The Weekly

• Record borrowing but debt sustainability a distant concern for UK
• Bank senior market teeters on brink of first negative yielding print
• EM sovereigns home and hosed for the holidays
• Next year’s IPO market to offer greater diversity

• UK infra investment needs more credibility, not more capital

News

• Wallonia, Cades bring what may be year's last SSA benchmarks
• Government reins in UK council borrowing with new PWLB guidelines
• EU rounds off SURE funding for 2020

Bond Comments

• EU EUR8.5bn 0% Jul 35 social bond
• IDA USD2bn 1% Dec 30

News

• Apac covered bond supply hopes boosted
• UOB breaks several covered bond records

News

• ‘Last chance saloon’ in FIG market as supply starts to slow
• ECB warns of ‘abrupt increase’ in bank funding costs
• Niche bank trio met with bumper demand

Bond Comments

• Luminor EUR300m 0.792% Dec 24
• Svenska Handelsbanken EUR500m 0.01% December 2027 green senior

Asset Backed Securities

• Student loan relief leaves market worried
• Greene King securitization faces default as bondholders face a choice

News

• FCA rolls out STS deal list ahead of Brexit

Structured Credit

• EBA gives hope to SRT market
• First euro CLO switches to semi-annual
• CBAM, AGL return to five year reinvestment
• Arb ‘works again’ for euro CLOs after knockout CVC pricing

• Mnuchin deepens Thanksgiving chill by calling time on Fed bond support
• E.On transfers €11.5bn of Innogy bonds to avoid unequal rights after takeover

News

• URW raises debt after share sale debacle
• Investors pounce on corporate ESG debt, slashing concessions
• Investors queue up to get into Carmila’s opportunistic outing with others expected
• Mercuria and Gunvor bring more banks into fold for US facilities

News

• United Group scores deal size boost in drive-by
• Seats to upright as Lufthansa helps airline bonds take off

Investment grade or Non-leveraged loans

• Bellway debuts in US private placement market
• Loans market defiant as Moody’s frets over faltering economic recovery globally
• Greencoat agrees £500m debt-funded purchase but warned on debt metrics

Leveraged finance loans

• Cineworld offers sweetener for new emergency cash

News

• Serbia goes for dollars in second outing of the year
• Bondholders pile pressure on Arg provinces
• Turkey prices $2.25bn flat to curve
• Junk-rated Oman taps investors in cash grab to bolster finances

Bond Comments

• Turkey USD2.25bn 5.95% Jan 2031
• Ivory Coast EUR1bn 4.875% Jan 2032
• Oman USD200m 6.75% Oct 2027 USD300m 7.375% Oct 2032

• Nordnet trades up following €885m IPO
• More primary ECM deals ahead despite nearing year-end
• Russia’s Ozon closes IPO with 'huge book'
• Gresham House attracts strong demand for raise
• Tryg shareholder reduces stake ahead of rights issue
• Deals expected after vaccine news lifts airline industry

• ESMA picks trio of candidates to be next chair
• Schroders targets pandemic opportunity
• ESMA: no change to derivs trading rule
• Bots prepares 2021 launch for DCM platform
• Green experts hopeful on new UK infra bank

News

• Enel seeks pivot in EU Green Deal aid

• People moves in brief

Southpaw

• MUFG seeks model change in quest for growth

Tuesday view

• Now is not the time to rush an ESG securitization framework