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Russians need to move quick to get ahead of sanctions

With the inauguration of US president-elect Joe Biden in January will come increased expectations of further sanctions against Russian figures and corporates. Russian issuers should take advantage of the rally initiated by Biden's election performance and follow their sovereign into bond markets to raise cash while the going is good.

Mariam Meskin, November 17, 2020
ABS

Aircraft ABS spreads tighten but collateral stress remains

The aircraft ABS market saw spreads tightening by as much as 75bp last week, driven by optimism over coronavirus vaccines, and spreads are continuing to benefit from the hope that travel will soon recommence. Despite the market’s positive reaction, sources caution that the tightening could be short-lived, as it will take longer than anticipated to see collateral performance fully recover to pre-pandemic levels.

Jennifer Kang, November 17, 2020
GC View

Investors take big risks in ignoring Brexit struggle

As the UK and the EU prevaricate over the terms of a future trading relationship, equity investors seem to be ignoring the lack of progress in negotiations and the dangerous possibility of a deal between the pair not being struck before the Brexit transition period ends in just a few weeks.

Sam Kerr, November 17, 2020
High grade and crossover bonds

LafargeHolcim's tight pricing helps cement SLBs’ place in the market

LafargeHolcim, the French-Swiss construction materials company, breezed past fair value on its debut sustainability-linked bond (SLB) on Tuesday, helping dampen concerns from some corners of the market that investors might struggle to get comfortable with the structure’s unspecified use of proceeds.

Mike Turner, November 17, 2020
High grade and crossover bonds

Orbit Capital’s books bulge as mandates stack up

Orbit Capital, the UK housing association, had its £300m November 2038 bond issue more than five times subscribed on Tuesday, as more borrowers line up trades in a rip-roaring week for new corporate bond issuance in Europe.

Mike Turner, November 17, 2020
Hybrid

Abertis rings up €5.25bn of orders for hybrid

Abertis Infraestructuras, the Spanish toll road company, got blowout demand for its hybrid capital issue on Tuesday, as appetite for riskier debt returned to the corporate bond market.

Mike Turner, November 17, 2020
SSA

Italy returns to dollars as World Bank takes $8bn with dual tranche

Dollars was the flavour of the day for public sector borrowers on Tuesday as three issuers headed to the currency, raising a combined $12bn. Two more SSAs will follow with dollar deals on Wednesday.

Burhan Khadbai, November 17, 2020
Covered Bonds

Issuance to improve but covered bonds to stay squeezed

Covered bonds are expected to remain a core funding tool next year and the outlook for supply is likely to improve. However, net of redemptions and central bank purchases, the market will remain highly squeezed.

Bill Thornhill, November 17, 2020
Supras and agencies

EU holds fire on 15 year SURE bond

The European Union was expected to hit the market this week for the third syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme. But with no mandate announcement in sight, the borrower will likely wait until next week, according to SSA bankers.

Burhan Khadbai, November 17, 2020
Supras and agencies

Poland and Hungary block EU recovery fund over rule of law

The EU recovery fund has hit a major obstacle in its journey to capital markets. Hungary and Poland have vetoed the "own resources decision", which would allow the EU to access the bond market on its own account.

Lewis McLellan, November 17, 2020
People News

Esposito to replace Lemkau at Goldman's IBD

Gregg Lemkau is leaving Goldman Sachs at the end of the year and will head up an alternative investment firm linked to tech entrepreneur Michael Dell. Jim Esposito will take over as joint head of the investment banking division at Goldman.

Jasper Cox, November 17, 2020
CLOs

Canada-based manager gains SEC approval, buys Garrison CLOs

Mount Logan Capital has acquired management rights to two middle-market CLO contracts from Garrison Investment Management. The asset manager disclosed the acquisition in an announcement and said that it paid $3m to take over the two CLOs together with “certain side letter agreements”.

Paola Aurisicchio, November 17, 2020

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