reports
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
- Suvi Platerink Kosonen
Coffee, Croissants & Credit/Unilever, ArcelorMittal and Unicredit
The number for CSPP yesterday showed that despite a decent weekly purchase amount at €848m it was still unable to stem the widening trend last week as curves steepened by up to 7bp and spreads in defensive names such as utilities also saw up to 10bp widening. The €848m was actually decent from a secondary perspective, primary activity that settled last week was close to €12bn and about €10bn was eligible, but only the new BMW deal ISINs were added to the list but other deals were absent....
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
- Suvi Platerink Kosonen
Coffee, Croissants & Credit/Finnish non-preferred senior law moves for...
The Finnish ministry of Finance is suggesting to introduce a new debt class, the non-preferred senior unsecured debt in the Finnish debt hierarchy. In line with the EU Directive, the new non-preferred senior class (huonomman etuoikeuden vakuudeton velka) must have at least 1yr original maturity, it cannot include embedded derivatives, and the bond documentation must especially mention the ranking of the bond. The Finnish law proposal also mentions a possibility for the banks to issue non-preferr...
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
Coffee, Croissants & Credit/S&P downgrades Deutsche Bank
Deutsche Bank's (DB) long-term rating has been lowered by one notch to BBB+ by S&P. S&P cites the elevated strategy execution risks especially amid a continued unhelpful market backdrop as a reason for the action. The outlook of the rating is now stable. Deutsche Bank continues its restructuring and its efforts to fix its control problems. We are cautious with the bank's fundamentals with weak earnings outlook also for this year, and a high likelihood of another downgrade by Moody's.
- Jean-Christophe Dourret
- Jean-Christophe Dourret
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
Coffee, Croissants & Credit/Steepening call supported by Italian woes
Strategy Italian volatility and general peripheral widening is naturally being reflected in European credit markets, the likes of Telecom Italia and Telefonica both showing weakness and at the same time seeing credit curve steepening, a phenomena that proves our reluctance to like the longer end of credit markets. The first bid that disappears is that for long duration in credit. Previously we had felt that Italian election related volatility could lead to a buying opportunity as CSPP typically ...
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