HALISTER1: EU CREDIT DAILY: Deutsche Bank, Abengoa; U.S. Election Debate

EU CREDIT DAILY: Deutsche Bank, Abengoa; U.S. Election Debate

(Bloomberg) -- Expect primary market to pick up a head of steam as the month and quarter draw to a close after a tense time for markets last week, creditmarketdaily.com’s Suki Mann writes.
  • The debate between U.S. presidential candidates may inject some volatility tomorrow depending on how Trump fares; ECB CSPP data will be closely watched after the recent increase in the pace of buying, Mann adds
  • Bloomberg Barclays Eur-Agg Corporate index closed on Friday at 112bps (flat); Bloomberg Barclays Eur HY index ended at 407bps (little changed)
  • CDX IG closed +0.6bps at 76.79 in overnight session; iTraxx Asia Ex Japan IG currently -0.9bps at 115.62 and iTraxx Australia quoted +1bp at 103.42
NEWS
  • Corporate News
  • Tesco Pension Deficit Doubled to GBP5b in Past Yr: Telegraph
  • Telefonica Plans for IPO of O2 Advancing, Telegraph Reports
  • Ubisoft CEO Says Sees ’Very Few’ Synergies With Vivendi
  • Abengoa Says Acceptance Period Opens for Restructuring Plan
  • Capgemini CEO Sees N. America as Main Target to Grow: Investir
  • Alstom in Final Round for Spain High-Speed Train Bid: Expansion
  • BASF Plans to Make Further Cuts in Asia Amid Slowdown in Demand
  • Cevian May Seek Seat on ABB Board, Schweiz am Sonntag Reports
  • Financial News
  • Italy ‘Good Banks’ Sale Close; UBI, Pop Emilia May Bid: Corriere
    • Italy ‘Good Banks’ Sale Deadline May Be Extended by EU: Corriere
  • Merkel unwilling to help Deutsche Bank in U.S. DOJ case: Focus
  • Danske CEO Says Bank to Grow Organically, Not Consolidate: DN
  • Credit Rating News
  • S&P Cuts General Electric to AA- from AA+; Outlook Stable
  • Turkey’s Credit Rating Cut to Junk by Moody’s, Outlook Stable
  • Other News
  • Brexit leads three-quarters of U.K. CEOs to consider moving
  • Draghi Takes Brussels-to-Berlin Political Tour With ECB Message
ANALYST VIEWS
  • Abengoa restructuring is still more viable option than liquidation; option to participate in new money facilities appears attractive, but some execution risks and significant uncertainty in Abengoa’s operational turnaround remain: Lucror
  • Vontobel repeats market perform view on Eiffage after reported stable 1H net profit and improved capitalization
NEW ISSUES Priced:
  • Bank of Nova Scotia GBP200m 5Y Covered FRN 3mL +38 
  • FCA Capital Ireland GBP400m 5Y UKT +155 
  • Telecom Italia EU1b 9Y MS +283 
  • NH Hotel Group EU285m 7NC3 Snr Sec Notes 3.75%
  • Gecina EU500m 1/2029 MS +62 
  • European IG credit pipeline here and Levfin pipeline here
  • Issuers exposed to S-T rollover and interest-rate reset risk here
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Suki Mann (UBS Asset Management Japan Ltd)

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