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Supras and agencies

OTFT exceeds expectations with dollar dual tranche

Ontario Teachers’ Finance Trust made a convincing statement as it hit the dollar bond market on Thursday with new three and 10 year notes that were tightly priced and had record order books.

Burhan Khadbai, September 24, 2020
Sovereigns

Sunak’s new jobs scheme will have ‘modest’ cost to UK Treasury

The new jobs support scheme unveiled on Thursday by Rishi Sunak, the UK chancellor of the exchequer, will add a minimal cost to the Treasury’s finances and be much cheaper than the coronavirus furlough package, according to analysts. All eyes now are on how the coronavirus pandemic plays out in the coming months, which could bring a much bigger cost.

Burhan Khadbai, September 24, 2020
Africa

AFC makes green debut in Swiss francs

Africa Finance Corp, the pan-African development finance institution, printed its first green bond on Monday.

Frank Jackman, September 24, 2020
ABS

Funding Circle lifts lid on struggles in UK SME lending

Funding Circle underlined the strain felt by UK small and medium sized enterprises in its half year results on Thursday, as the marketplace lender swung into a loss caused by heavy writedowns of subordinated portions of its SBOLT securitizations. But the lender also achieved strong volumes in government-guaranteed loans, which it sells off balance sheet to Chenavari Investment Management.

Owen Sanderson, September 24, 2020
FIG Bond Comments

AIB Group EUR1bn 2.875% May 31 green tier two

Rating: Baa2/BBB-/BBB

Tyler Davies, September 24, 2020
High grade and crossover bonds

Medtronic drums up three times subscription for €6.25bn deal

Medtronic, the US medical devices company, garnered more than €19bn of demand for a €6.25bn six tranche bond issue on Thursday, including a sizeable oversubscription for the 30 year tranche, which some syndicate officials had said might be tough to place.

Mike Turner, September 24, 2020
Private debt

Covid dries up Schuldschein debuts

New research from analysts at Helaba points to a flight to safety in the Schuldschein market over the course of 2020. Rated issuers are making up a bigger share of deals than they have for a decade, and there have been next to no debuts. Schuldschein arrangers hope this conservative trend does not continue into 2021.

Silas Brown, September 24, 2020
LevFin High Yield Bonds

MasMovil finishes LBO takeout with bond debut

Spanish telecoms group MasMovil has finished taking out its acquisition debt for its take-private by Cinven, KKR and Providence Private Equity. Most of the €2.9bn financing came through a loan, allocated in July, with the bond portion offered this week following shareholder acceptance of the offer. Flexible documents prompted some criticism but the company’s strong growth story saw the bonds clear at the tight end of talk.

Owen Sanderson, September 24, 2020
Asia

Kingsoft Cloud nets $509m from smaller follow-on

Kingsoft Cloud Holdings, backed by smartphone maker Xiaomi Corp, has raised $509.1m from a follow-on offering of American Depositary Shares, according to a source familiar with the matter.

Jonathan Breen, September 24, 2020
Covered Bonds

PBB’s guaranteed coupon Sonia first attracts huge book

Deutsche Pfandbriefbank attracted more demand for its first Sonia-linked Pfandbrief on Thursday than it has for any covered bond it has ever issued. It was the first public deal from a financial institution with a guaranteed high coupon.

Bill Thornhill, September 24, 2020
Africa

Zambia on track for default with investors set to concede

Zambia has requested to defer payments on $3bn of its dollar Eurobonds, in what could be the first default by an African sovereign during the coronavirus crisis. Bondholders said they were resigning themselves to accepting the deferral request.

Mariam Meskin, September 24, 2020
CLOs

Investcorp announces rapidly ramped CLO with BNPP

BNP Paribas has announced Harvest CLO XXV for Investcorp Credit Management, the second post-Covid CLO issue for the manager. Though its 45% ramping is lower than usual for a new CLO, this allowed the manager to build the portfolio from August, in full knowledge of second quarter figures for the underlying companies.

Tom Brown, September 24, 2020

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