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SRI

Taxonomy opens up host of questions

Market participants are still speculating about exactly how the EU's Taxonomy of Sustainable Economic Activities will shape sustainable finance.

Jasper Cox, September 17, 2020
Equity IPOs

Hensoldt enjoys solid start to bookbuild for Frankfurt IPO

Bookrunners on the IPO of Hensoldt, the German sensor maker that supplies the defence industry, has enjoyed a strong start to its bookbuilding process after setting a range for its IPO on Wednesday.

Sam Kerr, September 17, 2020
Covered Bonds

No NIPs for Norwegian covered trio

Eika Boligkreditt and Sparebanken Vest Boligkreditt issued covered bonds flat or inside their curves this week. But a deal for Sparebank 1 Boligkredit stood out for its green credentials that ensured it received more demand from more investors and achieved a much larger deal size.

Bill Thornhill, September 17, 2020
High grade and crossover bonds

Amadeus and Kion give IG investors a chance of spread

Amadeus IT group, the Spanish travel technology company, and German logistics company Kion Group offered corporate bond investors the chance to pick up riskier debt on Thursday, as the demand for higher yielding securities drives large parts of the primary market.

Mike Turner, September 17, 2020
Supras and agencies

AIIB plans return to dollar market

The Asian Infrastructure Investment Bank is readying its second dollar bond of the year, which will be used to support its member states in the fight against the pandemic.

Burhan Khadbai, September 17, 2020
ABS

Securitization market sees new asset classes on the horizon

More niche asset classes will make their securitization market debut in coming years as online and tech-focused companies pour into the capital markets to access new sources of financing, said ABS market participants speaking at Global ABS 2020 on Thursday.

Tom Brown, September 17, 2020
LevFin High Yield Bonds

Private company premium evaporates as Altice refis

Altice France leapt straight into the market after Friday’s surprise announcement that owner and founder Patrick Drahi would be taking the company private. Research from Federated Hermes shows that the credit spread premium for a private company has dropped to virtually zero for the first time in 20 years.

Owen Sanderson, September 17, 2020
Follow-ons and Rights issues

Technicolor completes €330m recap

French visual effects and digital services company Technicolor has finished a €330m recapitalisation as part of its efforts to exit from bankruptcy proceedings.

Aidan Gregory, September 17, 2020
LevFin High Yield Bonds

Maxeda scores nailed-on liquidity with 2026 refi

Dutch DIY group Maxeda launched a refinancing this week which pushed up its rating, after it took out its 2022s with new 2026 bonds, taking any liquidity constraints for the triple-C rated chain firmly off the table. Despite the pandemic, the retailer has been successfully deleveraging, helped by a boom in home improvements during lockdown.

Owen Sanderson, September 17, 2020
Covered Bonds

Covered bonds 'running out of steam' as trio hit primary

Fédération des caisses Desjardins du Québec (CCDJ), Compagnie de Financement Foncier (CFF) and Sparebanken Vest Boligkreditt (Svegno) were set to issue covered bonds with zero new issue premiums on Thursday. But after a surprisingly busy week, the market is now "running out of steam" with order books were much slower to build and subscription ratios far lower than transactions issued earlier this week.

Bill Thornhill, September 17, 2020
Private debt

SSD bankers push back against troubled borrowers

Schuldschein arranging banks have long claimed to be the market's gatekeepers as far as borrowers looking for access are concerned, rejecting lower quality credits to keep the standard high. As the market expanded in recent years and a richer variety of companies borrowed from it, this became a less convincing claim. But as the coronavirus pandemic rocks Europe, Schuldschein bankers say they have declined several requests from companies from risky sectors.

Silas Brown, September 17, 2020
Supras and agencies

EU paves way for national approval of recovery plan

The European Parliament voted in favour of an expansion of the EU’s own resources on Wednesday. The result brings the EU’s €750bn recovery plan one step closer to reality.

Lewis McLellan, September 17, 2020

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