Europe
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Murray Roos, former joint head of equities at Citi, has turned up at London Stock Exchange Group. -
BBVA founds itself alone in the euro FIG market on Friday as it launched a €1bn tier two bond on the back of €4bn of demand. The deal caps off a busy week for supply, in which investors have shown out-sized demand for the highest yielding transactions.
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Raiffeisenlandesbank Oberösterreich has signalled that it will issue a new 15 year covered bond in the euro market next week, with the Austrian bank keen to book its spot in an extremely crowded market.
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US private equity group Apollo Global Management has completed the first selldown of stock in Watches of Switzerland, the UK luxury watches retailer, since its flotation on the London Stock Exchange in May last year.
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The sustainability-linked loan market is a glorious mess.
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The loan market’s trade bodies are preparing to give new guidance about how to ensure sustainability-linked loans — in which borrowers can get a margin reduction if they hit sustainability targets — are genuinely “ambitious”. Bankers want to protect the market from rising concerns that some deals’ terms are too easy on the borrowers.
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Germany’s debt management office, the Finanzagentur, is confident its green bonds will be liquid when the first issue is launched in the second half of 2020 and has high hopes that they will trade tightly relative to ordinary Bunds. Its innovative plan to use a “twin bond” structure is designed to reassure investors and remove any doubt about liquidity.
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Issuers this week have steered clear of negative yielding covered bonds, choosing longer maturities for their securities. Crédit Agricole Italia went as far as 25 years, while on the other end was Santander UK marketing a seven year tenor.
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DCM officials were encouraged by the sight of new bank bonds performing well in the secondary market this week amid a deluge of new issuance from the sector.
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A big first week back for FIG issuers has seen many of them break with tradition and prioritise their riskiest transactions, feeding them into an investor base that is abundant with cash and hungry for yield, writes Tyler Davies.
