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Leader

EU bank rules: more isn’t always merrier

European lawmakers are introducing new rules and restrictions for banks in areas where supervisors could be far more effective acting on a case-by-case basis.

Tyler Davies, June 03, 2021
Senior Debt

Investors push back as bank funding finds floor

Banks are asking whether funding conditions have reached a peak, as investors find more reason to balk at tight bond valuations. Deal arrangers argue markets will hold together, but the future could still hold higher new issue premiums and a more careful approach when it comes to trade selection.

Bill Thornhill, June 03, 2021
Investment Grade Loans

Banks draw ire as sustainability-linked loan given with zero KPIs

The ESG capital markets were left reeling on Thursday after a group of banks provided a £1.1bn-equivalent sustainability-linked facility that does not have any key performance indicators included — on the agreement that the borrower will add them within 12 months. Mike Turner reports.

Mike Turner, June 03, 2021
Supras and agencies

EU readies €800bn bond programme as ECB tapering looms

The European Commission unveiled the initial funding plan for its €800bn Next Generation EU (NGEU) programme this week. Issuance will begin sooner than expected, as suspicions mount that the ECB will start tapering purchases for its Pandemic Emergency Purchase Programme (Pepp) to fight rising inflation. Burhan Khadbai reports.

Burhan Khadbai, June 03, 2021
High grade and crossover bonds

Dirty companies pour into high grade ESG corporate market

Europe’s corporate bond market has seen an influx of ESG deals from highly polluting sectors, testing how much environmentally and socially conscious investors buy into firms' transition stories.

Mike Turner, June 03, 2021
CLOs

Record year predicted for CRE CLOs

The Covid-19 pandemic has battered commercial real estate (CRE), leaving cash-squeezed properties scrambling for finance. The crisis, though, has rejuvenated the CRE CLO market in the US, with non-bank lenders providing properties with large amounts of leverage, leading to expectations that this year will make the sector a mainstream asset class.

Paola Aurisicchio, June 03, 2021
Technology

Ediphy launches consolidated tape initiative

Ediphy, a fintech company launched by Chris Murphy, a former global head of fixed income sales and trading at UBS, is launching a prototype version of a consolidated tape, aggregating trade disclosures mandated by MiFID II.

Lewis McLellan, June 03, 2021
Investment Grade Loans

UK borrowers breathe sigh of relief as Sonia refi proves simple

A spate of UK borrowers have signed loans that use Sonia as the benchmark rate from day one this week, with the consistently tricky transition given some cheer after companies said that the process is fairly simple.

Mike Turner, June 03, 2021
RMBS

Together adopts CLO-style loan note for RMBS hybrid

Together Money has taken a structural feature from the CLO market for its latest £267.7m RMBS, TABS 2021-1 - CRE2, adopting loan notes for the triple-A tranche, a first for the asset class. The issuer pre-placed four tranches – almost certainly with a single account, sources said.

Tom Brown, June 03, 2021
SSA Bond Comments

ADB USD4bn 0.375% Nov 24, USD1.5bn 1.25% Jun 28

Rating: Aaa/AAA/AAA

Burhan Khadbai, June 03, 2021
ABS

Marketplace lenders prepare for ‘true lender’ repeal

A likely repeal of the Office of the Comptroller of Currency's 'true lender' rule reopens the gates of regulatory uncertainty for marketplace lenders. However, the industry is still confident lenders will be able to manage the risks of states challenging their bank origination model, considering the short period in which the rule has been in place.

Jennifer Kang, June 03, 2021
Supras and agencies

Rates traders see better buying, but long end questioned

The sovereign, supra and agency sector has seen better buying interest over the past week, but the long end continues to look more vulnerable ahead of the European Central Bank meeting and expected supply.

Bill Thornhill, June 03, 2021

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