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Covered Bonds

Covid curveball complicates Cédulas reform

Spanish Cédulas reform has been widely anticipated for years. However, whether Spain is ready to execute the sweeping reforms necessary to bring the regime into line with the European Union’s covered bond directive remains to be seen, as the impact of the coronavirus risks diverting attention.

Bill Thornhill, August 12, 2020
SSA MTNs and CP

€STR fault fixed, rate setting back on track

The technical issue that led to the ECB being forced to use its contingency computation method to set €STR on Tuesday has been fixed, and the benchmark is once more functioning normally.

Lewis McLellan, August 12, 2020
Equity IPOs

IPO 'wave' to test investor capacity

Europe’s equity capital markets have gone quiet in August as investors take a holiday before what is expected to be a busy September. Bankers are keen to get their deals done quickly when the market reopens to avoid running into bad news on Covid-19 and a volatile US election, meaning investors will be asked to take part in an onslaught of IPOs in a true test of market capacity.

Sam Kerr, August 12, 2020
Regulatory Capital

Prudential could roll off debt after split with US operations

Prudential plc confirmed this week that it intends to separate from its US arm, Jackson National. The move means Prudential will likely deleverage by letting bonds roll off over the next two years.

David Freitas, August 12, 2020
Regulatory Capital

ECB fears banks may be ‘overestimating’ their internal capital levels

The European Central Bank has asked financial institutions to justify why they are using additional tier one and tier two bonds as sources of internal capital, highlighting its concern that the instruments lack real economic value.

Tyler Davies, August 12, 2020
RMBS

Citi pre-places UK RMBS with pre-2008 assets

Citibank fully pre-placed Cheshire 2020-1 on Tuesday, a £247m RMBS transaction backed by seasoned owner-occupied and buy-to-let mortgages. The loans were originated by Citi's lending arm Future Mortgages, which stopped lending in 2008.

Tom Brown, August 12, 2020
Equity-Linked

KKR issues $1bn mando to fund deal for insurer Global Atlantic

KKR, the US private equity group, has sold a $1bn mandatory convertible bond to fund its acquisition of life insurer Global Atlantic Financial Group, which it announced last month.

Aidan Gregory, August 12, 2020
People and Markets

EDDI forum to hold first meeting next month

A temporary forum created by the European Central Bank to discuss the proposed European Distribution of Debt Instruments (EDDI) project will hold its first meeting in September.

Burhan Khadbai, August 12, 2020
People News

Deutsche plucks two healthcare bankers

Christina Too and Gordon Butterworth will join Deutsche Bank as managing directors in its healthcare investment banking coverage and advisory team for Europe, the Middle East and Africa.

Jasper Cox, August 12, 2020
Asia

Hangzhou LGFV rides on bank demand for tight $300m debut

Hangzhou Qiantang New Area Construction and Investment Group Co, a Chinese local government financing vehicle (LGFV), found strong support from banks for its maiden dollar bond, allowing it to tighten price guidance by 70bp during the day.

Morgan Davis, August 12, 2020
Asia

Li & Fung uses coupon step-up to tackle downgrade risks

Hong Kong-based Li & Fung used a coupon step-up in case of a rating downgrade to attract investors to its $300m bond on Tuesday, as it gears up for a big hit to its business this year as a result of Covid-19.

Alice Huang, August 12, 2020
Asia

Redco returns with 364-day bond

Redco Properties Group returned to the dollar market with a sub-one year bond on Tuesday, two weeks after using up its offshore issuance quota.

Morgan Davis, August 12, 2020

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