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ABS

BNPP announces Spanish auto capital relief trade

On Thursday, BNP Paribas announced Autonoria Spain 2021, an STS deal aiming to achieve significant risk transfer through a full cap-stack offering. Only one triple-A rating is listed on the senior notes, but investors say demand is still high for the deal.

Tom Brown, June 10, 2021
LevFin High Yield Bonds

Coty scores with euro secured

Beauty company Coty took out more of its bank debt with a secured bond this week, increasing its deal size from €500m to €700m and pushing through the 4% yield barrier to land the new issue at 3.875%. The Caa1/B- rated company has struggled to turn its business around and still has negative free cash flow, but a new management team, a new plan and a senior spot in the capital structure helped enthuse investors to buy the new bonds.

Owen Sanderson, June 10, 2021
Regulatory Capital

ANZ hits sterling with Aussie TLAC build-up set to take off

ANZ dropped into the sterling market this week in search of tier two paper, which will help it meet its total loss-absorbing capacity (TLAC) requirements. With the TLAC deadline fast approaching, Australian firms are expected to make use of the attractive funding conditions to ramp up their subordinated issuance.

Frank Jackman, June 10, 2021
Senior Debt

Equitable brings FAB funding run to euros

Equitable Financial Life brought its first funding agreement-backed (FAB) deal in euros on Thursday, paying up slightly to access the currency after a very busy funding run in dollars.

Tyler Davies, June 10, 2021
Equity-Linked

Basic Fit taps convert market as gyms reopen

Basic Fit, the Dutch operator of low-cost gyms, has issued a €303.7m convertible bond as it prepares for growth opportunities following the reopening of all of its fitness centres this week following more than a year of lockdowns caused by the pandemic.

Aidan Gregory, June 10, 2021
Covered Bonds

Moody’s covered bond RFC bodes well for Swiss structures

Moody’s has published a request for comment regarding a proposed change in its rating methodology that could improve the rating stability of Swiss structured covered bonds. This could in turn give regulators another reason to consider updating the country’s legal framework.

Bill Thornhill, June 10, 2021
Sub-sovereigns

Hesse plans debut green bond

The German state of Hesse was marketing its new green bond framework this week ahead a of a debut deal in the format.

Burhan Khadbai, June 10, 2021
FIG

Promise of ‘greenium’ pushes FIG ESG supply to record pace

Banks have already printed more green bonds this year than they sold in the whole of 2020 and the momentum in issuance is showing no sign of slowing. Borrowers are increasingly interested in labelling subordinated debt, amid growing evidence that such products can offer even more pricing power.

Bill Thornhill, June 10, 2021
LevFin Leveraged Loans

Colisée looks to reprice EQT’s acquisition debt

Nursing home and elderly care company Colisée, which EQT Infrastructure acquired last year, was in the market on Thursday, looking to reprice the €875m acquisition facility and add-on a further €150m to pay down its revolver.

Owen Sanderson, June 10, 2021
Equity IPOs

Believe buyers show lack of belief as stock tanks 14% after IPO

Believe, the French digital music company, completed its Paris IPO on Thursday morning but the shares bombed in their first hours of trading in another blow for European listings. However, sources close to the transaction were still pleased to get the deal across the line in what they saw as a boost for the French IPO market after another sizeable listing was pulled last week.

Sam Kerr, June 10, 2021
Asia

Onshore LGFV bond volumes plummet as Beijing tightens grip on govt debt

New bond issuance from local government financing vehicles in China has taken a beating recently, as Beijing hardens its stance on keeping the country’s ‘hidden debt’ problem under control. But the challenging times are likely just beginning, writes Addison Gong.

Addison Gong, June 10, 2021
Asia

CEEMEA duo tap into ESG bond market

Georgian Railway and Togo-headquartered Ecobank Transnational launched a green bond and a sustainability-linked bond, respectively, on Thursday.

Mariam Meskin, June 10, 2021

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