RBC Capital Markets
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The buyout bonds for Merlin Entertainments and Kantar, backed by Blackstone and Bain, will set new standards for European issuers. If the investors strike down the "net short" clauses — as they did in an earlier Inmarsat deal — the sponsors may give up on the controversial strategy to battle hedge funds with large CDS positions. -
Two supranationals are on screens for ESG firsts. The European Bank for Reconstruction and Development (EBRD) has announced its first green transition bond, while the Asian Development Bank (ADB) is preparing its first foray into the green bond market in sterling, capitalising on strong appetite from UK pension funds.
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The SSA market is on fire this week, with a series of large deals from borrowers all across the SSA spectrum, with green sterling deals enjoying a particularly hot streak.
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The Inter-American Development Bank and the State of North Rhine-Westphalia only managed to raise small sizes in the sterling market on Tuesday, with the leads on the latter declining to comment on whether the deal was fully subscribed.
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Public sector borrowers enjoyed healthy subscription levels and minimal new issue concessions in the five year part of the curve as they returned to the dollar bond market following the Golden Week break in China.
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The State of North Rhine-Westphalia (Land NRW) mandated banks on Monday for its debut Sonia-linked floating rate note, following its compatriot NRW.Bank, which sold its first trade in the format last week. The region has also decided to no longer use money market instruments for funding and liquidity management.
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The European Investment Bank won a huge reception from investors for its debut €STR-linked floating rate note (FRN) this week, ignoring concerns about a lack of demand amid negative rates in the euro market. While there is a lack of clarity about calculating €STR bonds’ fair value and on Euribor’s future, public sector borrowers are expected to embrace the risk-free euro rate.
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Investors warmly welcomed the first benchmark €STR-linked floating rate note on Wednesday, brushing aside previous concerns about a lack of demand for euro FRNs as a result of deeply negative rates in the currency.
