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Senior Debt

Banks take more than expected in new TLTRO round

Take-up was higher than expected for the European Central Bank’s latest series of Targeted Longer-Term Refinancing Operations on Thursday. But an overall allotment of €174bn still paled in comparison with the last round, as banks showed they already had plenty of excess liquidity on their balance sheets.

Tyler Davies, September 24, 2020
FIG People and Markets

EU Court backs banks suing Single Resolution Board over fund contributions

The General Court of the European Union has annulled three decisions of the Single Resolution Board on contributions banks have to make to the EU Resolution Fund. It said the Board had an "inherently opaque" process for calculating these fees.

Tyler Davies, September 24, 2020
Equity IPOs

IPO pricing continues but Covid darkens skies over market

The European IPO market is continuing to churn out deals, but a return of volatility in secondary equity markets is starting to cause discomfort among syndicate bankers, who say they must proceed with caution in the weeks ahead.

Sam Kerr, September 24, 2020
Asia

Baozun seals $428m Hong Kong secondary listing

Baozun, a Nasdaq-listed e-commerce solutions provider, raised HK$3.3bn ($427.5m) from its secondary offering in Hong Kong this week, wrapping up the deal on strong international demand.

Jonathan Breen, September 24, 2020
Asia

Thai ECM gets fillip as SCG kicks off chunky $1.25bn listing

Thailand’s IPO market got a boost this week with SCG Packaging launching what is set to be the country’s largest listing since Covid-19 hit earlier this year. International and local investors have already swamped the deal, which is expected to raise up to Bt39.5bn ($1.25bn), writes Jonathan Breen.

Jonathan Breen, September 24, 2020
EM Middle East

Sukuk issuance shrinks despite market efforts to diversify into sustainability

The volume of sukuk issues — bonds structured in line with Islamic financing principles — is set to decline this year, despite the market’s best attempts to diversify and become more sustainability-focused.

Mariam Meskin, September 24, 2020
Equity

Diploma wins strong support for £194m M&A equity raising

Diploma, the UK maker of seals, wiring and healthcare equipment, got solid support from its shareholders and new investors as it raised £194m of equity on Wednesday to complete the acquisition of a US cable distributor.

Sam Kerr, September 24, 2020
LevFin High Yield Bonds

Debt purchasers dip into market to prep for NPL rush

Debt purchasing firms are repeatedly hitting the high yield market to prepare their capital structures for the likely wave of portfolio sales as pandemic support schemes roll off, with France’s iQera the latest in the market. But some companies in the sector are in no position to refinance, such as Lowell which is effectively shut out of the market with its own credit concerns, raising questions about whether these companies can compete for post-Covid loan sales.

Owen Sanderson, September 24, 2020
Asia

Asia bonds hit roadblock as heavy supply continues

Weak investor sentiment, oversupply and aggressive pricing strategies hurt the Asian dollar bond market this week. As issuers rushed to sell deals before China’s Golden Week holiday and the US presidential election in November, many were left with transactions that fell short of expectations or slumped in the secondary market. Morgan Davis reports.

Morgan Davis, September 24, 2020
Africa

Morocco brings rare CEEMEA sovereign bond in euros

The Kingdom of Morocco, an infrequent emerging market issuer that some investors have been watching for, launched a euro bond on Thursday, its second in two years.

Mariam Meskin, September 24, 2020
Southpaw

US big beasts dominate UK broking with different styles

JP Morgan and Morgan Stanley’s positions at the top of the UK corporate broking rankings have undoubtedly helped their equity capital markets businesses, but Goldman Sachs stands out for its disruptive approach, writes David Rothnie.

David Rothnie, September 24, 2020
Investment Grade Loans

European banks seek to shorten standard loan maturity to three years

The standard maturity for European investment grade corporate loans has been reduced from five years to three in the wake of the coronavirus crisis, and senior lenders say they are eager to try and maintain the new shorter maturity.

Mike Turner, September 24, 2020

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