Barclays

The European Central Bank's various purchase programmes are set to continue shaping covered bond issuance next year, but away from the reach of the ECB, more niche markets are expected to flourish. Collected below is a selection of GlobalCapital’s covered bond outlooks for next year.

Trig, the London-listed renewable infrastructure investment firm, has signed a £500m loan with its margin linked to Sonia rather than Libor, as loans bankers try to encourage borrowers look at their loan documents soon to avoid bottlenecks next year.

Nobody will forget 2020 in a hurry. It was the year in which a coronavirus pandemic swept across the globe, created economic chaos and forced central banks into swift action. The resulting measures helped to underpin financial markets, bringing yields from record highs in March to record lows in December. But the outlook has always remained uncertain for banks and insurance companies, whose balance sheets are yet to feel the full impact of the crisis. In such a testing year, GlobalCapital wanted to reward the bond deals that achieved stand-out results for issuers — in terms of pricing, execution and timing. The winners are presented here.

European banks passed a real-life stress test in 2020 as the coronavirus pandemic threatened to topple the economy. The experience has improved the standing of subordinated debt, which is becoming more important for issuers and investors alike. Frank Jackman reports.

Debt was the answer to every problem in 2020, as companies tried to survive the coronavirus pandemic. Dusty revolving credit facilities that had never been touched were fully drawn, firms begged from governments, those that could flocked to the bond market. Now, with hope of the crisis easing, there is an awful lot of debt to clear up. Mike Turner reports.

Klépierre, the French shopping mall company, has signed a €1.385bn sustainability-linked revolving credit facility, with the coronavirus pandemic-hit borrower pushing out its refinancing needs to March 2024.

Dollar bond sales from India have seen a last minute pick-up before the year-end, with three firms pricing their deals in the past week. Indian companies, like the rest of the region, faced hurdles in accessing offshore funding this year, but bankers are optimistic about 2021. Morgan Davis reports.

Citi has hired Peter Kimpel as head of banking, capital markets and advisory (BCMA) for Germany and Austria. He joins from Barclays and was also previously chief financial officer at Rocket Internet.

InterContinental Hotels Group has negotiated a waiver and relaxation on its loan covenants for the second time in 2020, as its leverage threatens to plunge its rating into junk territory.

Adani International Container Terminal Private (AICTPL), part of India's Adani Group, sold its inaugural dollar bond on Monday. It raised $300m after receiving orders worth $2.85bn.

The Prudential Regulation Authority has told UK banks that they are free to resume dividend and bonus payments from next year, though pay-outs will be subject to caps based on profits and risk-weighted assets.

European corporate borrowers glided through their curves this week. With the European Central Bank hitting easing expectations after its meeting on Thursday, syndicate bankers are expecting more deals on screens despite the time of year.