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LevFin High Yield Bonds

AA’s £280m bond helps rare debt-lowering LBO

Barclays took out the bridge financing for TowerBrook and Warburg Pincus’s takeover of UK roadside assistance group The AA on Wednesday, selling a £280m five year bond at 6.5%.

Owen Sanderson, January 21, 2021
People News

Soriano surfaces at Natixis

Natixis has hired Mark Soriano, formerly at Barclays, for its capital structure and rating advisory team.

Jasper Cox, January 21, 2021
Equity IPOs

Cornerstones go mainstream for European IPOs

Companies are increasingly turning to cornerstone and anchor investors to support their IPOs across the price range before deals are launched. While the phenomenon is common in Asia and the Nordic markets, it has been rarer in UK and most continental European deals until now, but the trend is turning into the norm, reports Sam Kerr.

Sam Kerr, January 21, 2021
Supras and agencies

EBRD shows patience to print flat to curve

The European Bank for Reconstruction and Development led the way on a busy Thursday in the SSA dollar market, printing $2bn flat to its curve.

Lewis McLellan, January 21, 2021
LevFin High Yield Bonds

Rekeep opens the racy end

Italian facility management company Rekeep signalled market appetite for the spicier end of high yield this week, issuing a €350m five year non-call two at 7.25%. This will trim the company’s sky high funding costs, paying for the redemption of its 9% 2022s.

Owen Sanderson, January 21, 2021
CLOs

ESG securitization: why CLOs are struggling to change colour

Green securitization is firmly on the menu as part of the European Union's push for sustainable investment. But one corner of the market is proving slow to change, despite taking baby steps in that direction.

Tom Brown, January 21, 2021
Sub-sovereigns

Land NRW scores with new 30 year ahead of ECB meeting

The State of North Rhine-Westphalia found plenty of demand as it came to the market with a new 30 year benchmark on Thursday, ahead of the European Central Bank’s first monetary policy meeting of the year.

Burhan Khadbai, January 21, 2021
High grade and crossover bonds

Bruxelles Lambert shrugs off ECB noise, issues new bond

Groupe Bruxelles Lambert, the Belgian investment holding company, found a warm response from the bond market on Thursday, despite the potential distractions of a European Central Bank meeting being held on the same day.

Mike Turner, January 21, 2021
LevFin High Yield Bonds

Webuild and United spot window for opportunistic HY taps

Two issuers spotted a window on Thursday for opportunistic high yield issues, as the Crossover index had tightened 9bp on Wednesday and there was a firm tone in other risk assets. Italian construction group Webuild launched a €150m tap of its 2025 note, launched in December, while Balkan telco United Group reopened its 2027s for €100m.

Owen Sanderson, January 21, 2021
Southpaw

Santander pins corporate finance strategy on ESG

Santander reckons it can harness the power of hydrogen to boost its standing in corporate and investment banking, building on its ESG credentials in similar way to how rivals built supremacy during the internet boom, writes David Rothnie.

David Rothnie, January 21, 2021
High grade and crossover bonds

Acea and United Utilities lifted by sea of green demand

Utilities Acea and United Utilities Water romped home with ESG-themed bonds in euros and sterling on Thursday. Bankers said investor demand for socially conscious assets was swelling.

Mike Turner, January 21, 2021
EM LatAm

Unifin launches exchange, plots new deal

Mexican non-bank lender Unifin Financiera is planning an eight year bond issue of up to $500m, with up to $200m set to come via an exchange offer for existing bonds. But bondholders participating in the exchange are unlikely to receive much by way of increased returns for pushing out their maturities.

Oliver West, January 21, 2021

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