FIG - Article Archive

  • Deutsche Telekom dials down under

    Deutsche Telekom dialled in to the Aussie dollar market after an almost two year absence this week, extending its curve to 2041.

    • 09 Apr 2021
  • Berlin Hyp sets ‘high bar’ in FIG with first sustainability-linked bond

    Berlin Hyp will become the first bank to issue a sustainability-linked bond (SLB), after it announced plans on Friday for a deal with a coupon that will step up if the issuer fails reduce the carbon intensity of its loan book by 40% over the next 10 years.

    • 09 Apr 2021
  • NatWest Group prunes legacy debt

    NatWest Group plans to redeem a 36 year old perpetual bond as it continues to clean up its capital stack ahead of the CRR transitional deadline later this year.

    • 09 Apr 2021
  • Rare names to fill post-Easter pipeline

    Esoteric names from the FIG market are expected to fill the post-Easter issuance pipeline to take advantage on the constructive market conditions on offer.

    • 08 Apr 2021
  • Where there’s a will there’s an SLB

    Banks shouldn’t let conceptual considerations stand in the way of them issuing sustainability-linked bonds.

    • 08 Apr 2021
  • Commercial Bank of Qatar kicks off second quarter

    Commercial Bank of Qatar kicked off the second quarter with its first Swiss deal of the year. It was joined by New York Life, which raised Sfr475m as it benefited from its two triple-A ratings.

    • 08 Apr 2021
  • Covered bonds to be first step on FIG's climb up SLB mountain

    European banks face tough conceptual and regulatory barriers as they enter the market for sustainability-linked debt. But DCM bankers hope that they can find a simpler solution for issuers by focusing on covered bonds, write Tyler Davies and Bill Thornhill.

    • 08 Apr 2021
  • Athora refis sub-benchmark tier two

    Athora Netherlands returned to the market after almost three years away on Thursday, raising €300m of tier two paper for the first time since its takeover by its Bermuda-based parent.

    • 08 Apr 2021
  • ECB struggles with covered bonds, as do all investors

    The European Central Bank's covered bond purchases remained weak in March and, with issuance expected to stay anaemic for the foreseeable future, it will struggle to prevent its portfolio from shrinking. While this is positive for spreads, returns this year have been abysmal and, in the absence of supply, investors are being squeezed out.

    • 08 Apr 2021
  • LF Bank makes most of quiet yet constructive window

    Lansforsakringar Bank (LF Bank) enjoyed the sole attention of the market on Thursday as it placed the day's only senior bond in euros. With market conditions constructive, bankers expect more esoteric names could follow.

    • 08 Apr 2021
  • UOB uses senior, tier two combo for sustainability bond debut

    Singapore’s United Overseas Bank sold its debut sustainability bond on Wednesday, raising $1.5bn and notching a number of other firsts with its deal. Morgan Davis reports.

    • 08 Apr 2021
  • Citi hires covered analyst from Barclays as Commerzbank loses one

    Citi has filled the covered bond and SSA research analyst spot that was vacated by Michael Spies when he moved to DCM. Meanwhile, Commerzbank has lost a research analyst.

    • 07 Apr 2021
  • ICBC’s financial institutions head moves on

    Iqbal Nasim, head of financial institutions at ICBC (London), will leave the bank in the middle of April to set up a desk at a smaller Asian lender.

    • 07 Apr 2021
  • OSFI cuts Canadian covered bond limit

    Canada’s Office of the Superintendent of Financial Institutions has removed the temporary increase of the covered bond issuance limit mirroring the Bank of Canada’s earlier decision to remove covered bonds as an eligible asset for repo funding.

    • 07 Apr 2021
  • Trump exit unleashes Financial Stability Board to act on climate

    The G20’s Financial Stability Board is cranking up its action on climate change again now that Donald Trump is no longer US president. This will feed the hopes of some sustainable finance supporters who want the FSB to drive progress on issues including environmental accounting.

    • 07 Apr 2021
  • Return of the Mac: Aussie firm takes second stab at sterling

    Macquarie Bank ended a seven year absence from the sterling market on Wednesday morning, having postponed its comeback transaction a week earlier.

    • 07 Apr 2021
  • SG ends ‘refocusing programme’ with sale of Lyxor to Amundi

    Société Générale said on Wednesday that it was looking to sell its asset management arm Lyxor to French investor Amundi. The transaction will wrap up a three year restructuring programme, which has added up to 90bp to the bank’s capital ratios.

    • 07 Apr 2021
  • Huarong AMC bonds widen on earnings delay

    China Huarong Asset Management Co’s dollar bonds have been hit in the secondary market, following an announcement that the company’s 2020 annual results are delayed. But analysts have warned against reading too much into the postponement, saying it could signal positive developments at the firm.

    • 07 Apr 2021
  • Revised Taxonomy will hinder green bonds

    The European Commission’s draft Taxonomy for Sustainable Activities will stymie green bond issuance as it’s based on an unfair system that excludes mortgages on many countries’ most energy efficient buildings.

    • 06 Apr 2021
  • CFF takes size with first covered outing of 2021

    Compagnie de Financement Foncier took advantage of Tuesday’s strong market conditions to issue its first covered bond of 2021, and the fifth from Groupe BPCE. The €1.5bn eight year negative yielding transaction, which was larger than expected, partially refinances a series of CFF’s redemptions coming up in the next two months.

    • 06 Apr 2021
  • FIG market takes courage from strong deal dynamics post-Easter

    Three banks jumped into the euro senior market after the Easter break on Tuesday, benefitting from stable demand and printing with low new issue concessions.

    • 06 Apr 2021
  • Athora plans sub-benchmark tier two

    Athora Netherlands is looking to raise up to €300m of tier two capital this week, ahead of a call for one of its outstanding bonds.

    • 06 Apr 2021
  • Credit Suisse rallies despite bigger hit on Archegos

    Investors were relieved when Credit Suisse finally gave details this week about the damage it has suffered from its Archegos exposures. The losses were higher than expected, but they were not large enough to burn completely through the Swiss bank’s capital cushion.

    • 06 Apr 2021
  • Macquarie sanctioned by Apra over regulatory breaches

    The Australian Prudential Regulation Authority (Apra) hit Macquarie Bank with a A$500m ($378.4m) capital charge on Thursday, having uncovered serious faults in the firm's risk management practices. The announcement came a day after the bank paused its return to the sterling bond market.

    • 01 Apr 2021
  • EBA warns of ‘higher risks’ in loans still under moratoria

    Loans still under moratoria may be at a particularly high risk of impairment, according to fresh data from the European Banking Authority this week. The figures also revealed signs of a more general deterioration in asset quality within the EU.

    • 01 Apr 2021
  • Nationwide study shows green mortgages are less risky

    A study of 657,000 UK mortgages undertaken by Nationwide Building Society over the past year suggests that the greener building a mortgage is secured on, the lower the risk of default. Moreover, this relationship is not affected by a borrower’s wealth, the location, or the type of property.

    • 01 Apr 2021