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Asia

Credit Suisse finds window for record low AT1 print

Credit Suisse took advantage of a ferocious rally in subordinated debt to land its lowest ever coupon for an additional tier one (AT1) in dollars this week. The deal was also the Swiss bank’s debut use of Sofr to hedge interest rate risk on new issuance.

Tyler Davies, December 03, 2020
LevFin High Yield Bonds

Tui starts long road to deleveraging with third bailout

Travel company Tui announced its third bailout package since March on Wednesday, adding a substantial equity cheque to more state-backed debt, as troubled companies shift their focus from emergency cash to stable capital structures. A sharp rally in the company’s shares helped firm up the rescue package, but some questioned whether the new money will be enough.

Owen Sanderson, December 03, 2020
Equity IPOs

Europe hopes Niel’s new Spac will lead issuance wave

A new special purpose acquisition company (Spac) founded by three celebrated French investors has prompted hopes that more deals will follow in Europe next year. Spacs have been one of the most talked-about aspects of the global equity capital markets, particularly in the US, where more than $65bn has been raised through Spacs this year, according to Dealogic.

Aidan Gregory, December 03, 2020
Hybrid

Grand City brings rare December hybrid

Grand City Properties, a German real estate company, opened books on a hybrid trade on Thursday, leaving some corners of the market surprised that investors would still be open to taking on high beta assets this late in the year.

Mike Turner, December 03, 2020
LevFin High Yield Bonds

Webuild tries again for bond refi after Astaldi takeover

Webuild, the Italian construction company formerly known as Salini Impregilo, has launched a refinancing of its €600m 2021 bond, after finally completing the takeover of stricken competitor Astaldi at the beginning of last month. The new tender offer is intended to finish a refi attempt started in January, which received lacklustre take-up.

Owen Sanderson, December 03, 2020
Private debt

VW 'aggressively' parks €500m MTN

Volkswagen International Finance “aggressively” priced through its secondary curve when it issued a €500m medium term note on Tuesday.

Frank Jackman, December 03, 2020
Covered Bonds

Fierce EU Taxonomy won’t stop green covered bond supply

The EU’s Taxonomy Regulation for sustainable activities regarding property represents a brutal disclosure standard. Though some investors will grapple with the collateral implications, others told GlobalCapital on Thursday that the taxonomy should not bar them from investing. But even so, several bankers and a rating agency specialist predicted that, if left in its present format, the draft would be wholly counterproductive.

Bill Thornhill, December 03, 2020
Sovereigns

UK DMO chief sets out vision for £30bn green bond curve

Building a UK green government bond market would take a minimum issuance of about £30bn and “some time” for the UK to establish a benchmark size for the market, according to the head of the UK Debt Management Office.

Burhan Khadbai, December 03, 2020
Sovereigns

Finland drops Moody’s from solicited credit ratings

Finland has cut the number of its solicited credit ratings from three to two after removing Moody’s, leaving the sovereign with scores from Fitch and S&P Global.

Burhan Khadbai, December 03, 2020
People News

People moves in brief

AIIB's Mills Hagen leaves for Opec Fund — Horta Osório to chair Credit Suisse, replaced by Nunn — Mulderrig to head up European debt syndicate at UBS

Burhan Khadbai, December 03, 2020
CLOs

December window jump-starts securitization secondary

Euro securitization secondary markets leapt into action as traders see a window of spread tightening in December, crossing their fingers and hoping macro worries have abated for the remainder of the year.

Tom Brown, December 03, 2020
Southpaw

Mustier can leave with head held high

UniCredit chief executive Jean Pierre Mustier upset the Italian establishment but he acted in the best interests of shareholders. But if he moves on, the bank would face an uncertain fate amid a new chapter of domestic and international banking M&A, writes David Rothnie.

David Rothnie, December 03, 2020

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