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  • ABS
    Global Jet Capital has priced the first aircraft ABS deal since the pandemic, testing the water with a unique deal backed by diversified and newer business jets linked to high net worth individuals. Although the transaction was well received by investors, it will still be some time before more conventional aircraft deals see demand rebound.
  • Tulp Hypotheken has mandated HSBC as arranger and BNP Paribas as joint-lead manager for Tulip Mortgage Funding 2020-1, the issuer’s second ever deal following its 2019 debut.
  • South Africa's Standard Bank, which is 20% owned by ICBC, has raised a syndicated loan from a consortium of Chinese lenders. The transaction marks one of the few spots of activity in a market that has almost halved in size this year.
  • Daa, the operator of two Irish airports, and Swedish telecoms company Tele2 have mandated for bonds, as the market goes into near-hibernation during corporate earnings blackouts.
  • Compagnie Générale des Etablissements Michelin, the French tyre company, won more than €10bn of demand for its €1.5bn bond issue on Monday. Now a growing number of corporate bankers expect to see European high grade spreads return to pre-Covid 19 levels.
  • BCS Global Markets, the investment services division of Russia’s largest independent broker, has hired Vadim Kotov as the new chief operations officer for its investment banking business.
  • The European Investment Bank hit screens on Monday afternoon to announce what will be its final benchmark deal of the year, with the issuer set to use every inch of its €70bn borrowing authorisation for 2020.
  • Muenchener Hypothekenbank has mandated leads for a rare 20 year covered bond benchmark, the first from a German issuer this year and only the third from the whole market. Rates have collapsed rendering the recently popular 15 year tenor less attractive.
  • Investors are sanguine about the fact that covered bonds pledged for repo with central banks hit a new record this year. Although issuers acknowledge the need to appear regularly with benchmarks in the public market, some have scaled back, but this is likely to prove temporary.
  • As Europe moves into a second wave of coronavirus cases, banks could soon return to the market with more Covid-themed bond issuance. However, issuers that do choose to tap the market may find themselves competing with the European Union.
  • Companies raising equity in the UK this year — amid a very uncertain outlook for business prospects — may risk opening themselves up to claims related to the information they disclose or do not disclose, according to lawyers at Herbert Smith Freehills.
  • Ronald Hinterkircher, who is retiring from the Swiss franc bond market after a 40 year career, has told GlobalCapital that digitalisation and the possible removal of the withholding tax for foreign investors could change the market over the next few years. But with the European Central Bank propping up the euro bond market, arbitrage opportunities for international companies in Swiss francs are vanishingly slim.