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CLOs

Bond-loan hybrid manager Diameter prices debut BSL deal

Diameter Capital Partners has priced its debut CLO after $250m seed funding from alternative asset managers Apollo Global Management and Corbin Capital, and the pension fund of renewable energy company Babcock & Wilcox. Despite being active in the bond-loan deals, this is the first traditional CLO priced by Diameter, making the firm a new entrance in the regular broadly syndicated loan CLO market.

Paola Aurisicchio, June 30, 2021
Covered Bonds

CIBC reopens dollar covered bonds with a roar

Canadian Imperial Bank of Commerce achieved a roaring success with its $2bn five year 144A deal priced on Wednesday, the first from a Canadian bank in over a year. CIBC managed to achieve a size and spread that would not have been possible in euros and showed the importance of paying attention to key currency markets outside Europe.

Bill Thornhill, June 30, 2021
LevFin Leveraged Loans

Pemberton points to concentration in UK direct lending market

In a report on the state of UK private credit, Pemberton predicts further concentration in direct lending, as borrowers opt for established players over upstart funds.

Silas Brown, June 30, 2021
High grade and crossover bonds

Vinci basks alone in Europe’s IG corporate market

Vinci, the French concessions and construction company, had Europe’s high grade corporate market to itself on Wednesday, with the borrower having an easier time slashing its spread for 10 year money during bookbuilding than lower rated issuers in recent days.

Mike Turner, June 30, 2021
LevFin High Yield Bonds

'Huge opportunities for smartest players': Boies Schiller boss on distressed debt

Natasha Harrison, the heir apparent to fabled law firm Boies Schiller Flexner, told GlobalCapital that while she was not expecting a collapse in corporate credit coming out of the coronavirus, there will be big opportunities for sophisticated distressed debt investors.

Silas Brown, June 30, 2021
SSA

Wallonia cuts lone figure in SSA market as EFSF posts RFP

The Belgian region of Wallonia was the only public sector borrower to the follow Tuesday’s jumbo dual tranche by the European Union in the primary market on Wednesday as it raised €1bn with a new long 10 year conventional bond.

Burhan Khadbai, June 30, 2021
Covered Bonds

Emiliano enjoys strong outcome as Coventry lines up in covereds

Credito Emiliano managed to attract a robust order book for its €750m seven year covered bond that was sold on Wednesday, following an extended marketing period that enabled price discovery. At the same time Coventry Building Society mandated leads for only the second UK covered bond in euros to be issued this year.

Bill Thornhill, June 30, 2021
Equity People and Markets

UBS picks new global ECM co-heads

UBS has appointed global heads of equity capital markets for the first time in almost two years as the Swiss bank eyes opportunities in a booming IPO market.

Aidan Gregory, June 30, 2021
Regulatory Capital

UniCredit slips in with pre-summer AT1

UniCredit took a large chunk of its additional tier one (AT1) funding off the table ahead of the summer break with the sale of a €750m note on Wednesday.

Frank Jackman, June 30, 2021
Regulatory Capital

Rare pair debut subordinated deals in euros

Two infrequent names ventured into the euro market to print debut deals in subordinated formats on Wednesday. Italy's Ilimity bank raised €200m with its first tier two, while French insurer Groupama scooped €500m with its inaugural tier three bond.

Frank Jackman, June 30, 2021
Securitization People and Markets

Euro ABS pipeline trickles as exhausted market eyes breather

After one of the busiest quarters for ABS since the financial crisis, many market participants are eyeing a short break in August in anticipation of a slower market. The combination of working-from-home culture, lack of travel opportunities and physical meetings has prevented many in the market from taking a break.

Tom Brown, June 30, 2021
Securitization People and Markets

Hussain returns with attack on Bluestone deal

Following release after his imprisonment for contempt of court, Rizwan Hussain has launched a new attack on legacy RMBS transactions managed by Bluestone Mortgages, purporting to have taken over as a director of the SPV and attempting to replace crucial transaction parties with his own entities. Whether he has authority to do so is not yet clear.

Owen Sanderson, June 30, 2021

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