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Private debt

Jenoptik doubles initial target with ESG Schuldschein

German optics maker Jenoptik has sold €400m-equivalent worth of sustainability-linked Schuldscheine, with around 250 investors participating in the euro and dollar deal.

Silas Brown, March 24, 2021
Regulatory Capital

FIG primary kicks off with ESG flurry

Financial issuance got underway in the euro primary market on Wednesday, with borrowers keen to bring forward ESG-labelled bonds in the first deals of the week.

Frank Jackman, March 24, 2021
SSA

SSA secondary pricing update: Greece's new 30 year performs strongly

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Tuesday, March 23. The source for secondary trading levels is ICE Data Services.

Burhan Khadbai, March 24, 2021
Senior Debt

Athene just covered on return to sterling

Athene Global Funding encountered slim demand after circling back to the sterling market on Wednesday, with lead managers citing a ‘challenging environment’ for new issues in Europe.

Tyler Davies, March 24, 2021
Supras and agencies

IDB Invest prints first Mexican peso gender bond

IDB Invest, the private sector investment arm of the Inter-American Development Bank, has sold a gender bond denominated in Mexican pesos, becoming the first multilateral to print a gender bond in Latin America.

Lewis McLellan, March 24, 2021
Investment Grade Loans

Full scale of European loan covenant waivers revealed as 12% need break

More than one in 10 European companies had to renegotiate covenant waivers on loans to offset a collapse in earnings from the pandemic, and loans bankers say they are still getting requests from borrowers to amend terms.

Mike Turner, March 24, 2021
Equity

Tryg wraps up $6bn rights issue with almost full take-up

Tryg, the Danish insurance company, received a 99.7% take-up for its rights issue which closed this week. The deal will fund the acquisition of insurance group RSA’s Nordic operations.

Sam Kerr, March 24, 2021
Covered Bonds

Axa taps thirsty covered bond market

Axa Home Loan SFH issued the only covered bond of the week on Wednesday, when it surfaced with a €250m tap of an old 15 year deal. The transaction underscores the impression that a flood of retained issuance used for central bank funding is negative for distributed supply. Yet, there is still hope that the situation will improve in the second half of the year.

Bill Thornhill, March 24, 2021
Regulatory Capital

NatWest takes action on legacy debt as PRA deadline looms

NatWest Group is looking to smarten up its capital structure by repurchasing up to $6.7bn of its subordinated debt from investors, including two legacy instruments. The offer arrives a week ahead of a deadline for UK banks to submit official clean-up plans for their old-style securities.

Tyler Davies, March 24, 2021
EM Middle East

Gulf FIG duo tap investors with dollar sukuk offerings

The Saudi-headquartered Islamic Development Bank is set to sell a dollar bond on Wednesday, having launched the deal on Tuesday. The sustainability sukuk is one of two FIG deals from the Gulf region this week, as Kuwait’s Boubyan Bank also entered the market for a dollar sukuk.

Mariam Meskin, March 24, 2021
Africa

Ghana mandates for dollars in test of HY appetite

The Republic of Ghana, one of the few African sovereigns to have tapped capital markets last year, this week mandated banks to arrange a dollar bond. The multi-tranche bond, market participants say, will demonstrate investors’ appetite for high yield credit.

Mariam Meskin, March 24, 2021
Equity-Linked

Dufry issues new convertible as old bond converts early

Dufry, the Swiss duty-free concession operator, has issued a new five-year Sfr500m convertible bond to help refinance the Sfr350m three-year convertible it received in April 2020 following the initial onset of the pandemic, which caused a collapse in the company’s share price.

Aidan Gregory, March 24, 2021

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