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ABS

PSA to pre-place Spanish auto ABS as market softens

Banque PSA Finance is set to pre-place most of its €692.1m Spanish Auto Loans 2020-1 deal with official institutions, with Santander arranging the transaction.

Tom Brown, September 21, 2020
Emerging Markets

FAB launches new AT1 months after call

First Abu Dhabi Bank, the highest rated lender in the Middle East, has mandated bookrunners to lead a perpetual non-call six year additional tier one (AT1) capital issue.

Mariam Meskin, September 21, 2020
Covered Bonds

Covered bond secondary trading betrays weakness in some markets

Last week’s surge in covered bond issuance caused certain Norwegian deals to trade more softly by Monday. But traders viewed it as a buying opportunity, given robust technical backdrop.

Bill Thornhill, September 21, 2020
Regulatory Capital

EBA questions logic of national countercyclical buffers

José Manuel Campa, chairperson of the European Banking Authority, suggested on Monday that countercyclical capital buffers could be more effective if they were set in a harmonious way across jurisdictions.

Tyler Davies, September 21, 2020
Investment Grade Loans

Ericsson skips debt for $1.1bn US acquisition

Ericsson, the Swedish telecoms infrastructure manufacturer, has agreed to buy US connectivity company Cradlepoint for $1.1bn using cash on hand, as corporate bankers say cash-rich companies are less inclined to visit debt markets to fund acquisitions after months of frantic debt raising.

Mike Turner, September 21, 2020
Equity

Equity market prepares for ‘difficult’ Rolls-Royce raise

Rolls-Royce, the UK maker of aircraft engines, has confirmed it is considering holding a £2.5bn ($3.19bn) equity raise, but buy-side sources were struggling to make the investment case for the company given the uncertainty over its future. Its stock fell 10% on Monday on the announcement and fears that the UK will return to a lockdown to stop the dramatic rise in Covid-19 cases.

Sam Kerr, September 21, 2020
Investment Grade Loans

FinCEN leak to spark extra due diligence measures from lenders

The release of thousands of leaked documents over the weekend that implicated major banks in money laundering and sanctions violations has sent a shudder through capital markets. Lenders say they will likely increase due diligence to make sure they are not exposed to further revelations.

Mariam Meskin, September 21, 2020
Regulatory Capital

Julius Baer pulls AT1 after closing in on new record

Julius Baer was forced to postpone a new transaction amid 'worsening market conditions' on Monday, after coming close to setting a new record for the lowest ever additional tier one (AT1) coupon in dollars from a European bank.

David Freitas, September 21, 2020
Senior Debt

Iccrea lines up debut callable deal in senior market

Italian lender Iccrea Banca is expecting to add a one year call option to its latest senior deal, which could arrive in the euro market this week.

David Freitas, September 21, 2020
Sovereigns

Spain outlook downgraded as 10 year bond looms

Spain, which is said to be readying a 10 year deal will have to contend with S&P's decision to change its ratings outlook for the country to negative on Friday. However, its secondary curve has not been badly affected.

Lewis McLellan, September 21, 2020
ABBs-Block Trades

Hipgnosis Songs Fund back for more with £250m share sale

Hipgnosis Songs Fund, the London-listed investment trust focused on music royalties, has returned to the equity capital markets with a new £250m share sale after rapidly deploying the proceeds of its last capital raising in July.

Aidan Gregory, September 21, 2020
LevFin High Yield Bonds

MasMovil preps bond leg of LBO takeout

Spanish telecoms group MasMovil is preparing a €720m bond, the second part of the financing for its take-private by Cinven, KKR and Providence Private Equity. Most of the €2.9bn financing came through a loan issue, allocated in July, with the bonds readied following shareholder acceptance for the offer last week.

Owen Sanderson, September 21, 2020

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