The Weekly

• ¿El Clásico? Spain's big 10yr shocks after losing €75bn of orders
• Europe’s digital IPO revolution gains steam
• IG corporates put ‘ridiculous’ pressure on market with zero premium demand
• Record year for CLO refis as managers look to revamp Covid deals

• Blame the ECB for Spain's lost orders
• Covered bond supply optimism is misplaced

News

• Fun to stop in sterling market
• Issuers rush into booming dollar market
• World Bank leads charge to euro long end
• SSAs testing waters in niche currencies

Bond Comments

• EFSF EUR3bn 0% Jan 31, EFSF EUR2bn 0.05% Jan 52
• KfW USD5bn 0.625% Jan 26
• NIB USD1.25bn 0.5% Jan 26
• Spain EUR10bn 0.1% Apr 31
• CEB EUR1bn 0% Jan 31
• World Bank EUR2bn 0.2% Jan 61
• SNCF SA EUR1.5bn 1% Jan 61

• Covered bond primary explodes with flurry of deals
• Latvian covered bond law expected this year

News

• Komerční prints first Czech euro covered
• DNB issues most subscribed covered bond

News

• Zurich attracts strong demand on dollar sub debt return
• Political crisis hits Italian bank bonds as 'jitters' set in
• DZ Bank cleans up legacy tier ones
• January snooze: bank senior market fails to excite investors

Bond Comments

• Banco BPM EUR400m 6.5% PNC5 AT1
• LBBW EUR750m 0.375% Feb 31 bail-in senior social
• Credit Suisse Group EUR1.5bn 0.625% Jan 33 / €1.5bn FRN Jan 26
• UniCredit EUR1bn 0.325% Jan 26 / EUR1bn 0.85% Jan 2031

Asset Backed Securities

• Solar ABS outlook brightened by tax credit extension

News

• Blue Senate committee raises risks for ABS lenders

Residential MBS

• TwentyFour out with first public RMBS of 2021

Structured Credit

• Moody’s starts upgrading CLO tranches
• CLO managers take Dutch tax gamble

• US bond pace cools, but not fazed by politics

News

• Winners and losers in Abertis and Wintershall hybrids
• High grade corporate investors start to get picky but deals still sail through FV
• Deutsche Bahn steams into Swissies

News

• Europcar CDS worthless as auction misfires
• Banks unveil bond leg of Verisure’s €1.6bn divi package
• TIM and Autostrade slip in before political fears hit
• Together prints first sterling HY of 2021

Investment grade or Non-leveraged loans

• Schroder UK amends bank line with other A&Es expected soon
• Volvo Cars shifts green drive up a gear with sustainability loan on road to 2040
• Bluefield Solar draws and grows revolver for Bradenstoke Solar Park acquisition
• Traton debuts as Schuldschein opens with a bang
• Sixth Street, Investec close European direct lending funds

Leveraged finance loans

• Ineos Quattro launches funding for BP buyout, consents for new cap stack

Emerging market loans

• Sovcombank takes first ESG facility as Russian corps extend green pivot

News

• Rating agency treatment of EM risk at odds with the people who take it
• High yield issuers take front stage though CEEMEA ‘underwhelming’
• Colombia to stay local for green debut, plots govvie ETF, social bond
• YPF bondholders mobilise against exchange offer
• Lat Am storms back with Thursday quartet

Bond Comments

• Benin EUR700m 4.875% Jan 30 EUR300m 6.875% Jan 52
• Wizz Air EUR500m 1.35% Jan 24
• Dubai Aerospace Enterprise USD500m 2.625% March 25 USD750m 3.375% March 28

• Hut attracts huge demand in first block since IPO
• Dr Martens takes first step towards £1bn-plus IPO
• Moonpig looks to deliver IPO in next few weeks
• Green converts draw closer to mainstream status after busy 2020
• Locker company InPost preps €2.5bn-plus IPO
• Billionaire Arora brothers cut B&M stake with £218m sale
• KKR’s bet on ProSiebenSat.1 Media pays off

• City waits for divergence, or maybe equivalence
• Passive investors join green debt caravan
• Shareholders hit HSBC with fossil fuel motion
• Investor activism: three kinds of impact
• Bank balance sheets could be obscured, says Coen

News

• Brazil’s indigenous people to Fink: stop financing Amazon destruction

• Natixis CIB reshuffles management
• New corp client position for Commerz's Kensy
• People news in brief

• Politics and Covid fail to dent UK fee pool optimism