Europe
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Public sector borrowers have wasted no time in returning to the capital markets this week, as borrowers look to protect themselves from a triple whammy of threats looming towards the end of the year — the arrival of the European Union as a giant issuer, a contentious US presidential election and a second wave of Covid-19 infections. -
Bank finance arrangers will err on the side of caution when the euro market reopens next week, with many bankers wondering whether they can rely on squeezed secondary levels as a guide for new issue pricing.
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Despite a slowdown in the pace of new issuance this month, a strong appetite for share sales by European companies remains — particularly those from sectors benefitting from the pandemic, such as healthcare, technology and renewables.
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Kommuninvest is launching a pilot programme of sustainability loans. If there is enough demand, these will be funded through the institution's first social bond.
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The UK Municipal Bonds Agency has enjoyed a successful sophomore effort in the bond market, printing £250m of 40 year paper for Lancashire County Council.
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HSBC Holdings has finished the process of switching $3.5bn of short dated senior debt for a pair of new issues, as it looks to smarten up its liability structure for the total loss-absorbing capacity (TLAC) standards.
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Crédit Agricole's Swiss subsidiary is selling its first structured covered bond in Swiss francs. The deal will be issued under a new programme using Swiss contractual law in a change from the French law covered bonds issued by the parent bank in the Swiss franc market. Elsewhere in the Swiss market, Münchener Hypothekenbank issued a green bond on Friday.
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Danish banks say they could replace non-preferred senior debt with preferred senior bonds in the second half of 2020, after Denmark’s national supervisor relaxed minimum requirements for own funds and eligible liabilities (MREL).
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Bombardier has closed a $1bn three year loan facility with a number of direct lending funds. Over the past few months, direct lenders in Europe and the United States have started muscling into the debt profiles of larger corporates.
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The European Union is to impose sanctions on leading Belarusian officials after condemning the country’s presidential election as rigged. But bond investors are not in panic mode.
