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LevFin High Yield Bonds

Swan song for hung bridges as Golden Goose readies bonds

Golden Goose, the Italian shoemaker bought by Permira just before the coronavirus pandemic struck Europe, is looking for €470m of senior secured bonds in what may be the last repayment of a bridge facility signed before Covid. Hung bridges for leveraged buyouts were a serious concern for banks at the height of the pandemic but due to governments and central banks supporting the financial markets, lenders sold down the positions successfully — mostly much earlier than Golden Goose, writes Silas Brown.

Silas Brown, May 06, 2021
Regulatory Capital

Credit investors back new-look Deutsche in AT1 reopening

Deutsche Bank scored a blowout book with its first euro additional tier one since 2014 this week, as investors rewarded the issuer for progress on its turnaround plan. Banco Santander then gave the asset class another shake, with a deal split across euros and dollars.

Tyler Davies, May 06, 2021
Regulatory Capital

Investors drive fledgling green T2 mart

Bank of Ireland and Westpac found strong demand for debut green tier two deals this week, as investors flock to this growing segment of the ESG market in search of higher returns.

Frank Jackman, May 06, 2021
FIG Bond Comments

Bank of Ireland EUR500m 1.375% 10.25NC5.25 green tier two

Rating: Baa3/BB/BB+

Frank Jackman, May 06, 2021
Sovereigns

Greece ‘still some way off’ investment grade credit status

While Greece is nearing a return to investment grade status it still has a way to go before it reaches that summit, according to the major credit agencies.

Burhan Khadbai, May 06, 2021
ABBs-Block Trades

European blocks market revved up after deal fest

A big night for the European blocks market on Tuesday took Europe’s equity capital markets by surprise, with almost €2.9bn printed across three accelerated deals. The success of the sales has given the market hope that there are more opportunities to bring big block trades, writes Sam Kerr.

Sam Kerr, May 06, 2021
CEE

LimakPort lining up dollar bond as Turkey holds rates steady

The new governor of Turkey’s central bank, Şahap Kavcıoğlu, kept rates unchanged at his second monetary policy meeting since taking office. Although a rate cut was unlikely, the decision bodes well for next week’s planned dollar bond issue by LimakPort.

Lewis McLellan, May 06, 2021
High grade and crossover bonds

IG corp investors pile into anything with yield

Europe’s high grade corporate bond investors clamoured for spread this week, with low triple-B rated companies Aker BP and Holding d’Infrastructures de Transport (HIT) finding ample demand a day after Eni had sold hybrid debt.

Mike Turner, May 06, 2021
High grade and crossover bonds

'Greenium' exists for IG corps even at sub-benchmark sizes

The demand for sustainability-linked bonds was laid bare on Thursday, as French minerals company Imerys’s SLB commanded more than double the demand of Swedish property firm Sagax’s conventional trade, despite both deals sharing major similarities.

Mike Turner, May 06, 2021
LevFin High Yield Bonds

Tullow tightens docs but gets rescue bond away

Tullow Oil has tightened the already restrictive terms on a new $1.8bn senior secured bond, applying further limits to dividend capacity and restrictions on paying down its unsecured 2025 bonds early. But the company had few other options to stave off a restructuring, other than taking what the market will bear, and the bond looks set to price at the tight end of the 10.25%-10.5% guidance.

Owen Sanderson, May 06, 2021
Technology

DCM automation hits milestone with LSEG deal

A $7bn equivalent nine-tranche bond issued by London Stock Exchange Group in March put the newest generation of bond documentation software through its paces. It was the first deal of its size and complexity to use one of the growing array of automation technology platforms.

Richard Metcalf, May 06, 2021
ABS

Trinity prices inaugural ESG-linked railcar bonds

Trinity Industries has priced its first railcar ABS transaction designated as a green bond, from a recently established green ABS framework. As one of the very few labelled US ABS deals outside of solar or PACE, the Trinity transaction enjoyed high demand from traditional and non-ABS investors.

Jennifer Kang, May 06, 2021

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