The Weekly

• Corporate bond investors 'freaking out' at ECB amid 'unhealthy' market
• EM primary thrives but rates fears simmering
• Energy firms facing insolvency bank on ABS
• Cornerstones go mainstream for European IPOs

• What price bonds in the Biden era?

News

• France smashes 50 year as EU preps first SURE deal of 2021
• EIB reboots €STR FRN market with curve extension
• Cades brings first ever SSA sterling social bond
• UK raises £6.5bn with first 2021 syndication
• Investors put ECB commitment to the test
• EBRD shows patience to print flat to curve

Bond Comments

• France EUR7bn 0.5% May 72
• UK GBP6.5bn 0.875% Jan 46
• NWB EUR500m 0% Feb 37
• AIIB USD3bn 0.5% Jan 26 sustainable development bond
• Cades GBP1.5bn 0.125% Dec 25 social bond
• EIB EUR1bn FRN Jan 28

News

• Sparebanken Sør draws strongest demand for sevens
• RBC issues narrowly subscribed 10 year
• KEB Hana debut outing achieves stellar response
• Drop in covered bond supply questioned

News

• Quality not quantity for BFCM sterling senior
• Capital trades the focus for Aussies in 2021
• Higher rates and execution certainty aid Yankee bank issuance
• Austrians keep quiet euro market ticking
• Swissie investors target quality not quantity

Bond Comments

• Banque Fédérative du Crédit Mutuel GBP400m 0.875% Dec 27
• Erste Group Bank EUR500m 0.25% Jan 31

Asset Backed Securities

• LendingClub becomes first fintech-turned-bank
• Moody’s rates first aircraft ABS in 10 years

Residential MBS

• Morgan Stanley brings RMBS with new yield boost feature
• Lendco brings first RMBS deal after market opens

Structured Credit

• Anchorage taps European CLO market after year-long break
• CSAM prices largest CLO in two years
• Senior CLO debt managed by Seix slashed by 37bp in AMR auction
• ESG securitization: why CLOs are struggling to change colour

• Aircraft lessors crowd to market after monster rally

News

• Total hits hybrids as sub debt spreads swing out
• High grade corporates get bumper demand despite ECB meeting
• Buyers queue down the aisle for Tesco SLB

News

• Rekeep opens the racy end
• AA’s £280m bond helps rare debt-lowering LBO
• Perfect chemistry as investors cheer Ineos’s €4.6bn BP integration package

Investment grade or Non-leveraged loans

• ‘Give us airline care’: Eurostar begs UK government for funds
• Trafigura causes stir with debut Schuldschein
• Aedifica debuts in US PPs
• Düsseldorf Airport takes state loan as Hamburg might follow after market slip
• Apax Global Alpha tweaks revolver as amend and extend trend grows
• Direct lenders toughen up as latest Covid wave bites

Leveraged finance loans

• Flender financing to set ESG precedent for lagging levfin market

Emerging market loans

• Saudi lands $3bn export financing agreement with Korea
• Lidl shops for second Asian loan

News

• Gazprom drills for dollar bond, concerns remain over NS2 sanctions
• Turkey leaves 'a bit on the table' to take a third of annual funding need
• Sovcombank goes for rare social bond
• Bahrain sells triple-trancher, following fellow HY Gulf sovereign Oman
• NCB sells AT1, market anticipates govvie deal
• YPF battle is a bad omen for Argentina bondholders
• Unifin launches exchange, plots new deal

Bond Comments

• National Commercial Bank USD1.25bn 3.5% PNC6 AT1
• Bahrain USD500m 4.25% Jan 28 USD1bn 5.250% Jan 33 USD500m 6.250% Jan 51
• Sovcombank USD300m 3.4% Jan 25 social bond
• Turkey USD1.75bn 4.75% Jan 26 USD1.75bn 5.875% June 31

• Vape liquid maker Supreme lines up London flotation
• InPost sets range on IPO that could reach €3.2bn
• Big deal: Huuuge launches Warsaw IPO
• ‘Spoons returns to equity market as lockdown bites
• Rhône Capital sells Fluidra stock after profits surge

• Bryson hire reveals SMBC Nikko’s ambitions in EMEA capital markets
• Afme proposes recapping with equity-like
• Investment banks report full pipelines after excellent 2020

• RBC promotes from within as Uden retires
• HSBC team to target MENAT ESG activity
• People moves in brief: January 21, 2021

Southpaw

• Santander pins corporate finance strategy on ESG