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SRI

Learning by doing: SLBs to surge, though role still needs defining

Sustainability-linked bonds are the hot capital markets product of 2021, and are developing so fast that even specialists in the field find it hard to keep up with the pace. The market has benefited from the very early definition of guiding principles last year but, writes Jon Hay, big questions remain about what the instrument is for and how it should be governed.

Jon Hay, May 06, 2021
EM LatAm

Chile leans on foreign buyers with $2bn deal

Chile raised $2bn in dollar markets on its fourth international bond market outing of the year on Tuesday, achieving slim new issue concessions even as volatility in domestic markets is leading the sovereign to lean more heavily on external funding sources.

Oliver West, May 06, 2021
Senior Debt

Europeans roll out of blackout as JP Morgan grabs record

European banks began to access the dollar market this week following first quarter earnings, while JP Morgan stole the show on Wednesday with a record low coupon for a preferred note.

David Rothnie, May 06, 2021
SSA

SSA borrowers spark fee fight after EU cuts back

Public sector borrowers are looking to follow the EU’s lead and cut underwriting fees in the biggest revamp to the way banks in the market are paid in a decade. Bankers slammed the move as “naive and disruptive” and say that, while it may save a basis point or two in execution, it could cost them far more long term, writes Burhan Khadbai.

Burhan Khadbai, May 06, 2021
Senior Debt

Barclays euro return a 'sign of strength'

Barclays' first senior euro deal for more than a year has allayed any fears over British risk as the borrower raised €2bn on Wednesday. The bank was joined in the senior market by another rare name, Kommunalkredit Austria.

Frank Jackman, May 06, 2021
CLOs

CLO managers look to fat triple-Bs to boost insurance appeal

Investor appetite for triple-B CLO notes has been a powerful lever encouraging managers to tweak regular CLO structures to boost the size of this tranche and diverting excess spread to shore up the rating. Colloquially known as ‘Kroll deals’, from the rating agency that rates these issues, some managers have structured tranches as large as $100m to satisfy insurers’ quest for yield. But the structure relies in part on sourcing loans at low prices.

Paola Aurisicchio, May 06, 2021
EM Middle East

Etisalat lands in euros as currency heats up for EM

Emirates telecom provider Etisalat landed in the euro market with a bond on Thursday, raising €1bn across two tranches in a currency that is fast becoming a home for EM borrowers.

Lewis McLellan, May 06, 2021
Covered Bonds

Bankers divided on EBA’s LGD consultation

The European Banking Authority’s consultation assessing risk weights and loss given default of mortgage risk has drawn a mixed response from bankers, with some suggesting the regulator was angling for higher capital charges, while others came to the opposite conclusion.

Bill Thornhill, May 06, 2021
High grade and crossover bonds

IG corp buyers show preference for ESG and short maturities

The demand for sustainability-linked bonds was made clear on Thursday, as French minerals company Imerys’s deal commanded more than double the demand of Swedish property firm Sagax’s conventional trade, despite sharing big similarities.

Mike Turner, May 06, 2021
FIG Bond Comments

Barclays EUR750m 5NC4 FRN / EUR1.25bn 1.106% 11NC10 bail-in senior

Rating: Baa2/BBB/A

Frank Jackman, May 06, 2021
FIG Bond Comments

Deutsche Bank EUR1.25bn 4.625% PNC7 AT1

Rating: A3/BBB+/BBB

Tyler Davies, May 06, 2021
Corporate Bonds

Attractive arb for Deutsche Bahn 12 year Swissie

Despite paying a chunky new issue premium, Deutsche Bahn was still able to score some attractive arbitrage with its latest Swiss franc deal this week, and with favourable pricing on offer for foreign names, bankers are confident more could follow.

Frank Jackman, May 06, 2021

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