The Weekly

• Transition bond market heats up after year out in the cold
• Any yield will do: all bets on as risky Italians grace FIG primary
• SSAs brace for fierce funding competition
• Anxieties fester over long-term EM debt sustainability

• Is UniCredit a solution to Italy's problems?
• EU should consider regular bond calendar

News

• UK MBA pulls bond for Warrington amid uncertainty following PWLB rate cut
• EU contemplates ‘nuclear option’ for recovery fund
• UK DMO chief sets out vision for £30bn green bond curve
• KBN and L–Bank bring 2020’s ‘final’ SSA dollar bonds
• Finland drops Moody’s from solicited credit ratings

Bond Comments

• L-Bank USD1.25bn 0.5% Dec 25

• EU may kill the green bank debt market
• Covered mart dismisses mortgage industry worries
• Covered bonds ‘zeroed’ by EU’s green Taxonomy

News

• MunHyp prints through Pfandbriefbank in Swissies

News

• CNP makes assured return to T3
• Credit Suisse finds window for record low AT1 print
• BPCE calls into Samurai market with SNP deal
• Record low spreads on offer for ESG bank issues

Bond Comments

• Banca Monte dei Paschi di Siena EUR750m 1.875% Jan 26
• Crédit Agricole EUR1bn 0.125% December 2027 social senior non-preferred

Asset Backed Securities

• Investors say Hertz ABS ‘incredibly positive’ step

News

• Scars from virus to haunt ABS traders long term
• ESG, Libor shift to accelerate despite govt split

Residential MBS

• Full stack sales block payment holiday fixes
• Axa Bank Belgium and BNPP price first placed synthetic euro-RMBS

Structured Credit

• 2021: year of the credit picker
• CLO market hopes new govt keeps Volcker shift
• Covid crisis set to sort CLO winners from losers

• Companies pile into hot dollar market

News

• VW 'aggressively' parks €500m MTN
• Long end is the strong end for BP and Deutsche Bahn
• Corporate spreads hit pandemic lows and are tipped to grind tighter
• Europe’s high grade corporates see bulging books despite time of year

News

• Webuild tries again for bond refi after Astaldi takeover
• Europcar restructuring steers clear of state rescue loan

Investment grade or Non-leveraged loans

• SSD arrangers scour for new sectors
• Lenders’ £180m G4S GardaWorld payday hangs in the balance
• SSE Renewables and Equinor sign largest ever offshore wind loan for Dogger Bank
• Calmer 2021 forecast for corporates but lenders remain poised

Leveraged finance loans

• Datasite buyout blends best of private and public funding
• CeramTec lets rating slip to fill M&A warchest

Emerging market loans

• Uzbek car maker enters syndicated loan market

News

• Ukraine DMO convinced of fundraising abilities as budget deficit to shrink in 2021
• Bahamas tightens tap to wrap up funding
• Gerdau buys back bonds amid Brazilian steel demand
• Córdoba ups offers as Río Negro seals deal
• Lat Am springs surprises as FS revives bond with collateral

Bond Comments

• VakifBank USD750m 6.5% Jan 26 sustainable bond
• Istanbul Metropolitan Municipality USD580m 6.375% Dec 25

• New reinsurer lists in London in popular IPO
• Onex sells out of SIG Combibloc after Sfr657m sale
• IWG issues debut convertible to fund M&A
• Accor launches €500m convertible after vaccine rally
• Investors running on fumes as ECM deals rumble on
• Europe hopes Niel’s new Spac will lead issuance wave

• Bond investors start grilling EM sovereign issuers on ESG
• S&P and IHS Markit link up
• Sweden’s QE to see green
• Libor administrator to consult on extending most dollar rates to 2023
• Gallic influence to rise in EU's capital markets
• Italy bests investors as Padoan rules UniCredit
• Eurogroup agrees on early SRF backstop
• BlackRock, Vanguard block climate motions
• Newmarket CIO spies $200tr private debt win

• People moves in brief

Southpaw

• Mustier can leave with head held high