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LevFin High Yield Bonds

Dufry boosts size of HY comeback bond

Duty-free operator Dufry joined the throng of issuers in the high yield primary markets this week with its first straight offering since the coronavirus pandemic hit. It increased the offering size from €850m to €1bn, as investors pinned their hopes on the vaccine-inspired recovery in the travel industry.

Owen Sanderson, April 15, 2021
SRI

EU eyes separate gas law, leaves harmful bioenergy in Taxonomy

The European Commission is set to put forward a new solution to the intense battle over the EU's sustainable finance Taxonomy, between green finance supporters and EU member states that want to safeguard their plans to use gas, GlobalCapital has learned. This would appear to involve leaving gas out of the sustainable category of the Taxonomy, as environmentalists have demanded, and making a "separate legislative proposal" to deal with gas and nuclear power.

Jon Hay, April 15, 2021
LevFin High Yield Bonds

Pfleiderer sucks up docs change for better pricing

Pfleiderer and its owner, Strategic Value Partners, have minor changes during syndication to the deal docs in its dual-tranche sustainability-linked high yield bond, limiting the group’s flexibility to pay out sale proceeds from its Polish division as a dividend. But the company has succeeded in pushing pricing tight, with the fixed rate bonds set to land at 4.75% area and the floater at 475bp.

Owen Sanderson, April 15, 2021
Equity IPOs

Concerns grow over Spac deluge

The relentless flow of special purpose acquisition companies coming to the market is causing unease among investors about market saturation, with $140bn raised so far this year. Only the highest quality sponsors are likely to succeed in bringing new Spacs to IPO from now on, writes Aidan Gregory.

Aidan Gregory, April 15, 2021
Securitization People and Markets

‘Trench warfare’ as vultures swoop on Irish NPLs

Private equity "vulture funds" are tightening their grip on Ireland after a Covid-19 parliamentary bill opened up more mortgages for repossession. But legal practitioners are working with non-profits to stop PE firms from “scraping the barrel” of defaulted mortgage debt.

Tom Brown, April 15, 2021
FIG People and Markets

Kiwi climate change reporting law passes first reading

New Zealand could become the first country to make climate reporting obligatory for financial firms, after lawmakers passed an amendment on Thursday requiring them to disclose climate change risks.

Frank Jackman, April 15, 2021
CEE

CBRT rate hold calms markets but woes far from over

The Central Bank of the Republic of Turkey on Thursday held its key interest rate at 19% despite fears that new governor and low interest rate champion Şahap Kavcıoğlu would cut rates. But despite the policy move, investor anxieties remain.

Mariam Meskin, April 15, 2021
SSA People and Markets

TCX partners with EU to subsidise frontier currency lending

TCX is working with the European Commission to encourage more local currency lending. The experimental project will reduce the costs of cross-currency basis swaps for development lending.

Lewis McLellan, April 15, 2021
Covered Bonds

Basis swap widening helps covered bonds

A widening in the basis swap between three and six month Euribor and a recent rise in yields have improved the attractiveness of covered bonds for a proportion of investors. But for many others, bonds that trade well through swaps in the secondary market are only fit for the European Central Bank.

Bill Thornhill, April 15, 2021
Asia

Ant’s sweeping overhaul offers little clarity on delayed IPO

A planned restructuring of China’s Ant Group into a financial holding company has raised questions — and fuelled speculation — about when the firm is able to revive its derailed IPO and how it will be valued. Addison Gong reports.

Addison Gong, April 15, 2021
Senior Debt

Anima takes senior funding in seven year sweet spot

Italian asset manager Anima Holding sold €300m of senior debt against a quiet backdrop this week, having decided to target the popular seven year tenor.

Tyler Davies, April 15, 2021
Equity IPOs

Canal+ Polska resurrects IPO plans

Canal+ Polska, the Polish satellite TV network, has rebooted its IPO on the Warsaw Stock Exchange, after the deal was pulled in November last year due to a lack of demand.

Aidan Gregory, April 15, 2021

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