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Greater China borrowers swarm dollar market
The frenetic pace of dollar bond issuance from Greater China continued on Thursday as three property companies and two government linked names courted investors.
15 Jan 2021 -
People news in brief
Natixis promotes DCM bankers — Powell quits IFAD job — NatWest Markets makes Peberdy, Donaldson and Manwaring's positions permanent
14 Jan 2021 -
TIM and Autostrade slip in before political fears hit
TIM, formerly Telecom Italia, got almost €4bn of demand for its debut sustainability bond on Monday, a €1bn eight year. The company put its sustainable financing framework in place last year, an umbrella document allowing it to raise green, social or sustainable finance in bond or loan format.
14 Jan 2021 -
Politics and Covid fail to dent UK fee pool optimism
Bankers are betting on a strong year for the UK — Europe’s biggest fee pool — but the overlapping concerns of Brexit, Covid-19 and regulation make for an uncertain outlook, writes David Rothnie.
14 Jan 2021 -
Banks unveil bond leg of Verisure’s €1.6bn divi package
Banks launched the bond leg of a combined €5bn refinancing for alarm company Verisure, which will raise cash for a €1.6bn dividend to shareholder Hellman & Friedman. This payment follows the transfer of the company between two H&F funds at a €14bn valuation.
14 Jan 2021 -
Europcar CDS worthless as auction misfires
Some €700m of CDS contracts referencing Europcar’s debt have been rendered worthless thanks to a technical squeeze in the CDS auction on Wednesday, in a blow for investors who thought they’d hedged their exposure to the troubled car rental firm. The controversial result threatens to reignite debates about whether the CDS market is fit for purpose, ahead of an expected wave of restructurings in the year to come.
14 Jan 2021 -
Together prints first sterling HY of 2021
Together Money launched a £450m secured bond on Wednesday, the first sterling issue in the high yield market this year. The specialist mortgage lender was refinancing a bond due in 2024 and paying down some of the drawings under its Charles Street conduit securitization.
13 Jan 2021 -
Autostrade follows TIM’s break through fair value
Autostrade per l’Italia, the Italian motorway group, is marketing a nine year unsecured bond through Morgan Stanley, capitalising on the strong demand demonstrated by TIM’s eight year issue on Monday, which came through fair value on a €3.9bn book.
12 Jan 2021 -
Beijing Capital drops perp, prices bigger senior bond
Beijing Capital Group Co, which marketed a two-tranche deal on Monday, decided to ditch the planned perpetual note and instead price a larger senior tranche for cost reasons.
12 Jan 2021 -
Sticks and carrots to drive broadening of sustainable finance
Practitioners believe 2021 could be the year when sustainable finance finally breaks out of the narrow confines it has inhabited so far and spreads more widely across the economy.
11 Jan 2021