Syndicated Loans - All articles

  • Warrington targeting bond via UK MBA

    The UK Municipal Bonds Agency is set to come to market for its third bond ever — this time, on behalf of Warrington Borough Council.

    • 04.45 PM
  • EU’s third SURE bond approaches

    The European Union’s third outing to fund its Support to Mitigate Unemployment Risks in an Emergency programme is set to hit the market on Tuesday in the shape of a 15 year tenor — matching the maturity of its loans.

    • 04.30 PM
  • Lufthansa rides vaccine tailwinds to follow convertible with senior deal

    German flag carrier Lufthansa mandated a new unsecured bond on Monday, two weeks after it stormed into the convertible market on the back of the rally sparked by positive Covid-19 vaccine trials. The airline might have lost investment grade rating, but it is sticking to high grade bond execution norms, prepping a Reg S-only unsecured issue from its EMTN shelf.

    • 04.15 PM
  • First European CLO switches to semi-annual payments

    Penta CLO 2 has become the first CLO to switch its coupon payment form three-month Euribor to six-month Euribor, according to Fitch Ratings on Monday, following the flood of underlying loan borrowers choosing to push payments onto the longer timeline.

    • 04.15 PM
  • Investors queue up to get into opportunistic Carmila

    Carmila, the French shopping centre owner, rode the positive sentiment generated by another successful Covid-19 vaccine trial on Monday to launch a sub-benchmark sized bond. Bankers expect such opportunistic, small scale issuance to dominate the primary market for the rest of the year.

    • 04.00 PM
  • MTNs join bank sub-benchmark flurry

    Banks were busy issuing sub-benchmark sized deals in the euro public market last week, prompting several issuers to follow suit in the MTN market.

    • 03.30 PM
  • Brexit deal to send UK covered bonds tighter

    As the UK approaches the end of its Brexit transition period there are growing expectations that a trade deal will be struck with the EU. It is hoped that that will contribute to the factors driving spreads tighter on UK covered bonds.

    • 02.00 PM
  • Serbia goes for dollars in second outing of the year

    The Republic of Serbia hit euro markets on Monday, seeking to raise a 10 year bond in its second offering of the year.

    • 01.30 PM
  • Funding scorecard: French agencies

    This week's funding scorecard looks at the progress French agencies have made in their funding programmes in November.

    • 01.30 PM
  • UOB to issue first Singapore covered bond in two years

    United Overseas Bank has mandated leads for the first euro covered bond benchmark from a Singapore lender since September 2018. The deal takes advantage of the Monetary Authority of Singapore’s (MAS) recent decision to increase covered bond issuance capacity.

    • 01.15 PM
  • Barclays joins Libor phase-out fray

    Barclays has become the latest bank to begin transitioning over the reset rates on several of its additional tier one bonds from Libor to Sonia. Unlike recent switchers Lloyds and Santander, Barclays has also opted to change over the reset rate on an outstanding dollar AT1.

    • 01.00 PM
  • Schroders targets pandemic opportunity with new private securitized fund

    Schroders has closed a new private credit fund, which will use a mix of securitized bonds, warehouse lines, direct loans and other instruments to target dislocated opportunities as the impact of the Covid-19 pandemic plays out in credit markets.

    • 01.00 PM
  • Co-op bags last gasp MREL at 9%

    The Co-operative Bank has completed the sale of a new senior bond just in time for a step-up in its minimum requirements for own funds and eligible liabilities (MREL). The UK issuer needed a chunky coupon to get its deal done, but managed to price through the trading levels on its outstanding tier two.

    • 01.00 PM
  • Impact investing trust launches London IPO

    Schroders, the UK asset management company, has partnered with Big Society Capital to seek to list a new fund on the London Stock Exchange to invest in assets which have a positive social impact on the UK.

    • 01.00 PM
  • NWB and Kommuninvest line up for dollars

    Nederlandse Waterschapsbank and Kommuninvest will both take to the dollar market this week, sneaking in ahead of the Thanksgiving holidays.

    • 12.45 PM
  • Africa shows up at last as Ivory Coast mandates for euros

    The Ivory Coast has sparked life into what has been a bleak year for sub-Saharan African bond issuance. Most sovereigns have turned to the official sector to support them throughout the coronavirus crisis as a result of being priced out of the international debt capital markets, bankers said.

    • 12.15 PM
  • Greencoat agrees £500m debt funded purchase

    Greencoat UK Wind, the renewable infrastructure fund, is buying a 38% stake in an offshore wind farm for £500m using new and existing debt. But analysts warn that the fund could push through its debt ratio limit in the coming years.

    • 12.00 PM
  • Junk-rated Oman taps investors in cash grab to bolster finances

    Oman, one of only two sub-investment sovereign grade credits in the Gulf region, was tapping two of its dollar bonds on Monday as it seeks to shore up state finances.

    • 11.30 AM
  • Cineworld offers equity sweetener for new round of emergency liquidity

    Cineworld has stapled warrants for 9.9% of the company to its latest tranche of emergency funding, a $450m lifeline that comes with an undisclosed but eyewatering interest rate. The new cash has unlocked a further round of covenant waivers from its revolver banks, and should give the company a chance to keep trading into a post-vaccine age.

    • 11.15 AM
  • Nordnet to price €1bn IPO at mids

    The IPO of Nordnet, the Swedish digital bank and investment management platform, is due to be priced at Skr96, the midpoint of the initial range, when bookbuilding ends on Monday.

    • 09.00 AM