Derivatives - All Articles

  • Sea change at CFPB casts shadow over 'underbanked'

    A change in the direction of the Consumer Financial Protection Bureau (CFPB) announced this month was singled out by participants on a Wednesday panel hosted by LendIt as a worrying development for consumers not served by traditional financial services.

    • 31 Jan 2018
  • United EETC securitization scheduled for take-off

    United Airlines has added another deal to the aircraft ABS pipeline, bringing an Enhanced Equipment Trust Certificate (EETC) offering that will finance the acquisition of 16 aircraft.

    • 31 Jan 2018
  • Swissie rate rise allows ANZ to pick medium tenor

    ANZ New Zealand issued debt in the middle part of the maturity curve this week, as rising rates in the Swiss franc market made deals with this sort of tenor more attractive to issuers.

    • 31 Jan 2018
  • Capita to raise £700m to cut debt as profits, cashflow tumble

    Capita, the UK outsourcing services firm which runs London's congestion charge system, has laid out an ambitious turnaround plan including a £700m rights issue, but the stock plummeted as its profits projections fell short of expectations.

    • 31 Jan 2018
  • Akbank launches first refi of 2018 at tighter pricing, despite Turkish war

    Akbank is taking the lead as usual in the spring round of Turkish bank refinancings. It has launched a loan to refinance the $1.2bn loan it took out in March last year. Pricing is set to compress further as lenders remain positive about Turkey, despite its recent invasion of Syria.

    • 31 Jan 2018
  • Gold miner Endeavour drills CB market for $300m

    Endeavour Mining, the Toronto-listed, UK-headquartered gold exploration company active in west Africa, has raised $300m to refinance debt with a debut five year convertible bond issue that was well subscribed, according to several sources close to the deal.

    • 31 Jan 2018
  • Nationwide considers RMBS over covered bonds

    Nationwide Building Society has announced a US and UK roadshow for its Silverstone 2018-1 RMBS with a view to issuing dollar and sterling floating rate tranches. It may also issue a longer dated fixed-rate tranche, a format that has historically been used by covered bond issuers including Nationwide.

    • 31 Jan 2018
  • CDP keeps lights on in euros

    The euro market is taking a breather as a frenetic January draws to a close. But one borrower hit screens and launched a deal on Wednesday, while the European Financial Stability Facility (EFSF) sent out a request for proposals for next week.

    • 31 Jan 2018
  • El Corte Inglés wins better terms on €3.6bn loans, bond to come

    El Corte Inglés, Europe’s largest department store group, has agreed a debt refinancing of up to €3.65bn and negotiated better terms, even as bankers fret about how loose lending conditions are becoming.

    • 31 Jan 2018
  • Richemont carries off backstop as it takes over Net-A-Porter

    Luxury goods group Compagnie Financière Richemont has entered into a backstop loan agreement as part of its all-cash bid for the rest of internet retailer Yoox Net-A-Porter (YNAP) that it does not already own.

    • 31 Jan 2018
  • IFC invests using new local currency facility

    The International Finance Corp (IFC) this week announced an investment in CFAFr5bn ($9m) of 12 year bonds issued by the West African Economic and Monetary Union’s Caisse Régionale de Refinancement Hypothécaire (CRRH), a regional mortgage refinancing company. The transaction took advantage of a new local currency facility, which became operational in December 2017, that allows the IFC to hedge foreign exchange risks in CFA francs. A 15 year bond is expected from CRRH later this year.

    • 31 Jan 2018
  • US PP investors trumpet flexibility to beat year of the megadeal

    US private placement specialists are hoping the market will this year beat 2017’s record of 14 deals larger than $750m. They are playing up the ‘bells and whistles’ of the market – delayed draws, multiple currencies and varied tenors – to entice borrowers away from other funding sources.

    • 31 Jan 2018
  • Iberdrola cuts funding cost with €5.3bn green loan

    Iberdrola, the Spanish electricity company, has amended and extended €5.3bn-equivalent of green loans, in what it claims is the largest sustainable finance transaction ever. It has locked in its best bank facility terms for more than a decade.

    • 31 Jan 2018
  • Volatility climbs up to 15% as S&P 500 loses its footing

    Volatility on the S&P 500 has surged to its highest point since last August as the US blue-chip index briefly halted its climb upwards this week.

    • 31 Jan 2018
  • Senior credit investor joins SVP

    Dagmar Kent Kershaw, a veteran leveraged finance investor, has joined the advisory council at Strategic Value Partners

    • 31 Jan 2018
  • Core, not periphery, may be hit by CBPP3 withdrawal

    Covered bonds issued this week undermine the assumption that peripheral markets are likely to be more vulnerable to a spread widening when the European Central Bank cuts net purchases to zero under the covered bond purchase programme (CBPP3).

    • 31 Jan 2018
  • Helaba and Sparkasse Pforzheim Calw line up with Pfandbriefe

    Landesbank Hessen-Thueringen Girozentrale (Helaba) and Sparkasse Pforzheim Calw have mandated leads for Pfandbrief transactions to be launched on Thursday.

    • 31 Jan 2018
  • Burford turns to dollars for 2018’s first ORB bond

    The London Stock Exchange’s Order book for Retail Bonds (ORB) opened the year with a $180m issue from Burford Capital, the litigation finance firm.

    • 31 Jan 2018
  • Credit Suisse cuts MD in bond origination

    Credit Suisse has let go of a managing director in debt capital markets.

    • 31 Jan 2018
  • Nordea aims at ‘sweet spot’ for tight floater

    Nordea Bank issued a four year floating rate deal on Wednesday, in the first unsecured trade from a Swedish bank since the country’s regulator laid out institutions’ needs for the minimum requirement for own funds and eligible liabilities (MREL).

    • 31 Jan 2018