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People News

Moves in Brief — April 9, 2021

Powell returns to SEB for expanded job — BNPP team quits for boutique — HSBC returns Horsburgh to UK — NatWest promotes Plan — ICBC FI boss moves on

David Rothnie, April 08, 2021
Equity IPOs

Investors turn tough on IPOs after Deliveroo horror show

IPO sellers are keen to revive the market in Europe after Deliveroo’s disastrous debut last week. But investors, with the food delivery company’s share price collapse still fresh in their minds, are pushing banks on valuations for new listings, reports Sam Kerr.

Sam Kerr, April 08, 2021
High yield

Merck spin-off Organon launches $4.5bn bond financing

Organon, the spin-off from US pharma company Merck, has launched a bond leg of its financing, which will establish the unit as a separate firm with its own capital structure, while funding a $9bn dividend to its former parent. The firm was initially offering $4.5bn-equivalent across secured and unsecured bonds, with a bias to the deeper dollar market, but scaled this up during syndication to allow it to strip out bank debt.

Owen Sanderson, April 08, 2021
High grade and crossover bonds

KPN bonds widen 80bp on buyout rumour

KPN, the Dutch telecoms company, saw its bond spreads swing out on Thursday, on renewed reports that private equity firms are lining up to buy the company.

Mike Turner, April 08, 2021
LevFin CLOs

Reset wave helps NoChu cut CLO book

Record levels of resets in the CLO market on both sides of the Atlantic are helping NorinChukin Bank, once the anchor investor for many triple-A tranches, slim down its investment portfolio in the asset class. Fortunately, new big buyers are stepping up at the top of the capital structure, and on less onerous terms than NoChu demanded.

Owen Sanderson, April 08, 2021
LevFin High Yield Bonds

TI Fluid adds unsecured HY layer

TI Fluid Systems, an auto parts company, is marketing its first unsecured debt, a €600m eight year non-call three, which it plans to use to repay part of its secured debt. It has also launched repricing on this loan, looking to cut margins and reset Euribor floors to market standard levels.

Owen Sanderson, April 08, 2021
Syndicated Loans

BNP Paribas bankers in Spain leave for boutique firm

A group of BNP Paribas bankers in Spain have jumped ship to join boutique firm Beka Finance, according to market sources. One person familiar with the situation said that the French bank will refill these roles in due course.

Silas Brown, April 08, 2021
Regulatory Capital

Athora refis sub-benchmark tier two

Athora Netherlands returned to the market after almost three years away on Thursday, raising €300m of tier two paper for the first time since its takeover by its Bermuda-based parent.

Frank Jackman, April 08, 2021
Senior Debt

LF Bank makes most of quiet yet constructive window

Lansforsakringar Bank (LF Bank) enjoyed the sole attention of the market on Thursday as it placed the day's only senior bond in euros. With market conditions constructive, bankers expect more esoteric names could follow.

Frank Jackman, April 08, 2021
Covered Bonds

ECB struggles with covered bonds, as do all investors

The European Central Bank's covered bond purchases remained weak in March and, with issuance expected to stay anaemic for the foreseeable future, it will struggle to prevent its portfolio from shrinking. While this is positive for spreads, returns this year have been abysmal and, in the absence of supply, investors are being squeezed out.

Bill Thornhill, April 08, 2021
Asia

Electric vehicle maker Li Auto charges $750m CB

Chinese electric vehicle manufacturer Li Auto has raised $750m from its debut convertible bond, pricing the deal at the investor-friendly end of the marketed range.

Jonathan Breen, April 08, 2021
SRI

First SSA green bond fund would buy SLBs

NN IP has launched the world’s first green bond fund dedicated to sovereign, supranational and agency bonds. GlobalCapital spoke to Douglas Farquhar, client portfolio manager at NN IP, about the SSA green bond market.

Lewis McLellan, April 08, 2021

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