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Senior Debt

Leeds builds up MREL buffer with non-pref debut

Leeds Building Society returned to the senior sterling market on Tuesday after more than a decade away. It was its first foray into the non-preferred format, which will help it build up its buffers over its minimum requirements for own funds and eligible liabilities (MREL).

Frank Jackman, March 09, 2021
GC View

Greensill’s private status sheltered it from short seller scrutiny

Short sellers get a lot of stick, whether it is Elon Musk taunting them, an army of Redditors squeezing them or the corporations they target otherwise harassing, suing and investigating them. But they play a vital part in capital markets, as underlined by the Greensill affair — where the finance firm’s private status meant that for too long it could hide from the accountability that short sellers can help deliver.

Owen Sanderson, March 09, 2021
Market News

Davy closes bond desk after multiple MiFID breaches, Ireland PD role withdrawn

Davy, the Irish brokerage firm, has shut its bond desk with immediate effect following a damning investigation by the Central Bank of Ireland which found a group of employees breached markets regulation for personal financial again over a period of two years.

Burhan Khadbai, March 09, 2021
Equity

Green equity issuers persevere against market volatility

European equity deals linked to renewable energy have continued to come to market despite sustained turbulence buffeting the sector.

Sam Kerr, March 09, 2021
Emerging Market Loans

Akbank debuts ESG loan and slashes pricing

Turkish lender Akbank is in the syndicated loan market with its debut ESG deal, according to sources. The bank has been able to tighten pricing on the refinancing, meaning that it has enough competitively priced funding for it not to need to come to the bond market.

Mariam Meskin, March 09, 2021
Covered Bonds

OLB makes ‘solid start for covered bond career’

Oldenburgisch Landesbank priced its debut publicly distributed mortgage Pfandbrief on Tuesday, attracting enough demand to ensure the deal size was increased to the top end of the expected range, even as the spread was tightened. But a deterioration in market conditions was blamed for its low subscription ratio.

Bill Thornhill, March 09, 2021
Senior Debt

Intesa dips through fair value for third ESG deal

Intesa Sanpaolo saved a couple of basis points with the sale of a new senior bond from its green issuance framework on Tuesday, compared to fair value on a conventional deal. The new issue came as markets remained on edge ahead of the European Central Bank’s next meeting.

Tyler Davies, March 09, 2021
Regulatory Capital

CaixaBank proves popular with green capital trade

CaixaBank was well supported for the sale of a new €1bn tier two this week, becoming only the fourth European bank to issue a capital transaction in green format.

Tyler Davies, March 09, 2021
Investment Grade Loans

Enel takes crown for biggest sustainability loan

Enel, the Italian energy company, has signed a €10bn sustainability-linked revolving credit facility, taking the title for the largest such deal that was held by Anheuser-Busch InBev for less than a month.

Mike Turner, March 09, 2021
High grade and crossover bonds

ECP refis 1.34GW of UK gas turbines

Energy Capital Partners, a UK private equity company, has signed £192m in loans and trade finance facilities, refinancing debt for gas turbines that have been linked to the transition to carbon neutrality in the UK.

Mike Turner, March 09, 2021
SRI

Russian nuclear plant in Turkey uses sustainable loan

Rosatom, the Russian nuclear power company, is using a $300m sustainability-linked loan for part of the financing of Akkuyu, the first nuclear power plant to be built in Turkey — a sign of how fast and far the concept of sustainability-linked finance is spreading.

Jon Hay, March 09, 2021
Equity IPOs

Vantage Towers brings big cornerstone but shrinks IPO

Vantage Towers, the telecoms towers division of Vodafone, has announced the price range for its IPO on the Frankfurt Stock Exchange and secured cornerstone orders for almost half of the deal size. The deal is smaller than many had expected, as rising bond yields continues to impact wider equity markets.

Aidan Gregory, March 09, 2021

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