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Whole business securitization called 'a coup' but doesn't reach $700m target
Fluvius, Kojamo and Affinity Water hold investor calls
Sandwich chain joins host of ABS issuers
There is no crock of equity gold at the end of the rainbow
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Mizuho hires for new CLO role — Boskamp to join Crédit Agricole for corporate DCM — JP Morgan shakes up SSA team
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DNB Markets has issued Norske Skog’s comeback bond, printing a €125m floater at 600bp over Euribor to fund repayment of shareholder loans from Oceanwood Capital Management, the fund which bought the firm out of its insolvency in late 2017. It also plans to take out a securitization facility lent by Oceanwood.
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Sub-investment grade markets are starting to follow high grade in using ESG structures, with a high yield issue from microfinance firm Bayport and a leveraged loan from Spanish telco MasMovil set to show whether the changes will help issuers cut financing costs.
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The speed with which sterling sub-sectors have switched their benchmark rate from Libor to Sonia has been astonishing. There’s still some way to go, particularly in the corporate market, but the transition, which looked almost unassailable in 2017, might just be done on time.
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The green bond market is going through one of its most intense periods, with a wide variety of high profile issuers joining the market. But there are also hints of novelty in the market. The Netherlands and KfW have used systems for classifying green investors, while Germany is considering a radical idea: whether Bunds could be issued with detachable green certificates. Jon Hay reports.
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Business debt has reached near record levels that should give businesses and investors reason to “pause and reflect”, warned Jerome Powell, chair of the US Federal Reserve, this week.