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Senior Debt

Wells breaks dollar silence with sustainable debut

Wells Fargo printed its debut sustainability bond this week, finally breaking its year long absence from the senior unsecured dollar market.

David Rothnie, May 13, 2021
Leader

US banks: overvexed, overpaid and over here

In the film 'Annie Hall', Woody Allen recounts two diners’ experience at a restaurant. “One of them says: ‘Boy, the food at this place is really terrible.’ The other one says: ‘Yeah, I know; and such small portions.’”

Jon Hay, May 13, 2021
High grade and crossover bonds

Amazon wonder-print belies global inflation jitters

E-commerce giant Amazon did the unthinkable this week and printed two year debt just 10bp wide of where investors could buy US Treasuries, the closest a company has ever got to US government debt. But with a high US inflation number sending a shockwave through markets days later, corporate and FIG credit markets are wondering whether they need to brace for a period of panic, write Tyler Davies and Mike Turner.

Mike Turner, May 13, 2021
Senior Debt

Senior trio price tightly in euros

A trio of senior borrowers paid minimal new issue premiums in euros this week as Swedbank and AIB Group tapped a sweet spot of demand for bail-inable debt, while Macquarie got attractive pricing compared to its dollar curve.

Frank Jackman, May 13, 2021
SSA

Issuers forced to adjust as CPI rockets past consensus

When US Consumer Price Index data shot past consensus forecasts of 3.5% to hit 4.2% this week, even hardened inflation sceptics were forced to re-evaluate their positions. The data caused sharp ructions in rates markets and equity portfolios, write Sam Kerr and Lewis McLellan, as investors caught such a dose of the jitters that issuers will have to reconsider their primary capital market plans.

Lewis McLellan, May 13, 2021
High grade and crossover bonds

Euro IG corp primary shrugs off inflation sell-offs elsewhere

Europe’s corporate bond market continued to pump out deals this week, despite the equities market licking its wounds after inflation fears turned stock prices into a sea of red.

Mike Turner, May 13, 2021
LevFin Leveraged Loans

Virgin Active judgement could push CVAs into obscurity

The UK's High Court delivered a ringing endorsement of the country's new restructuring regime this week in a landmark ruling on gym chain Virgin Active, showing that companies have a new route other than CVAs to cut their debts to landlords. Silas Brown and Owen Sanderson report.

Silas Brown, May 13, 2021
People and Markets

RBC taps Citi director as head of CLO structuring

RBC Capital Markets has tapped a CLO director at Citi to lead its CLO structuring desk.

Paola Aurisicchio, May 13, 2021
Supras and agencies

SSAs enjoy exceptional week in dollars despite vol

Several SSA borrowers hit the market in dollars this week, with most achieving strong results in spite of the sharp moves in the underlying rates market.

Lewis McLellan, May 13, 2021
EM LatAm

PBA restructuring drags on with yet another extension

The Province of Buenos Aires extended the participation of its restructuring offer for the 16th time this week, but bondholders denied the province's claim that they had requested the extension.

Oliver West, May 13, 2021
CLOs

CLO reset run hits final straight before decline

CLO refi and reset activity has departed from its usual forms, with some managers resetting a single deal in a limited time frame, while others take the opportunity to switch tranches from fixed to floating, or focus refi efforts on a limited number of tranches. Managers don't want to lose the opportunity presented by current market conditions to save costs, and are seeking different solutions to optimise their structures.

Paola Aurisicchio, May 13, 2021
Corporate Bonds

Oerlikon goes big with 'remarkable' triple tranche

Triple-B credit OC Oerlikon achieved a remarkable result on Monday, said bankers, as it issued a Sfr575m three tranche deal, which it will use to fund its acquisition of INglass. It was joined on screens by Pfandbriefbank's smallest deal since 2019.

Frank Jackman, May 13, 2021

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