LBBW gets back on the field with new issue and tender offer
After nine months on the sidelines, Landesbank Baden-Wuerttemberg returned to the euro covered bond market on Monday with a €500m eight-year public sector Pfandbrief that was more than twice subscribed.
Eutelsat seeks refinancing as sector's sentiment shifts
French satellite company Eutelsat has launched a refinancing-related dual-tranche bond transaction, at a time when views of European operators in the sector have become more favourable due to factors including more government support.
Debt-for-development heavyweights in US$1bn tie-up
The largest investor in sovereign debt-for-development swaps, Legal & General , is committing US$1bn to a new partnership with the instrument’s pioneering banker, Ramzi Issa , and sees “a healthy pipeline across innovative [emerging markets] debt financing”.
Rupak Ghose
Full-year earnings from European banks – Barclays, BNP Paribas, Deutsche Bank, Societe Generale and UBS – showed them broadly holding market share in the markets’ business, but struggling to capitalise on the upswing in investment banking.
Analysis by Goldman Sachs suggests European banks could increase their returns on equity by an average 240bp by adopting AI, with much of the gain coming from reducing costs rather than increasing revenues.
Nat Rothschild, the UK financier who is part of the Rothschild banking family, dubbed Lazard, his family’s longstanding investment banking rival, a “bucket shop” in an effort to dissuade Peter Mandelson from joining that firm in early 2011 after he left the UK government the previous year.
This year’s sharp rotation in global stock markets is encouraging more investors to pile into dispersion trades, a complex breed of derivatives that profit from share prices heading in different directions.
In early January Alex McWhorter had an almost impossible annual assignment for a country chief of a major bank: he had to decide which 50% of his male staff he could protect from being called up for military service, and which he would have to make available to potentially go off to fight in a war.
Abbott Laboratories is leading a pack of 10 borrowers in a busy start to the week for the US high-grade bond market as the drug and healthcare company looks to fund its purchase of cancer specialist Exact Sciences – a transaction valued at US$21bn.
After nine months on the sidelines, Landesbank Baden-Wuerttemberg returned to the euro covered bond market on Monday with a €500m eight-year public sector Pfandbrief that was more than twice subscribed.
French satellite company Eutelsat has launched a refinancing-related dual-tranche bond transaction, at a time when views of European operators in the sector have become more favourable due to factors including more government support.
Bpifrance successfully sold its first bond that complies with the European Green Bond Standard on Monday, ahead of benchmark offerings from larger SSA peers.
Columbus Capital was the only RMBS issuer in town as it raised a record-busting A$2.7bn (US$1.91bn) from the prime Columbus Capital Triton Bond Trust 2026-1 on February 20.
The US structured finance market welcomed a flurry of ABS deals during this past holiday-shortened week, including securitisations of leases and loans backed by auto, equipment, data centre and crypto assets priced.
Lloyds Bank began marketing Candide Financing 2026-1 on Friday morning, the second Dutch prime RMBS this year, in the wake of strong demand for ING’s deal earlier this month.
Hyundai’s fourth German auto ABS achieved good support which reinforced positive momentum in the primary market and set a constructive tone for further European auto-backed issuance expected over the coming weeks.
Analysis by the Basel Committee on Banking Supervision has concluded that the growing synthetic risk transfer markets, which are estimated at €750bn across the euro area, UK, US and Canada, pose lower risks than credit securitisation initiatives carried out before the 2008 financial crisis.
The largest investor in sovereign debt-for-development swaps, Legal & General , is committing US$1bn to a new partnership with the instrument’s pioneering banker, Ramzi Issa , and sees “a healthy pipeline across innovative [emerging markets] debt financing”.
Bank of the Philippine Islands is committed to expanding its labelled ESG bond issuance in the local market, while considering a public US dollar bond later in the year to address upcoming maturities, executives said in an interview.
Weeks after its highly successful return to conventional bond markets , Ecuador has inaugurated a groundbreaking new sovereign housing finance framework with a US$500m loan.
Itron is seeking to raise US$600m from the sale of a six-year convertible bond to prefund the maturity of an existing CB that comes due next month, while locking in a similarly low funding cost on longer-term debt.
Generate Biomedicines is seeking to raise up to US$425m from a Nasdaq IPO to fully fund two Phase III trials targeting a severe form of asthma, as well as earlier-stage trials on other drugs.
The Ugandan government is backing the KSh106.3bn (US$820m) IPO of Kenya Pipeline Company, which last week extended bookbuilding to Tuesday.
Bangkok-listed Minor International is working with Citigroup and DBS on a Singapore Exchange real estate investment trust IPO of up to S$700m (US$553m) in the second half of this year, people with knowledge of the transaction said.
Elevator and escalator service provider TK Elevator is seeking a €1.5bn-equivalent (US$1.77bn) dollar and euro term loan B to partially refinance its existing dollar and euro notes due in 2027.
European leveraged debt markets posted a modest increase in issuance in 2025, with total proceeds across leveraged loans, direct lending and high-yield bonds reaching €445.8bn, up 2% from €438.5bn in the previous year, according to AFME’s fourth quarter report.
Toy maker Hasbro has entered into a US$1.1bn five-year revolving credit facility.
Investment-grade term loan issuance in January surged with corporates demonstrating their appetite for dealmaking as the second administration under president Donald Trump enters its sophomore year.
Read the latest stories from the magazine IFR 2621 - 21 Feb 2026 - 27 Feb 2026
21 Feb 2026 - 27 Feb 2026
Full-year earnings from European banks – Barclays, BNP Paribas, Deutsche Bank, Societe Generale and UBS – showed them broadly holding market share in the markets’ business, but struggling to capitalise on the upswing in investment banking.
The repo market is the heartbeat of bond markets. Like a real heartbeat, when all is well, there is nothing more boring. But when things go wrong … watch out.
The AI boom has been backed by investor enthusiasm – and their money – on an unprecedented scale. Investment bankers have high hopes of a huge year for deals. But just like the broader economy, will this be a K-shaped market for tech deals?
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