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Bank Results

UBS hit by bigger than expected Archegos loss

The first quarter results for UBS’s investment bank looked much like a repeat of rival Credit Suisse’s earnings last week, with strong underlying performance marred by a loss stemming from former prime brokerage client Archegos Capital.

Richard Metcalf, April 27, 2021
Asia

HSBC eyes bolt-on M&A in Asia wealth management

HSBC is mulling bolt-on acquisitions in wealth management, primarily in Asia, after capital was freed up by a favourable reassessment of credit losses stemming from the coronavirus pandemic.

Richard Metcalf, April 27, 2021
High grade and crossover bonds

Throwing off capex shackles to spur corporate borrowing

Europe’s high grade corporate bond market bankers are expecting a rebound in issuance in the second half of the year, as macro data suggests business investment will soon pick up, whittling away at cash piles.

Mike Turner, April 27, 2021
Equity IPOs

Hemnet soars in day one trading

Swedish property website Hemnet has succeeded in a difficult IPO market, its shares rising 50% on its first day of trading in Stockholm.

Sam Kerr, April 27, 2021
Sovereigns

Italy brings new points to dollar curve

Italy sold new three and 30 year dollar bonds through syndication on Tuesday as it continues to build out a curve in the currency.

Burhan Khadbai, April 27, 2021
GC View

Banks should light their own path to SLB issuance

There is a golden opportunity for banks to set a precedent by issuing sustainability-linked bonds across the capital stack, rather than waiting for regulators to finish fretting over the guidance.

Tyler Davies, April 27, 2021
LevFin High Yield Bonds

Birkenstock tweaks docs but not for the better

Birkenstock’s acquisition financing package saw changes to the documentation during syndication, announced on Monday. While the deal comes with an aggressive covenant package, the amendments do little to smooth the edges, instead raising the possibility that a rapid flotation of the business could see bondholders repaid inside the non-call period.

Owen Sanderson, April 27, 2021
Covered Bonds

PMM: Covered bond issuers make most of higher yields

French and German banks have led the resurrection of the primary covered bond market over the last two weeks, with the sterling market particularly active. They have been making the most of good conditions for borrowers. So far this year, covered bond issuers have paid an average concession of 0.15bp compared to the 2.93bp they paid in 2020.

Johan Lai, April 27, 2021
RMBS

UK launches 'debt freeze' protecting borrowers

UK government is introducing a debt freeze for suffers from mental health problems, introducing a 60 day “breathing space” where lenders will be prevented from communicating with borrowers who are in arrears. Mental health has also come to the forefront of debate around how to help so-called ‘mortgage prisoners’ stuck on high interest rates after the financial crisis.

Tom Brown, April 27, 2021
Sovereigns

UK snags £6bn at 30 years

The UK Debt Management Office raised £6bn with its first syndication of the financial year. Although one investor said the spread was more generous than he expected, the trade drew praise for the smoothness of its execution.

Lewis McLellan, April 27, 2021
Equity

Russian ECM heats up as geopolitical tensions cool

A wave of Russian equity capital markets activity has broken this week, taking advantage of a rise in optimism that geopolitical tensions between Russia and the US are decreasing.

Sam Kerr, April 27, 2021
Covered Bonds

MuHyp prices Pfandbrief at tightest spread in 18 years

Muenchener Hypothekenbank (MuHyp) issued its second ultra-long dated Pfandbrief of the year on Tuesday, flat to the curve and into good demand at the tightest spread for this tenor and longer in the past 18 years.

Bill Thornhill, April 27, 2021

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