FIG

Latest News

  • Morgan Stanley taps busy Maple mart

    Morgan Stanley taps busy Maple mart

    Morgan Stanley ventured north of the 49th parallel this week to visit a Maple bond market that is on course for its busiest year for financial institutions issuance since the 2008 financial crisis.

  • Bank of Cyprus handed covered rating boost

    Bank of Cyprus handed covered rating boost

    The Bank of Cyprus had its covered bond rating bumped up by Moody’s this week, as the agency considered the recent upgrades to the sovereign and issuer ratings, as well as “positive developments of the Cypriot housing market”.

  • Clouds hang over Monte T2s as UniCredit sets out merger ambitions

    Clouds hang over Monte T2s as UniCredit sets out merger ambitions

    Banca Monte dei Paschi di Siena’s capital instruments are at risk of being zeroed after UniCredit announced this week that it could buy the state-owned Italian lender on extremely favourable terms. Market participants are more optimistic on Monte’s senior debt, which would rally strongly if included in a merger.

  • Orcel looks to clinch MPS takeover in six weeks

    Orcel looks to clinch MPS takeover in six weeks

    Andrea Orcel is looking to clinch a deal for Unicredit to acquire parts of stricken Italian lender Banca Monte dei Paschi di Siena (MPS) in the early part of September after revealing it was negotiating with the Italian government.

  • Taper talk sets up delicate restart for FIG supply in September

    Taper talk sets up delicate restart for FIG supply in September

    The US Federal Reserve moved one step closer this week to signalling it will start to end its quantitative easing measures. FIG borrowers now face a nervous wait for the central bank’s next communication in late August, which will define the strength of market conditions ahead of a crucial issuance window in September.

  • Prudential sounds ESG klaxon for US insurers

    Prudential sounds ESG klaxon for US insurers

    Prudential has signed a $4bn revolving credit facility, with margins linked to its sustainability performance. This is the first deal of its kind by a major US insurer and puts pressure on others to follow suit.

  • Pool diversification to insulate covered bonds from flood risk

    Pool diversification to insulate covered bonds from flood risk

    The recent floods in western and central Europe could have an impact on covered bond pools. However, despite uninsured losses expected to total in the billions, covered borrowers are likely to remain insulated thanks to the diversification of their pools.

  • Novo Banco buys back more than expected in legacy tender

    Novo Banco buys back more than expected in legacy tender

    Novo Banco has repurchased about €260m more debt than it set out for with a tender offer this month, as it looks to reshape its funding structure towards the minimum requirements for own funds and eligible liabilities (MREL).

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Covid-19 Crisis

In Depth

  • Investors push back as bank funding finds floor

    Banks are asking whether funding conditions have reached a peak, as investors find more reason to balk at tight bond valuations. Deal arrangers argue markets will hold together, but the future could still hold higher new issue premiums and a more careful approach when it comes to trade selection.