE GREEN BOND Life insurer Prudential Financial came to the US high-grade market on Thursday to price a US$1.5bn three-part bond, which included the first green issuance from a US insurance company. Issuers outside of the energy and utility space are increasingly adding to the supply of green bonds, and Prudential's US$500m six-year was the latest following on from the likes of Starbucks, Verizon and PepsiCo last year. "This strong momentum in support of climate transition adds weight to our view that the green bond market is approaching a turning point for investors," said Joshua Kendall, senior ESG analyst at Insight Investment. "We expect 2020 to be another record year for green bonds, with early indications suggesting a total close to US$300bn in issuance. Prudential priced the green bond at 90bp over Treasuries, as well as two US$500m non-green tranches in 10 and 20-year maturities at 120bp and 145bp over, respectively. Bookrunners Bank of America, BNP Paribas, Deutsche Bank, HSBC and Morgan Stanley tightened spreads 30bp through price progression. However, the bonds did not perform well on the break as equities took a pounding and credit spreads followed in sympathy. Prudential's bonds were trading as much as 15bp wide on the break, according to MarketAxess data. The green bond held up the best of the three tranches but was still 10bp wide of its pricing level, at 100bp over Treasuries. The green bond tag did not seem to help Prudential achieve a lower spread, however. It came with a new issue concession of around 3bp, when accounting for the maturity extension over the company's outstanding 3.5% 2024 note that was trading at around a G-spread of 72bp, according to IFR calculations and MarketAxess data. But the green designation did appear to help attract a diverse investor base. The total book size built to US$4bn, with the most demand concentrated in the green bond, which garnered US$1.7bn in orders. A lack of insurance company green bonds worldwide may have helped drive demand. Only European insurers Generali, CNP and Swiss Re in addition to Canada's Manulife have issued them in the past, according to a CreditSights report. USE OF PROCEEDS Prudential will use the funds to finance or invest in projects that adhere to seven eligible green criteria, including renewable energy, green buildings and energy efficiency, according to a Sustainalytics report from February. The US$500m in funds dedicated to green projects will represent a drop in the bucket of Prudential's US$1.3trn in assets under management. Still, Insight Investments rated the level of disclosures highly in this bond. The investor even assigned it the firm's highest status for green bond frameworks, which it only gave to 27% of the more than 120 impact bonds reviewed last year. "By our standards, the market still struggles with transparency reporting and a clear demonstration of positive impact," Kendall said. "Issuance with these kinds of shortcomings would not meet our status." However, CreditSights noted it is unclear if Prudential will distribute the funds to PGIM for third party asset management or whether they will go to the company's general account. More stringent buyers of green bonds may be cautioned that the filing states "neither the notes nor the indenture requires Prudential Financial to use the proceeds as described . . . and any failure of Prudential Financial to comply with the foregoing or its obligations under its Green Bond Framework will not constitute a breach of or default under the notes", CreditSights pointed out. Proceeds from the two non-green tranches are expected to be used to refinance debt maturing through 2021, including the US$1.15bn of unsecured notes coming due this year.BON
06 Mar 17:05
4 min read
Americas, EMEA
William Hoffman
BONDS
Bookmark this page
HEALTHCARE CREDITS RECEIVE BOOST FROM SUPER TUESDAY RESULTS The US healthcare credit space is active this week amid new M&A deals, fresh bond issuance, coronavirus fears and the resurgence of a more moderate approach to healthcare reform in the Democratic Primary. Joe Biden's strong Super Tuesday performance in the Democratic Primary was a cause for optimism in the markets as equities gained more than 1,000 points on the DOW led by a surge for healthcare names. The boost was evident in credit markets too where CVS, AbbVie and Amgen all experienced some 6bp-9bp of spread tightening on the day, according to MarketAxess data. Healthcare was also one of only three sectors that saw average spreads tighten and are now trading at 111bp over Treasuries, according to ICE BofA data. Lower than expected voting totals for Bernie Sanders on the biggest night of the Democratic primary race to date sharply decreased the likelihood of a Medicare-for-all plan disrupting the space, CreditSights noted in a report. "We now put the likelihood of Medicare-for-all being implemented in the foreseeable future at below 2%," CreditSights wrote. "Meanwhile, the likelihood that the status quo persists, which we would consider a major win for health insurers given that it will preserve Medicaid Expansion and other key tenets of the healthcare framework, is hovering in the 80% area." MEDICINAL PROPERTIES Cigna issued into this favorable environment on Wednesday pricing a US$3.5bn three-part bond that garnered a US$17.6bn order book. The health insurer priced a US$1.5bn 10-year at 142bp over Treasuries, a US$750m 20-year at 157bp over and a US$1.25bn 30-year at 177bp over. At those levels, Cigna's new notes came flat to its outstanding curve on the 10-year and gave up just 2bp-3bp of new issue concession on the long-dated tranches, according to IFR calculations. The bonds were offered in conjunction with a tender for up to US$500m of 2022 notes and up to US$950m of 2023 notes. Cigna's new bonds tightened as much as 10bp on the break Thursday morning but have since pulled back from those levels. The 10-year traded flat to pricing levels on Thursday and the two long tranches were still trading some 3bp-6bp inside of pricing, according to MarketAxess. M&A CONFIDENCE The changing tone of the election is also causing companies to be more bold with their M&A strategies, where market participants thought such deals were likely to take a backseat until after the election. Thermo Fisher, a medical supplies and software provider in the healthcare space, announced on Tuesday plans to purchase pharmaceutical research company Qiagen in a deal valued at US$11.5bn. The company is expected to fund the transaction with a mixture of new debt and cash on hand. Moody's expects adjusted debt to Ebitda will climb to 3.6 times, but the acquisition will allow it to build up cash fast to pay off debt. The rating agency reaffirmed its Baa1 rating on the day of the announcement. "The Qiagen acquisition will further boost Thermo Fisher's scale in its core life sciences business while also giving it access to new products and customers in the molecular diagnostics space," said Jonathan Kanarek, senior credit officer at Moody's. "The affirmation also reflects Thermo Fisher's good track record of deleveraging in a timely manner following large acquisitions."BON
05 Mar 20:46
3 min read
Americas, EMEA
William Hoffman
PEOPLE & MARKETS
JP MORGAN CEO DIMON RECOVERING AFTER EMERGENCY SURGERY JP Morgan CEO and chairman Jamie Dimon is recovering from emergency heart surgery done on Thursday morning, with two deputies taking over as he recuperates, the largest US bank said. Dimon, 63, experienced a tear in his heart's main artery, which was detected early and treated successfully, JP Morgan said, publicly releasing an internal memo. He is "awake, alert and recovering well," according to the memo. The bank did not disclose where Dimon is being treated. The bank's co-presidents and co-chief operating officers, Daniel Pinto and Gordon Smith, sent the message to all employees, and are running JP Morgan as Dimon recovers. Dimon has been CEO of JP Morgan for over a decade, and is a larger-than-life figure on Wall Street. He has fashioned himself into a voice of the industry and become more active in Washington in recent years. He often uses his platform as head of the country's biggest bank to opine on issues that fall outside that scope, including immigration, education and healthcare. At various times, Dimon has also mocked financial regulators, cursed during public appearances and joked about becoming US president. During his time at the helm of JP Morgan, Dimon has turned the bank into a global behemoth, with leading positions in many key businesses, through crisis-era acquisitions as well as opportunistic market-share grabs. His most vulnerable time as CEO may have come after a trader known as "the London Whale" caused billions of dollars' worth of losses from derivatives positions in 2012 that management overlooked. SUCCESSION WORRIES Industry analysts characterized Pinto and Smith as capable hands at the helm of JP Morgan, but noted that Dimon's health scare raised new questions about who will succeed him for the long term. He also battled throat cancer after a diagnosis in 2014 that sidelined him for several months. "This will definitely get the board to step up their efforts to put in place a succession plan because it is not going to be easy to replace someone like Dimon," said a Hong Kong-based consultant who works with the bank. The condition for which Dimon had surgery on Thursday is called an acute aortic dissection, where the inner lining of the aorta tears away from the outer edge of the tube. It is a serious, potentially deadly event that, left untreated, can lead to a heart attack or the aorta collapsing, said Gabriele Di Luozzo, director of thoracic aortic surgery at Mount Sinai Morningside hospital in New York. During surgery, about 6-8 inches of the aorta nearest to the heart is replaced typically with a synthetic tube, said Di Luozzo. "This is a major operation," Di Luozzo said. "In a typical elective surgery (to replace) an aorta, the risk of death is in the 2-3% range. But when you have an emergency operation it can be as high as 20%." If treated in time, patients typically spend a week in hospital followed by several weeks recovery at home, he said. Dimon's surgery was successful and bank executives said they expect him to return to work. When Dimon was going through cancer treatment, he curtailed travel and made fewer public appearances, but eventually recovered and got back to work. Questions about who might succeed him have existed for years, as many executives who were viewed as potential successors left out of impatience or for other opportunities. Pinto and Smith are relatively close in age to Dimon, who said in promoting them in 2018 that he wanted to stay in the job for five more years. Two other people often talked about as potential CEOs are Marianne Lake, who runs JP Morgan's consumer business, as well as chief financial officer Jennifer Piepszak. "The bottom line is that Mr. Dimon is often viewed as a steady hand for the banking industry during turbulent times (like we are in now)," KBW analyst Brian Kleinhanzl said in a note to clients, referring to recent market chaos and economic concerns stemming from the coronavirus outbreak. "Not having him at the helm of JP Morgan is a modest negP&M
06 Mar 09:43
4 min read
EMEA
Elizabeth Dilts, David HenryBONDS
MILLENNIAL DEMAND PROVING SOLID FOUNDATION FOR HOMEBUILDERS High-yield bond investors see homebuilders as well placed to benefit from growing demand for housing from millennial buyers, who are benefiting from lower mortgage rates, but face a shortage of supply. Historically low mortgage rates, coupled with strong employment levels, are pushing more people to look to buy homes, particularly millennials. This is drawing the attention of bond investors. The homebuilding sector was the best performer in high-yield last year, delivering over 17% through November, according to JP Morgan's review of 2019. Data from the US Census Bureau in January showed an increase in homeownership in the under 35 cohort over the past year, rising from 36.5% in the fourth quarter of 2018 to 37.6% in the fourth quarter of 2019, while other age groups remained broadly flat. "As more and more people are employed, younger people are able to move out of apartments and apartment dwellers are doing the math between escalating rental rates and more affordable mortgages as a result of the collapse in rates," said Michael Temple, director of US credit research at Amundi Pioneer. "That is driving a significant increase in homebuilding orders, and this virtuous feedback loop is allowing them to put up some pretty strong numbers." The shortage of available housing stock - particularly for first time buyers - is underpinning increased demand for homebuilders. "There is underlying demand that is not being met for the millennial buyer," said Adam Spielman, head of leveraged credit at PPM America. "Homebuilders are in the right gap to fill that need for housing in those areas of the country." DEMAND FOR HIGH YIELD Investor demand is helping borrowers access the capital markets at cheap levels - Canadian firm Mattamy for example priced US$600m of B1/BB rated 10-year non-call five unsecured bonds at just 4.625% on February 20. And in the secondary market, as well as being drawn to positive fundamentals, investors are also eyeing the potential for rising stars. Upgrades into investment grade can lead to a lift in bond prices, as well as reducing the stock of remaining high-yield bonds in the sector, providing some scarcity value. This week, Moody's put the Ba1 ratings of Lennar and Toll Brothers - two of the largest US homebuilders - on positive outlook, putting them on the cusp of an investment grade rating. The rating agency said it expected Lennar to maintain a conservative leverage profile and shift towards a lighter land profile, which reduces impairment risk and enhances cash flow generation. Likewise the agency said Toll Brothers' strong liquidity, leverage and operating strategy were supportive of its credit profile. Investors are cognizant that homebuilding is a cyclical business, but this kind of financial strategy contrasts with how the builders operated in the run-up to the last financial crisis, where some companies were left stranded on large holdings of land after bingeing. "Some of them were too aggressive going in on land, and they had a hard time moving that which put pressure on their credit profiles," said Spielman. "But this sector has been well behaved for a long time after the housing crisis. It hasn't experienced the same sort of credit erosion as we see in other sectors." A widespread economic downturn that puts pressure on employment levels would inevitably dent this demand for new homes and weaken the sector. But many investors feel that is still a way off, and that other sectors with less robust credit profiles would be hit harder by a downturn. "We're a little more sanguine about the US economy," said Temple. "We think it is more resilient than people give it credit for. Assuming doesn't last much longer than the next couple of months, we should get a pretty good rebound inactivity."
BON
05 Mar 20:52
4 min read
Americas
David Bell
LATEST NEWS - GLOBAL Add to My IFR Create an alertRATE FX
BUZZ-IMM: EUR, JPY AND GBP SPECS BUY, USD LONGS LIGHTEN ON LOW FEDRATE VIEW
IMM net USD longs lighten amid lower Fed rate view in Feb 26-Mar 3 period EUR specs +27,318 contracts now short 86,703, reverse last periods selling JPY specs buy into yen strength, +14,065 now short 42,324 contracts GBP dip buyers rewarded specs +5,564 contract long increased to 35,162 Commod CCYs sold CAD -4,045, AUD -8,101 & NZD -1,646 on low growth view USD lower in current period expect USD longs to continue to exit IMM Position Table: https://tmsnrt.rs/39w4TJM IMM Positions Chart: https://tmsnrt.rs/3cFrHIORATE FX
06 Mar 20:54
2 min read
Global
Paul Spirgel
RATE FX
BUZZ-REPLAY-FAREWELL DOLLAR RALLY, MARKETS DISTRESS, EUR/USD 1.15 Analysis: US recap: Dollar suffers as virus fear slashes yield advantage nL1N2AZ1F2 Dollar down on Fed view, but mkts distress could bring it back nL1N2AZ0QB US yield advantage nearly gone, but AUD/USD longs lack confidence nL1N2AZ178 Sterling bulls content as long as Fed doesn't remove the punchbowl nL1N2AZ136 South Africa's rand may be the greatest risk nL1N2AZ0P4 Dollar rally officially over, 2019 low next as Fed scrambles nL1N2AZ10C USD/JPY's NFP bounce off 105 a fade on way to 2019 lows nL1N2AZ0QR EUR/USD sets course for 1.1500 on Fed, risk sentiment nL1N2AZ0TP Spot, technicals coverage: AUD/USD-Longs barely benefit from U.S. rate slide nL1N2AZ1FD USD/JPY-Hot jobs data help stop the rot by 105, for now nL1N2AZ1F5 EUR/USD-Early NY gains erode but bulls to remain in charge nL1N2AZ1EZ Sterling gains recede into close as UST yields rise off record lows nL1N2AZ1ESRATE FX
06 Mar 20:22
Quick read
Global
Burton Frierson
RATE FX
BUZZ-USD/JPY-TECHS GET OVERSOLD, BUT 2019'S LOWS REMAIN IN PLAY A full USD/JPY retracement to August's 104.46 low remains likely Daily RSIs enter oversold readings, but the 105 low looks tenuous Weeklies not quite as oversold as August and January 2019 bottoms If 104.46/10 August/January lows hold, then room for a rebound Currently, topside is limited by Thur's low, today's high @105.97/6.34 Monthlies feature a H&S top neckline from 2013 c103, 2016's 99.00 low Chart: https://tmsnrt.rs/32Vfzzf Chart: https://tmsnrt.rs/2VPlVhRRATE FX
06 Mar 20:20
2 min read
Global
Randolph Donney
BONDS
VIRUS THREATENS US$120BN OF DEBT WITH FALLEN ANGEL RISK: DB Deutsche Bank predicts US$120bn of investment-grade debt could potentially fall into high-yield territory as fears over the coronavirus start to impact profits. The following are highlights from the report released on Friday. Of the US$120bn of debt at risk of dropping to HY, US$53bn of that requires just a one-notch drop. That US$120bn does not include companies straddling both HY and IG such as the more than US$50bn in debt at Ford Motor Credit. It already has one high-yield rating from Moody's but remains a part of the high-grade index with low Triple B ratings at the other two rating agencies. Some of the largest potential fallen angels include Mexican oil firm Pemex with US$58.5bn of debt, Western Midstream Partner with US$7.82bn of debt and Brazilian miner Vale with US$5.9bn of debt outstanding. Around US$30bn of debt has already fallen into high yield this year including downgrades of Kraft Heinz, EQT, EQM and Sasol. Deutsche estimates there is US$65bn of Single A bonds at risk of a downgrade to Triple B, with US$44bn of those requiring just one notch of downgrade. Some US$28bn of Double B bonds are at risk of a downgrade to Single B, with US$24bn of those requiring just one notch of downgrade. The biggest risk is among Single Bs, where 8% of that ratings segment, or some US$38bn of debt, could fall to Triple C. Overall, there is US$250bn of debt at risk of downgrade across all investment-grade and high-yield debt. Of that, US$153bn requires just one notch ofdowngrade.
BON
06 Mar 19:59
Quick read
Americas, EMEA
William Hoffman
RATE FX
USD/JPY TRADER
Thursday's close below 76.4% of the 104.46-112.23 uptrend at 106.29 puts the 104.46 low in play. Prices bouncing off today's new trend low at 105, but rebounds should be repelled between Thursday's 105.97 low and today's 106.34 high. With prices getting oversold and last year's 104.46/10 major lows in view, there is increasing risk of a rebound if last year's lows hold. Chart: https://tmsnrt.rs/32VfzzfRATE FX
06 Mar 19:57
2 min read
Asia
Randolph Donney
STRUCTURED FINANCE
PRICED-RMBS: SEMT 2020-3 *144A* *PRICING DETAILS* Redwood Trust has priced a 144A prime jumbo RMBS transaction called, Sequoia Mortgage Trust (SEMT) 2020-3. Sole structuring bookrunner: Morgan Stanley. Co-manager: Stifel Nicolaus. Sub/IO distribution after senior pricing (reserves apply) Collateral Summary: Size($mm)/ GWAC/ WALA/ WAM/ ALS/ LTV/ CLTV/ FICO/ %CA/ Type $632.615/ 3.712/ 5mo/ 355mo/ $822k/ 67.33%/ 67.85%/ 775/ 48.34%/ 99.90%/ 30yr fix 100% QRM/Exempt from Risk Retention - Deal Summary - *AAA structured, PT, super senior and senior mezzanine options available *Pricing Speed: 15 CPR *Expected Ratings: Fitch/Kroll *Expected Settlement: 3/19/2020 Reporting By Paul Kilby paulj.kilby@refinitiv.com Tel.# 646-223-4733SF
06 Mar 19:19
Quick read
Americas
RATE FX
ASIA FX MARKETS OPEN - MARCH 9 By Publishing Editors USD lower still as UST long end yields probe new lows Market Briefs • U.S. long-dated yields hit all-time lows as virus fears intensify • Trump signs $8.3 billion bill to fight coronavirus, expand testing • Fed's Bullard calls for alternative model to deal with low inflation • U.S. Fed to slash interest rates in coming months, traders bet • Coronavirus infections pass 100,000 as outbreak wreaks financial havoc • Coronavirus to limit spending push at UK budget showpiece • US Feb Non-Farm Payrolls, 273k, 175k f'cast, 225k prev, 273k r'vsd • US Feb Private Payrolls, 228k, 160k f'cast, 206k prev, 22k r'vsd • US Feb Unemployment Rate, 3.5%, 3.6% f'cast, 3.6% prev • US Feb Average Earnings YY, 3.0%, 3.0% f'cast, 3.1% prev • US Jan International Trade USD, -45.3 bln, -46.1 bln f'cast, -48.9 bln prev, -48.6 bln r'vsd • CA Feb Employment Change, 30.3k, 10.0k f'cast, 34.5k prev • CA Feb Unemployment Rate, 5.6%, 5.6% f'cast, 5.5% prev • CA Jan Trade Balance CAD, -1.47 bln, -0.83 bln f'cast, -0.40 bln prev, -0.73 bln r'vsd • CA Feb Ivey PMI, 50.1, 51.1 prev Looking Ahead - Economic Data (GMT) • 7 March CN Feb Exports YY, -14.0% f'cast, 7.9% prev • 7 March CN Feb Imports YY, -15.0% f'cast, 16.5% prev • 7 March CN Feb Trade Balance (USD), 24.60 bln f'cast, 47.21 bln prev Looking Ahead - Events, Other Releases (GMT) • 6 March 20:30 Kansas City Fed's Esther George participates in "The Fed's Balance Sheet and Credit Policy" panel before a Shadow Open Market Committee meeting in New York Macro Themes In Play • The dollar fell to its weakest level in a year as the virus-driven mad dash away from risky assets sent still modestly positively yielding long Treasury yields to new all-time lows, further narrowing spreads over Bunds, JGBs and Gilts. That expansion was hampered slightly by stellar U.S. employment data for February, but more worrying virus news kept Treasury yields and the dollar under wraps against the EUR, JPY and GBP. • The expansion of COVID-19 cases outside of China, office closures and relocations in the London and NYC areas , WHO’s Ryan saying it is “a false hope” that coronavirus will just disappear in the summer like the flu and Seattle’s mayor saying they may have to go to mandatory work from home kept in check any risk rebound impulses following the great NFP report and talk of possible U.S. tax relief for virus-plagued industries. • If there’s a potential bright spot on the dollar’s horizon it might be that the markets have already priced further Fed cuts this year taking the Fed funds target rate back to the post-GFC 25bp low. But this doesn’t mean the long-term convergence of longer-term Treasury yields toward negative Bund and JGB yields can’t persist and weigh on the dollar until virus angst recedes. • EUR/USD blasted above its 1.1240 December peak to probe just beyond the 200-WMA at 1.1348. A big beat from German January factory orders was partly written off to a skewed seasonal adjustment from December and overshadowed by the 3.67% STXE 600 loss and further widening of EZ core-peripheral yield spreads, none of which mattered much to EUR/USD at this stage • USD/JPY tumbled to 104.995 EBS before the NY open on dollar rates-driven weakening and ongoing haven yen demand. The lack of a major breakdown below 105, prices being oversold and the excellent U.S. employment data have provided modest respite. The imminent threat of recession in Japan has the market pricing in 10-20bp of BOJ rate cuts this year, but even that looks like a stretch due to the expected added drag on an already troubled banking sector. • As has been the case of late, GBP/USD lagged behind the JPY and EUR’s gains against the dollar flirting with significant resistance by the 55-DMA at 1.3012 • The dollar was mostly higher against the non-major currencies, but particularly so against those exposed to harrowing losses in oil prices that today’s failed OPEC+ meeting made worse. MXN and RUB were hardest hit. • Into next week, thefocus w
RATE FX
06 Mar 19:14
12 min read
Asia
Chandra Ramarathnam
BUZZ-ASIA FX MARKETS OPEN - MARCH 9 By Publishing Editors USD lower still as UST long end yields probe new lows Market Briefs • U.S. long-dated yields hit all-time lows as virus fears intensify • Trump signs $8.3 billion bill to fight coronavirus, expand testing • Fed's Bullard calls for alternative model to deal with low inflation • U.S. Fed to slash interest rates in coming months, traders bet • Coronavirus infections pass 100,000 as outbreak wreaks financial havoc • Coronavirus to limit spending push at UK budget showpiece • US Feb Non-Farm Payrolls, 273k, 175k f'cast, 225k prev, 273k r'vsd • US Feb Private Payrolls, 228k, 160k f'cast, 206k prev, 22k r'vsd • US Feb Unemployment Rate, 3.5%, 3.6% f'cast, 3.6% prev • US Feb Average Earnings YY, 3.0%, 3.0% f'cast, 3.1% prev • US Jan International Trade USD, -45.3 bln, -46.1 bln f'cast, -48.9 bln prev, -48.6 bln r'vsd • CA Feb Employment Change, 30.3k, 10.0k f'cast, 34.5k prev • CA Feb Unemployment Rate, 5.6%, 5.6% f'cast, 5.5% prev • CA Jan Trade Balance CAD, -1.47 bln, -0.83 bln f'cast, -0.40 bln prev, -0.73 bln r'vsd • CA Feb Ivey PMI, 50.1, 51.1 prev Looking Ahead - Economic Data (GMT) • 7 March CN Feb Exports YY, -14.0% f'cast, 7.9% prev • 7 March CN Feb Imports YY, -15.0% f'cast, 16.5% prev • 7 March CN Feb Trade Balance (USD), 24.60 bln f'cast, 47.21 bln prev Looking Ahead - Events, Other Releases (GMT) • 6 March 20:30 Kansas City Fed's Esther George participates in "The Fed's Balance Sheet and Credit Policy" panel before a Shadow Open Market Committee meeting in New York Macro Themes In Play • The dollar fell to its weakest level in a year as the virus-driven mad dash away from risky assets sent still modestly positively yielding long Treasury yields to new all-time lows, further narrowing spreads over Bunds, JGBs and Gilts. That expansion was hampered slightly by stellar U.S. employment data for February, but more worrying virus news kept Treasury yields and the dollar under wraps against the EUR, JPY and GBP. • The expansion of COVID-19 cases outside of China, office closures and relocations in the London and NYC areas , WHO’s Ryan saying it is “a false hope” that coronavirus will just disappear in the summer like the flu and Seattle’s mayor saying they may have to go to mandatory work from home kept in check any risk rebound impulses following the great NFP report and talk of possible U.S. tax relief for virus-plagued industries. • If there’s a potential bright spot on the dollar’s horizon it might be that the markets have already priced further Fed cuts this year taking the Fed funds target rate back to the post-GFC 25bp low. But this doesn’t mean the long-term convergence of longer-term Treasury yields toward negative Bund and JGB yields can’t persist and weigh on the dollar until virus angst recedes. • EUR/USD blasted above its 1.1240 December peak to probe just beyond the 200-WMA at 1.1348. A big beat from German January factory orders was partly written off to a skewed seasonal adjustment from December and overshadowed by the 3.67% STXE 600 loss and further widening of EZ core-peripheral yield spreads, none of which mattered much to EUR/USD at this stage • USD/JPY tumbled to 104.995 EBS before the NY open on dollar rates-driven weakening and ongoing haven yen demand. The lack of a major breakdown below 105, prices being oversold and the excellent U.S. employment data have provided modest respite. The imminent threat of recession in Japan has the market pricing in 10-20bp of BOJ rate cuts this year, but even that looks like a stretch due to the expected added drag on an already troubled banking sector. • As has been the case of late, GBP/USD lagged behind the JPY and EUR’s gains against the dollar flirting with significant resistance by the 55-DMA at 1.3012 • The dollar was mostly higher against the non-major currencies, but particularly so against those exposed to harrowing losses in oil prices that today’s failed OPEC+ meeting made worse. MXN and RUB were hardest hit. • Into next week, thefocus w
06 Mar 19:12
12 min read
Global
Chandra Ramarathnam
EQUITIES
FLYING EAGLE TAKES FLIGHT WITH UPSIZED US$600M IPO In the arms race for acquisition capital, Flying Eagle Acquisition is flying higher than most after securing a mammoth US$600m on its IPO. Goldman Sachs and Deutsche Bank, joint bookrunners on the offering, were able to bump the offering size from 50m to 60m units which was priced at US$10.00. Flying Eagle soared 4% on its NYSE debut on Friday to US$10.40, subdued for a traditional IPO, but strong by standards of a SPAC. The company is the sixth, and largest, SPAC backed by Jeff Sagansky. It is headed by media exec and long-time partner to Sagansky, Harry Sloan. Eli Baker, an exec on four of the five prior SPACs, was once again enlisted as CFO. Consistent with management pedigree and earlier successes, Flying Eagle is aggressively structured as a one-share, one-quarter warrant. The vehicle has a 24-month investment horizon, though it has not outlined a specific area of focus for acquisitions, either industry or geographically.EQY
06 Mar 18:55
Quick read
Americas
IFR 2323 - 07 Mar - 13 Marprev
next
More
Refine Search
Create an alert
LATEST NEWS - AMERICASAmericas
Asset Class -
Region - AMERICAS
ASSET CLASS
All
Bonds
Loans
Structured Finance
Equities
Forex
Rates
Economics
People & Markets
REGION
Global
Americas
EMEA
Asia
DISPLAY
Headline
Extra
Detail
Add to My IFR
Create an alert
06 Mar 23:24
US ECON-IFR US ECONOMICS WEEKLY PREVIEW06 Mar 21:22
MBS CLOSE-BASIS ENDS MIXED AS EARLY BLUDGEONING BRINGS OUT BUYERS;ROSENGREN AIDS
06 Mar 20:54
BUZZ-IMM: EUR, JPY AND GBP SPECS BUY, USD LONGS LIGHTEN ON LOW FEDRATE VIEW
06 Mar 20:51
USD EURO$S-BULL-FLATTENING AMID EQUITY MELEE; DEFLATION AT THE FOREFRONT; TED SPREAD BLOWOUT-RISK FREE ASSETS DESIRED06 Mar 20:48
US GOVTS WRAP-CRUDE CRASHES 10%, BELOW DEC 2018 LOW, BBB-CLIFF DIVE IF OIL SPILLS TO 2016 LOWS06 Mar 20:26
USD SWAPS CLOSE-VOL SURGE, FRA/OIS BLOW OUT, CREDIT BLAST, WIDEN SPREADS TO SPRING, 2019 LEVELS06 Mar 20:22
BUZZ-REPLAY-FAREWELL DOLLAR RALLY, MARKETS DISTRESS, EUR/USD 1.1506 Mar 20:20
BUZZ-USD/JPY-TECHS GET OVERSOLD, BUT 2019'S LOWS REMAIN IN PLAY06 Mar 20:16
US ECON-CONSUMER CREDIT UP JUST $12.02 BN, EXPECTED $16.5 BN06 Mar 20:09
US GOVTS:FUNDING-NY FED AFFIRMS MONDAY'S $100 BN DAILY O/N REPO OP06 Mar 19:59
VIRUS THREATENS US$120BN OF DEBT WITH FALLEN ANGEL RISK: DB06 Mar 19:49
USD EURO$S-EURO$S STRIP TILT FLATTENS INTO THE CLOSE; 1-MONTH TED SPREAD 18.0 BPS WIDER06 Mar 19:29
US GOVTS-ROSENGREN ADDS TO FEARFUL FRIDAY, IF 10S AT 0%, FED CAN BUY "BROADER SET OF ASSETS"06 Mar 19:24
US GOVTS-ALL ABOUT THE CLOSE AND FUND BUYING/REDEMPTIONS06 Mar 19:19
PRICED-RMBS: SEMT 2020-3 *144A* *PRICING DETAILS* US ECON-IFR US ECONOMICS WEEKLY PREVIEW06 Mar 23:24
Quick read
Americas, EMEA
Theodore Littleton
RATE FX ECON
MBS CLOSE-BASIS ENDS MIXED AS EARLY BLUDGEONING BRINGS OUT BUYERS;ROSENGREN AIDS
06 Mar 21:22
6 min read
Americas
Matthew Swift
SF RATE
BUZZ-IMM: EUR, JPY AND GBP SPECS BUY, USD LONGS LIGHTEN ON LOW FEDRATE VIEW
06 Mar 20:54
2 min read
Global
Paul Spirgel
RATE FX
USD EURO$S-BULL-FLATTENING AMID EQUITY MELEE; DEFLATION AT THE FOREFRONT; TED SPREAD BLOWOUT-RISK FREE ASSETS DESIRED06 Mar 20:51
5 min read
Americas
Nelson Thomson
BON RATE
US GOVTS WRAP-CRUDE CRASHES 10%, BELOW DEC 2018 LOW, BBB-CLIFF DIVE IF OIL SPILLS TO 2016 LOWS06 Mar 20:48
10 min read
Global
Duncan Balsbaugh
BON RATE FX ECON
USD SWAPS CLOSE-VOL SURGE, FRA/OIS BLOW OUT, CREDIT BLAST, WIDEN SPREADS TO SPRING, 2019 LEVELS06 Mar 20:26
7 min read
Americas
Roseanne Briggen
BON RATE
BUZZ-REPLAY-FAREWELL DOLLAR RALLY, MARKETS DISTRESS, EUR/USD 1.1506 Mar 20:22
Quick read
Global
Burton Frierson
RATE FX
BUZZ-USD/JPY-TECHS GET OVERSOLD, BUT 2019'S LOWS REMAIN IN PLAY06 Mar 20:20
2 min read
Global
Randolph Donney
RATE FX
US ECON-CONSUMER CREDIT UP JUST $12.02 BN, EXPECTED $16.5 BN06 Mar 20:16
Quick read
Americas, EMEA
Theodore Littleton
RATE FX ECON
RATE FX ECON
US ECON-IFR US ECONOMICS WEEKLY PREVIEW The following link will take you to the IFR US Economics WeeklyPreview:
http://share.thomsonreuters.com/filevista/public/7517/ifrpv030920.pdf The late week's data, among the most timely we have, still don’t give us too much insight into how things have been developing since the later part of February, when the market impacts of virus fears increased dramatically. Most of the handful of data released in the coming week will also not be sufficiently timely enough to keep up with the news, with th06 Mar 23:24
Quick read
Americas, EMEA
Theodore Littleton
SF RATE
MBS CLOSE-BASIS ENDS MIXED AS EARLY BLUDGEONING BRINGS OUT BUYERS;ROSENGREN AIDS
The UMBS30 basis close mixed following an impressive recovery during the afternoon trade, following record low yields in 10s and 30s when lower coupons were lagging by 10 ticks or more, amid much better buying flows with the yield curve extending its flattening move following comments from Boston Fed President Rosengren indicating that the resumption of QE, should rates reach the zero bound, could require the Fed to buy assets other than treasuries. The basis opened under pressure with markets t06 Mar 21:22
6 min read
Americas
Matthew Swift
RATE FX
BUZZ-IMM: EUR, JPY AND GBP SPECS BUY, USD LONGS LIGHTEN ON LOW FEDRATE VIEW
IMM net USD longs lighten amid lower Fed rate view in Feb 26-Mar 3 period EUR specs +27,318 contracts now short 86,703, reverse last periods selling JPY specs buy into yen strength, +14,065 now short 42,324 contracts GBP dip buyers rewarded specs +5,564 contract long increased to 35,162 Commod CCYs sold CAD -4,045, AUD -8,101 & NZD -1,646 on low growth view USD lower in current period expect USD longs to continue to exit IMM Position Table: https://tmsnrt.rs/39w4TJM IMM Positions Chart: https://06 Mar 20:54
2 min read
Global
Paul Spirgel
BON RATE
USD EURO$S-BULL-FLATTENING AMID EQUITY MELEE; DEFLATION AT THE FOREFRONT; TED SPREAD BLOWOUT-RISK FREE ASSETS DESIRED Bull flattening amid an equity melee as deflation was early trade. The Eurodollar strip openedd with gains in the June contracts of 13.0 bps in the Blues, 10.0 bps in the Green, 8.5 bps in the Red, and 6.0 bps in the White. The curve tilt changed to parallel at midday only to bear-flatten by the close . The market closed with a dip that was led by the White and Red. Those contracts finished with small gains of 1.0 bps while the Blue June managed a 6.0 bps gain. Deflation was at theforefront. Th
06 Mar 20:51
5 min read
Americas
Nelson Thomson
BON RATE FX ECON
US GOVTS WRAP-CRUDE CRASHES 10%, BELOW DEC 2018 LOW, BBB-CLIFF DIVE IF OIL SPILLS TO 2016 LOWS * Oil Spill Kills Credit, Monster Move CDXIG5 * Ultra-Hawk Rosengren Suggest Stocks For QE? * Bias Remains A Neutral/Supportive Dip Buyer * Monday Employment Trends Index For February Yesterday’s Wrap warned “So it goes, a retest of the lows”. Stocks almost did. 10-year yields did, and made new lows (66 bps). Today’s Wrap warns about Powell’s top-tier worry. Oil in the low $40, and anywhere in the $30 perish the thought $20 handles, means disaster for many of the BBB energy patch borrowers that06 Mar 20:48
10 min read
Global
Duncan Balsbaugh
More
Refine Search
Create an alert
IFR EVENTS
IFR hosts a comprehensive programme of conferences, seminars and roundtables throughout the year, providing authoritative insight into the trends and outlooks for specific regions and asset classes. View Events CalendarIFR DIGITAL EDITION
Access a digital replica of IFR's print magazine, updated each Friday. Plus regular Special Reports and Roundtables, covering industry themesand trends.
Latest Digital Editionprev
next
BELLWETHER
STILL HERE
CONGRATULATIONS TO THE European banks that survived an entire week without changing their CEO. Noel Quinn continues to keep the seat warm at HSBC, Thomas Gottstein has marked his second week in charge at Credit Suisse, while Ralph Hamers is trying to look interested at ING but day-dreaming about receiving his UBS induction (and first pay cheque) from Axel Weber. All three banks have been at pains to point out how smooth and deliberate their succession planning has been, so it’s terrifying to think how they’ll behave when they do something on the spur of the moment. But amid the dizzying pace of executive churn and after RBS appointed Alison Rose as chief last year, it’s worth pointing out that none of the European banks that have recently changed their CEOs have put forward female candidates. And that’s despite the fact that no bank boss can get to the end of a sentence without using the words “diversity” or “inclusion”. It’s time to walk the walk. Perhaps Egon Zehnder, the recruitment firm at the centre of many top-level searches, could set an example by officially changing its name to match its phonetics: “He gone; send her”. JEAN PIERRE MUSTIER’s personal stock must be close to an all-time high. The French boss of UniCredit is a rare example of a CEO who says what he’s going to do, then goes ahead and does it. But he should also be applauded for the things he hasn’t done. For example, last year he ruled out UniCredit making a bid for Commerzbank when everyone was clamouring to see a big-ticket car-crash of a bank merger. Then last week he ruled himself out of the running to become the next CEO of HSBC. A sensible chap. And given that he is understood to have rung HSBC’s no-nonsense chairman Mark Tucker to tell him he was no longer interested in the job, he’s a brave one too. But Tucker is running out of options. “Banks don’t want leaders, they want cost-cutters,” said one US banker. Maybe Tucker should change approach and hire Martin Lewis from the UK’s MoneySavingExpert.com. READERS OF A certain age will know that last week marked the 25th anniversary of the collapse of Baring Brothers, which was brought to its knees by Nick Leeson, the bank’s head of derivatives, who racked up US$1bn in unhedged trades. Leeson was a Manchester City fan who later joked that he declared his allegiance to the club because at the time City were perennial underachievers and Leeson thought it would elicit some sympathy in the court of public opinion. What a difference a quarter of a century makes. As banks have tightened up their risk management to avoid a Gen Z version of Leeson costing them a fortune, now it is City, a powerhouse of European football, that has fallen foul of regulators. Maybe they’ll turn up to the appeal before the Court of Arbitration for Sport wearing shirts sporting the oldBarings' logo.
IFR 2322 - 29 Feb - 06 MarMore Bellwether
prev
next
IFR EVENTS
IFR hosts a comprehensive programme of conferences, seminars and roundtables throughout the year, providing authoritative insight into the trends and outlooks for specific regions and asset classes. View Events CalendarIFR DIGITAL EDITION
Access a digital replica of IFR's print magazine, updated each Friday. Plus regular Special Reports and Roundtables, covering industry themesand trends.
Latest Digital EditionIFR EVENTS
IFR hosts a comprehensive programme of conferences, seminars and roundtables throughout the year, providing authoritative insight into the trends and outlooks for specific regions and asset classes. View Events CalendarIFR DIGITAL EDITION
Access a digital replica of IFR's print magazine, updated each Friday. Plus regular Special Reports and Roundtables, covering industry themesand trends.
Latest Digital EditionIFR EVENTS
IFR hosts a comprehensive programme of conferences, seminars and roundtables throughout the year, providing authoritative insight into the trends and outlooks for specific regions and asset classes. View Events CalendarIFR DIGITAL EDITION
Access a digital replica of IFR's print magazine, updated each Friday. Plus regular Special Reports and Roundtables, covering industry themesand trends.
Latest Digital Editionprev
next
BELLWETHER
STILL HERE
CONGRATULATIONS TO THE European banks that survived an entire week without changing their CEO. Noel Quinn continues to keep the seat warm at HSBC, Thomas Gottstein has marked his second week in charge at Credit Suisse, while Ralph Hamers is trying to look interested at ING but day-dreaming about receiving his UBS induction (and first pay cheque) from Axel Weber. All three banks have been at pains to point out how smooth and deliberate their succession planning has been, so it’s terrifying to think how they’ll behave when they do something on the spur of the moment. But amid the dizzying pace of executive churn and after RBS appointed Alison Rose as chief last year, it’s worth pointing out that none of the European banks that have recently changed their CEOs have put forward female candidates. And that’s despite the fact that no bank boss can get to the end of a sentence without using the words “diversity” or “inclusion”. It’s time to walk the walk. Perhaps Egon Zehnder, the recruitment firm at the centre of many top-level searches, could set an example by officially changing its name to match its phonetics: “He gone; send her”. JEAN PIERRE MUSTIER’s personal stock must be close to an all-time high. The French boss of UniCredit is a rare example of a CEO who says what he’s going to do, then goes ahead and does it. But he should also be applauded for the things he hasn’t done. For example, last year he ruled out UniCredit making a bid for Commerzbank when everyone was clamouring to see a big-ticket car-crash of a bank merger. Then last week he ruled himself out of the running to become the next CEO of HSBC. A sensible chap. And given that he is understood to have rung HSBC’s no-nonsense chairman Mark Tucker to tell him he was no longer interested in the job, he’s a brave one too. But Tucker is running out of options. “Banks don’t want leaders, they want cost-cutters,” said one US banker. Maybe Tucker should change approach and hire Martin Lewis from the UK’s MoneySavingExpert.com. READERS OF A certain age will know that last week marked the 25th anniversary of the collapse of Baring Brothers, which was brought to its knees by Nick Leeson, the bank’s head of derivatives, who racked up US$1bn in unhedged trades. Leeson was a Manchester City fan who later joked that he declared his allegiance to the club because at the time City were perennial underachievers and Leeson thought it would elicit some sympathy in the court of public opinion. What a difference a quarter of a century makes. As banks have tightened up their risk management to avoid a Gen Z version of Leeson costing them a fortune, now it is City, a powerhouse of European football, that has fallen foul of regulators. Maybe they’ll turn up to the appeal before the Court of Arbitration for Sport wearing shirts sporting the oldBarings' logo.
IFR 2322 - 29 Feb - 06 MarMore Bellwether
BELLWETHER
STILL HERE
CONGRATULATIONS TO THE European banks that survived an entire week without changing their CEO. Noel Quinn continues to keep the seat warm at HSBC, Thomas Gottstein has marked his second week in charge at Credit Suisse, while Ralph Hamers is trying to look interested at ING but day-dreaming about receiving his UBS induction (and first pay cheque) from Axel Weber. All three banks have been at pains to point out how smooth and deliberate their succession planning has been, so it’s terrifying to think how they’ll behave when they do something on the spur of the moment. But amid the dizzying pace of executive churn and after RBS appointed Alison Rose as chief last year, it’s worth pointing out that none of the European banks that have recently changed their CEOs have put forward female candidates. And that’s despite the fact that no bank boss can get to the end of a sentence without using the words “diversity” or “inclusion”. It’s time to walk the walk. Perhaps Egon Zehnder, the recruitment firm at the centre of many top-level searches, could set an example by officially changing its name to match its phonetics: “He gone; send her”. JEAN PIERRE MUSTIER’s personal stock must be close to an all-time high. The French boss of UniCredit is a rare example of a CEO who says what he’s going to do, then goes ahead and does it. But he should also be applauded for the things he hasn’t done. For example, last year he ruled out UniCredit making a bid for Commerzbank when everyone was clamouring to see a big-ticket car-crash of a bank merger. Then last week he ruled himself out of the running to become the next CEO of HSBC. A sensible chap. And given that he is understood to have rung HSBC’s no-nonsense chairman Mark Tucker to tell him he was no longer interested in the job, he’s a brave one too. But Tucker is running out of options. “Banks don’t want leaders, they want cost-cutters,” said one US banker. Maybe Tucker should change approach and hire Martin Lewis from the UK’s MoneySavingExpert.com. READERS OF A certain age will know that last week marked the 25th anniversary of the collapse of Baring Brothers, which was brought to its knees by Nick Leeson, the bank’s head of derivatives, who racked up US$1bn in unhedged trades. Leeson was a Manchester City fan who later joked that he declared his allegiance to the club because at the time City were perennial underachievers and Leeson thought it would elicit some sympathy in the court of public opinion. What a difference a quarter of a century makes. As banks have tightened up their risk management to avoid a Gen Z version of Leeson costing them a fortune, now it is City, a powerhouse of European football, that has fallen foul of regulators. Maybe they’ll turn up to the appeal before the Court of Arbitration for Sport wearing shirts sporting the oldBarings' logo.
IFR 2322 - 29 Feb - 06 MarMore Bellwether
BELLWETHER
STILL HERE
CONGRATULATIONS TO THE European banks that survived an entire week without changing their CEO. Noel Quinn continues to keep the seat warm at HSBC, Thomas Gottstein has marked his second week in charge at Credit Suisse, while Ralph Hamers is trying to look interested at ING but day-dreaming about receiving his UBS induction (and first pay cheque) from Axel Weber. All three banks have been at pains to point out how smooth and deliberate their succession planning has been, so it’s terrifying to think how they’ll behave when they do something on the spur of the moment. But amid the dizzying pace of executive churn and after RBS appointed Alison Rose as chief last year, it’s worth pointing out that none of the European banks that have recently changed their CEOs have put forward female candidates. And that’s despite the fact that no bank boss can get to the end of a sentence without using the words “diversity” or “inclusion”. It’s time to walk the walk. Perhaps Egon Zehnder, the recruitment firm at the centre of many top-level searches, could set an example by officially changing its name to match its phonetics: “He gone; send her”. JEAN PIERRE MUSTIER’s personal stock must be close to an all-time high. The French boss of UniCredit is a rare example of a CEO who says what he’s going to do, then goes ahead and does it. But he should also be applauded for the things he hasn’t done. For example, last year he ruled out UniCredit making a bid for Commerzbank when everyone was clamouring to see a big-ticket car-crash of a bank merger. Then last week he ruled himself out of the running to become the next CEO of HSBC. A sensible chap. And given that he is understood to have rung HSBC’s no-nonsense chairman Mark Tucker to tell him he was no longer interested in the job, he’s a brave one too. But Tucker is running out of options. “Banks don’t want leaders, they want cost-cutters,” said one US banker. Maybe Tucker should change approach and hire Martin Lewis from the UK’s MoneySavingExpert.com. READERS OF A certain age will know that last week marked the 25th anniversary of the collapse of Baring Brothers, which was brought to its knees by Nick Leeson, the bank’s head of derivatives, who racked up US$1bn in unhedged trades. Leeson was a Manchester City fan who later joked that he declared his allegiance to the club because at the time City were perennial underachievers and Leeson thought it would elicit some sympathy in the court of public opinion. What a difference a quarter of a century makes. As banks have tightened up their risk management to avoid a Gen Z version of Leeson costing them a fortune, now it is City, a powerhouse of European football, that has fallen foul of regulators. Maybe they’ll turn up to the appeal before the Court of Arbitration for Sport wearing shirts sporting the oldBarings' logo.
IFR 2322 - 29 Feb - 06 MarMore Bellwether
BELLWETHER
STILL HERE
CONGRATULATIONS TO THE European banks that survived an entire week without changing their CEO. Noel Quinn continues to keep the seat warm at HSBC, Thomas Gottstein has marked his second week in charge at Credit Suisse, while Ralph Hamers is trying to look interested at ING but day-dreaming about receiving his UBS induction (and first pay cheque) from Axel Weber. All three banks have been at pains to point out how smooth and deliberate their succession planning has been, so it’s terrifying to think how they’ll behave when they do something on the spur of the moment. But amid the dizzying pace of executive churn and after RBS appointed Alison Rose as chief last year, it’s worth pointing out that none of the European banks that have recently changed their CEOs have put forward female candidates. And that’s despite the fact that no bank boss can get to the end of a sentence without using the words “diversity” or “inclusion”. It’s time to walk the walk. Perhaps Egon Zehnder, the recruitment firm at the centre of many top-level searches, could set an example by officially changing its name to match its phonetics: “He gone; send her”. JEAN PIERRE MUSTIER’s personal stock must be close to an all-time high. The French boss of UniCredit is a rare example of a CEO who says what he’s going to do, then goes ahead and does it. But he should also be applauded for the things he hasn’t done. For example, last year he ruled out UniCredit making a bid for Commerzbank when everyone was clamouring to see a big-ticket car-crash of a bank merger. Then last week he ruled himself out of the running to become the next CEO of HSBC. A sensible chap. And given that he is understood to have rung HSBC’s no-nonsense chairman Mark Tucker to tell him he was no longer interested in the job, he’s a brave one too. But Tucker is running out of options. “Banks don’t want leaders, they want cost-cutters,” said one US banker. Maybe Tucker should change approach and hire Martin Lewis from the UK’s MoneySavingExpert.com. READERS OF A certain age will know that last week marked the 25th anniversary of the collapse of Baring Brothers, which was brought to its knees by Nick Leeson, the bank’s head of derivatives, who racked up US$1bn in unhedged trades. Leeson was a Manchester City fan who later joked that he declared his allegiance to the club because at the time City were perennial underachievers and Leeson thought it would elicit some sympathy in the court of public opinion. What a difference a quarter of a century makes. As banks have tightened up their risk management to avoid a Gen Z version of Leeson costing them a fortune, now it is City, a powerhouse of European football, that has fallen foul of regulators. Maybe they’ll turn up to the appeal before the Court of Arbitration for Sport wearing shirts sporting the oldBarings' logo.
IFR 2322 - 29 Feb - 06 MarMore Bellwether
BELLWETHER
STILL HERE
CONGRATULATIONS TO THE European banks that survived an entire week without changing their CEO. Noel Quinn continues to keep the seat warm at HSBC, Thomas Gottstein has marked his second week in charge at Credit Suisse, while Ralph Hamers is trying to look interested at ING but day-dreaming about receiving his UBS induction (and first pay cheque) from Axel Weber. All three banks have been at pains to point out how smooth and deliberate their succession planning has been, so it’s terrifying to think how they’ll behave when they do something on the spur of the moment. But amid the dizzying pace of executive churn and after RBS appointed Alison Rose as chief last year, it’s worth pointing out that none of the European banks that have recently changed their CEOs have put forward female candidates. And that’s despite the fact that no bank boss can get to the end of a sentence without using the words “diversity” or “inclusion”. It’s time to walk the walk. Perhaps Egon Zehnder, the recruitment firm at the centre of many top-level searches, could set an example by officially changing its name to match its phonetics: “He gone; send her”. JEAN PIERRE MUSTIER’s personal stock must be close to an all-time high. The French boss of UniCredit is a rare example of a CEO who says what he’s going to do, then goes ahead and does it. But he should also be applauded for the things he hasn’t done. For example, last year he ruled out UniCredit making a bid for Commerzbank when everyone was clamouring to see a big-ticket car-crash of a bank merger. Then last week he ruled himself out of the running to become the next CEO of HSBC. A sensible chap. And given that he is understood to have rung HSBC’s no-nonsense chairman Mark Tucker to tell him he was no longer interested in the job, he’s a brave one too. But Tucker is running out of options. “Banks don’t want leaders, they want cost-cutters,” said one US banker. Maybe Tucker should change approach and hire Martin Lewis from the UK’s MoneySavingExpert.com. READERS OF A certain age will know that last week marked the 25th anniversary of the collapse of Baring Brothers, which was brought to its knees by Nick Leeson, the bank’s head of derivatives, who racked up US$1bn in unhedged trades. Leeson was a Manchester City fan who later joked that he declared his allegiance to the club because at the time City were perennial underachievers and Leeson thought it would elicit some sympathy in the court of public opinion. What a difference a quarter of a century makes. As banks have tightened up their risk management to avoid a Gen Z version of Leeson costing them a fortune, now it is City, a powerhouse of European football, that has fallen foul of regulators. Maybe they’ll turn up to the appeal before the Court of Arbitration for Sport wearing shirts sporting the oldBarings' logo.
IFR 2322 - 29 Feb - 06 MarMore Bellwether
prev
next
About Us Contact Us AdvertiseEvents IFR Help
Special Reports Roundtables IFR Awards IFR AsiaAwards
My IFR Alerts Bookmarks Saved Searches AccountSettings
SEC Filings
Privacy & Cookies
Copyright & DisclaimerTerms of Use
Browser Requirements Refinitiv 2020. All rights reserved.Terms of Use
Copyright & Disclaimer Refinitiv 2020. All rights reserved. OUR PRIVACY STATEMENT & COOKIE POLICY All Refinitiv websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.Privacy Statement
Cookie Policy
Ok to continue
Details
Copyright © 2024 ArchiveBay.com. All rights reserved. Terms of Use | Privacy Policy | DMCA | 2021 | Feedback | Advertising | RSS 2.0