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Divergence on ABS is healthy, just don't touch STS

As the securitization regimes in the UK and the EU begin to diverge, the changes made so far will do little long-term damage and there are even potential benefits, as long as rule makers on both sides of the English Channel stay true to the 'simple, transparent and standardised' (STS) principle.

Tom Brown, April 20, 2021
SSA

Dollars make a comeback while subscriptions slide

The dollar market roared into life last week, with the largest number of SSA deals in the currency since January 2020 — just under $20bn. However, subscription ratios for the currency were rather weak at 1.58 times.

Johan Lai, April 20, 2021
High grade and crossover bonds

Yorkshire Water shrugs off negative press

Yorkshire Water priced a £350m bond inside fair value on Tuesday, shrugging off allegations that it had failed to properly report dumping waste water, although a few investors did raise the subject during marketing.

Mike Turner, April 20, 2021
CMBS

Israeli sponsor supports UK hotel CMBS as lockdown exit nears

Israeli investor Amir Dayan is injecting more financing into a hotel-backed CMBS made up of 17 Holiday Inn and three Crowne Plaza hotels distributed across the UK, as the government toys with opening up the country’s tourism sector.

Tom Brown, April 20, 2021
SSA

EIB enjoys impressive outing as IDA looks to follow in dollars

Despite a wave of supply last week, the dollar bond market seems poised for another strong session with a jumbo outing from the European Investment Bank on Tuesday and several borrowers lining up for Wednesday.

Lewis McLellan, April 20, 2021
GC View

Governance concerns won't derail Darktrace's IPO

The corporate governance issues surrounding Darktrace, the UK AI cyber security company that confirmed its intention to float on the London Stock Exchange this week, can be generously described as unusual but they are not a shock to the market, and are unlikely to put investors off completely, providing the company seeks a sensible valuation.

Aidan Gregory, April 20, 2021
People News

Cooke leaves Lloyds securitized products group

Matt Cooke, head of the securitized products group at Lloyds, has resigned from the bank, GlobalCapital understands.

Owen Sanderson, April 20, 2021
Supras and agencies

EU flies through EFSM deal

The European Union coasts through its €4.75bn 15 year transaction under its European Financial Stabilisation Mechanism programme on Tuesday.

Burhan Khadbai, April 20, 2021
Emerging Market Loans

Metalloinvest secures credit line amid ongoing Russia volatility

Russian steelmaker Metalloinvest has secured a $350m credit line from international lenders. Metalloinvest is the second Russian corporate to tap international lenders since fresh sanctions were announced against Russia by the United States.

Mariam Meskin, April 20, 2021
SRI

Germany, Belgium join battle over Taxonomy credibility as it goes to wire

Hectic negotiations and lobbying are going on at the European Commission about the Taxonomy of Sustainable Economic Activities, in the last day before it is due to publish the detailed rules. Key countries including Germany have changed their positions, GlobalCapital can reveal, while supporters of gas and nuclear power are digging in. Battlelines are now being drawn over the timing.

Jon Hay, April 20, 2021
LevFin Leveraged Loans

Virgin Active restructuring to set high street precedent

UK gym chain Virgin Active’s restructuring could set a precedent for restructurings of UK retailers. Dozens of retailers have used ‘CVA’ processes to cut their debt burdens, which typically hits their landlords hard but leaves other creditors unscathed. Virgin Active is instead using the new UK ‘super scheme’ restructuring law introduced last year to try to bind landlords and other creditors alike into accepting writedowns.

Owen Sanderson, April 20, 2021
High yield

Opioid maker Grünenthal readies high yield debut months after freeze-out

Grünenthal, the German pharmaceutical firm which specialises in painkillers, is looking to refinance its debt with an inaugural high yield bond, just two months after buyers reportedly shunned the company over ESG concerns around opioid manufacturing.

Silas Brown, April 20, 2021

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