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Senior Debt

Macquarie lands tight in euros

Macquarie shed over a third of its order book on Wednesday as it priced its third euro deal in 18 months at what was deemed a “very tight” level. It was joined in the senior market by Swedbank, which was issuing its first callable non-preferred bond.

Frank Jackman, May 12, 2021
GC View

Opposing Views: should SSAs cut fees?

The debate over whether SSA borrowers should pay less in underwriting fees has split the market since the EU told banks it would pay less than the standard rate for its €800bn Next Gen EU bond programme. It is "the only topic" under discussion, one senior SSA banker told GlobalCapital this week. Is it fair to pay banks less when central banks underpin the market, or will issuers jeopardise their position long-term? Here, we present arguments for an against a shake-up of the way banks are paid.

Burhan Khadbai, May 12, 2021
Supras and agencies

SSA 'cartelisation' risk as banks say EU should have capped fees

Some bankers believe that the EU’s decision to unveil a new grid of lower syndication fees was unnecessarily disruptive, and that, if too many other SSA issuers follow suit, it could put at risk the level of competition among dealers.

Lewis McLellan, May 12, 2021
Regulatory Capital

Danske tests AT1 as risk assets tumble

Danske Bank set a careful foot into the Reg S dollar additional tier one market this week, in the wake of a difficult trading session for global equities.

Tyler Davies, May 12, 2021
People News

Orcel acknowledges 'frustration' amid reshuffle at UniCredit

UniCredit’s new chief executive Andrea Orcel has slimmed down the bank’s executive committee while recognising “frustration” and “confusion” around past decision making at the firm.

Richard Metcalf, May 12, 2021
Regulatory Capital

Virgin Money blows out after swift return to T2

Virgin Money UK was six times subscribed for a tightly priced tier two in the sterling market on Wednesday, despite having offered a very similar deal to investors last September.

Tyler Davies, May 12, 2021
Covered Bonds

HVB enjoys outstanding demand, pays rare Pfandbrief premium

UniCredit’s German subsidiary, HVB, enjoyed a stunning investor reception for its negative yielding eight year Pfandbrief that was issued on Wednesday, thanks to the lack of supply this year, the small but rare premium on offer and the superb market conditions.

Bill Thornhill, May 12, 2021
Senior Debt

Barclays hops back into Kangaroos

Barclays returned to the Kangaroo bond market this week after being absent for two years to raise A$600m across three tranches of holding company debt. The market was split over which tranche offered the most value in pricing.

Frank Jackman, May 12, 2021
Equity IPOs

Montana Aerospace soars in first day trading

Shares in Montana Aerospace, the Swiss-Austrian aerospace company, took to the skies on Wednesday morning, the company’s first day of trading on the Swiss SIX Exchange following its IPO.

Sam Kerr, May 12, 2021
CEE

EM investors positive but not ‘gung-ho’ with valuations high

Emerging market portfolio managers say that their confidence in buying assets has been restored now that US Treasury yields have stopped racing upwards. But although they say they have cash to splash, some still believe valuations are toppy.

Mariam Meskin, May 12, 2021
Equity IPOs

Antares Vision finishes Milan re-IPO on strong note

This week, Antares Vision, the Italian technology company, has completed a large share sale on the Italian stock exchange which will act as a re-IPO.

Sam Kerr, May 12, 2021
Equity IPOs

Pepco, Alphawave meet demand during bookbuilding

The IPO of Pepco, the retail conglomerate, is due to be priced at Z40, valuing the company at Z23bn (€5.07bn) when it begins trading on the Warsaw Stock Exchange later this month.

Aidan Gregory, May 12, 2021

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