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LevFin High Yield Bonds

High yield set for sixth €10bn-plus month in a row

Following the launch of as many as 10 transactions this week targeting a total of €4.7bn, the high yield market is close to notching its sixth month of more than €10bn of issuance.

Silas Brown, June 22, 2021
Regulation

No shortage of views on UK capital markets divergence

There is general agreement that the UK’s recently won ability to diverge from EU capital markets regulations represents an opportunity to create a more attractive environment for doing business in London — and everyone seems to have their own shopping list of reforms they would like to see.

Richard Metcalf, June 22, 2021
CLOs

TCW issues CLO backed by Jefferies and Kennedy Lewis

TCW Asset Management has issued its second CLO via Jefferies, since forming a partnership with Kennedy Lewis Investment Management and Jefferies to boost the firm's CLO issuance program.

Paola Aurisicchio, June 22, 2021
RMBS

Toorak closes oversubscribed bridge loan RMBS

Real estate investment firm Toorak Capital closed a $340m securitization of residential bridge loans last Friday, its fifth deal to date. Toorak’s latest transaction drew huge investor interest, with its A-1 and A-2 notes being oversubscribed several times.

Jennifer Kang, June 22, 2021
Equity IPOs

Baltics Classified Group opens the books

Baltics Classified Group, the online classified advertising company focused on the Baltic region, has opened the books on its £238m IPO on the London Stock Exchange.

Aidan Gregory, June 22, 2021
Sovereigns

UK DMO chief ‘confident’ of building green Gilt curve

Speaking at a keynote interview on Tuesday at the Global Borrowers and Bond Investors Forum 2021, Sir Robert Stheeman, chief executive of the UK Debt Management Office, said that the strong and sustainable demand in the green bond market has given him confidence as the UK prepares to build out a green Gilt curve.

Burhan Khadbai, June 22, 2021
Supras and agencies

PSP Capital snags $1bn with debut, IFC lands in Sofr

Canada’s federal pensions manager, Public Sector Pension Investments, made its debut on the international bond market on Tuesday — and will soon be back for more. It was joined in the market by International Finance Corporation’s first ever bond linked to the Secured Overnight Financing Rate (Sofr).

Lewis McLellan, June 22, 2021
GC View

Banning dealers is harsh but ESG should apply to them as well as issuers

When the European Commission excluded 10 of its primary dealers from its debut Next Generation EU syndicated transaction last week on the grounds that they had been found to have violated anti-trust rules, some bankers branded it “unfair”. It may be a harsh penalty, but surely bookrunners should face the same scrutiny as issuers when it comes to environmental, social and governance (ESG) criteria.

Burhan Khadbai, June 22, 2021
SSA

PMM: Premiums fall but greenium squeezed

There was a clear shift in pricing dynamics last week with larger movements from initial price thoughts, across all sectors but particularly in the markets that carry higher inherent risk. At the same time though, real estate companies drove up the average concession paid in the corporate sector, but that measure fell in the rest of the primary market.

Johan Lai, June 22, 2021
RMBS

Citi releases guidance for UK BTL RMBS

Citi bank has released initial price thoughts (IPTs) for its upcoming Canada Square Funding 2021-2 UK BTL RMBS deal, guiding the senior tranche at around 80bp, cutting around 15bp from its last deal.

Tom Brown, June 22, 2021
Covered Bonds

Covered bond supply may fall to lowest this century

A tightening in spreads on senior unsecured bank bonds and wider covered bond spreads has made the latter an even less attractive funding market for issuers which, added to a plethora of additional factors, means that market could be facing its lowest year for issuance in 20.

Bill Thornhill, June 22, 2021
Senior Debt

Yorkshire squeezes out as pipeline dries up

Yorkshire Building Society paid a rare visit to the euro market on Tuesday as it offered a small premium for a €600m preferred senior deal. Bankers expect issuance to slowly dry up over the next few weeks as the market prepares for the summer break.

Frank Jackman, June 22, 2021

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