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Equity-Linked

Crypto exchange Coinbase raises $1.25bn

Shares in Coinbase plunged more than 10% at the open on Wednesday after the US cryptocurrency exchange operator sold $1.25bn of convertible bonds and suffered a serious outage of its platform that stopped many users from trading.

Aidan Gregory, May 19, 2021
High yield

Exceedingly good earnings prompts Premier Foods to launch well-flagged refi

Premier Foods announced a long-expected refinancing of its main wholesale debt, a £300m 2023 bond which first came up for call last year. The refi comes as the firm published preliminary results to the end of Q1 showing profits up more than 20% for the year, and debt levels coming down.

Owen Sanderson, May 19, 2021
ABBs-Block Trades

National Bank Trust cleans up VTB Bank stake

National Bank Trust, the bad bank set up by the Russian government after the financial crisis, has raised Rb50.2bn ($681m) by selling shares in VTB Bank, one of Russia’s largest banking groups.

Aidan Gregory, May 19, 2021
Covered Bonds

Covered bond deals prove technicals are not the only force driving pricing

Tuesday’s deals from UOB and Raiffeisen-Landesbank Steiermark provided a wake-up call to the covered bond market that showed, no matter how strong the technical factors keeping pricing tight, it is not insulated from the rates market. A readjustment at the ultra-long end of the curve was overdue, said bankers, and they expect issuers to print shorter deals from now on.

Bill Thornhill, May 19, 2021
Regulatory Capital

FIG market pauses as BCC gears up for T2 issue

The FIG market paused on Wednesday to take stock of inflation fears and weaker market sentiment, but a pipeline of issuance is building, including Spain's Banco de Crédito Social Cooperativo (BCC), which has put out a market update after it received disparate indications of interest ahead of its return to the tier two format.

Frank Jackman, May 19, 2021
Equity IPOs

Suse IPO stays above water despite equity market turbulence

Suse, the German software company, was trading just above its IPO price on its first day of trading on the Frankfurt stock exchange, a success for the company given the volatility in European equity markets.

Sam Kerr, May 19, 2021
CEE

Turkey’s Arçelik latest corp to test waters with green bond

Arçelik, the Turkish household appliance manufacturer that owns Beko and Grundig, is set to make its mark in the green bond market. The deal, some say, will be a test of investor appetite for Turkish corporate paper, which so far has been strong, despite the heightened volatility affecting the country in the first four months of the year.

Mariam Meskin, May 19, 2021
Investment Grade Loans

KKR values John Laing at £2bn in debt funded take-private deal

KKR, the US private equity firm, has agreed to buy John Laing in a cash deal that values the UK infrastructure developer at £2bn. KKR will fund the purchase using a mix of equity and debt.

Mike Turner, May 19, 2021
Senior Debt

Three warnings for banks from the ECB’s latest financial health check

The European Central Bank issued several warnings about the banking sector in its Financial Stability Review (FSR) this week, as it drew attention to corporate zombification, a new capital markets exodus and an undesirable tightening in lending standards.

Tyler Davies, May 19, 2021
ABBs-Block Trades

Technogym block trades down on difficult day for equities

Nerio Alessandri, the Italian billionaire founder and CEO of Technogym, has reduced his stake in the high-end gym equipment manufacturer via an accelerated bookbuild.

Aidan Gregory, May 19, 2021
Equity

Severn Trent gets investor backing for green projects

Severn Trent, the UK water company, is raising £250m of equity capital to fund green projects. Banks working on the deal quickly attracted enough demand to cover the transaction.

Sam Kerr, May 19, 2021
EM LatAm

Argentina rallies on Paris Club hopes as PBA inches closer to agreement

Argentine sovereign bonds rallied for a third consecutive day on Tuesday amid expectations that the Paris Club group of official creditors will show leniency over a looming $2.4bn payment. But some in the market saw more value in the country's provincial bonds, and the Province of Buenos Aires hinted after the close that it is edging closer to agreement with its bondholders after more than a year in default.

Oliver West, May 19, 2021

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