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LevFin Leveraged Loans

Fears of PP exodus as amendment round looms

US private placement market insiders fear a round of early prepayments, as companies look to wriggle out of the straightjackets of financial covenants and issue public market bonds instead. Amendments brokered at the start of the coronavirus pandemic are up for review now, and sources think these talks will involve tough conversations between borrowers and lenders.

Silas Brown, October 06, 2020
CEE

CEE sovereigns feast on bonds but have space for more

Central and Eastern Europe had never been better prepared for a crisis than when Covid-19 hit, and the region’s governments faced few obstacles in ramping up external bond issuance this year. But there is uncertainty regarding what EU funding will mean for CEE volumes

Oliver West, October 06, 2020
CEE

All eyes on elections in Romania amid pension battle

Florin Cîțu, Romania’s finance minister, is in defiant mood as he speaks to GlobalMarkets from the campaign trail ahead of a busy election cycle. The previous day, September 22, parliament had voted to amend the budget to increase pensions by 40% — instead of the 14% increase that the National Liberal Party (PNL)-led government, which has a minority in parliament, had implemented.

Oliver West, October 06, 2020
Supras and agencies

Société du Grand Paris ups funding programme

Société du Grand Paris plans to steam ahead with funding as it announced a doubling of its green EMTN programme and a substantial increase to its 2020 funding programme to help prefund the financing for the next three years of the Grand Paris Express project.

Frank Jackman, October 06, 2020
GC View

Libor transition: A dirty job but one for bankers

Crunch time is coming for the shift away from Libor and a recent survey shows that the majority of companies have yet to do anything tangible in preparation. Quite right too. Lenders need to realise this is a bank problem, not a client issue.

Mike Turner, October 06, 2020
CEE

CEE economies well placed to resist second wave risks

Fears of another spike in coronavirus cases are dampening optimism that Central and Eastern European economies would charge out of recovery. But a strong starting position and the EU’s huge support packages mean the region is better placed than most

Oliver West, October 06, 2020
Regulatory Capital

Nykredit returns to AT1 with tightly priced deal

Nykredit Realkredit was set to launch its first additional tier one (AT1) in over five years on Tuesday, tightening its pricing by more than 50bp to close in on a level that looked close to fair value.

Tyler Davies, October 06, 2020
Follow-ons and Rights issues

Alibaba and Advent to take stake of Dufry in rights issue

Dufry, the Swiss operator of duty free retailers, has launched a Sfr700m ($766m) rights issue for M&A and corporate capital needs. The rights issue will allow two strategic investors, Advent Group and Chinese e-commerce firm Alibaba to take large stakes in the company.

Sam Kerr, October 06, 2020
CEE

Turkey startles investors with five year bond

The Republic of Turkey hit screens on Tuesday with a dollar bond issue, which took some investors by surprise. Though Turkey may have had a rocky few months with credit downgrades and currency depreciation, the bond is expected to be received well by investors.

Mariam Meskin, October 06, 2020
Senior Debt

Argenta offers substantial premium with new MREL deal

Argenta Spaarbank attracted attention from investors with a 15bp new issue premium on Tuesday, allowing it to raise €500m of non-preferred senior debt for the minimum requirements for own funds and eligible liabilities (MREL).

Frank Jackman, October 06, 2020
Covered Bonds

YBS attracts outstanding covered bond demand

Helped by the rarity of UK issuance in euros, Yorkshire Building Society’s seven year euro deal on Tuesday was one of the most oversubscribed covered bonds of its size ever launched by any UK issuer, and was priced flat to fair value.

Bill Thornhill, October 06, 2020
Asia

Woori prepares to make Kangaroo bond debut

Woori Bank is set to make its Kangaroo bond debut, seeking to tap the Australian dollar market to fund its coronavirus response.

Frank Jackman, October 06, 2020

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