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CLOs

Single-B tranches return to European CLOs

European CLOs are once again being marketed to investors with single-B tranches, after widening spreads forced most managers to exclude them from recent deal structures. Hayfin Capital Management has mandated Goldman Sachs for its fourth deal in Europe, roadshowing alongside CBAM’s Montmartre Euro CLO 2020-2, with both deals offering single-B notes.

Tom Brown, July 13, 2020
Sovereigns

Investors ‘optimistic’ over recovery fund hopes

The European Union leaders’ summit, which begins on Friday, should determine the approval of the bloc's planned €750bn coronavirus recovery fund. The summit is drawing the attention of investors in eurozone periphery government bonds and high grade corporate paper, particularly as the EU is far from agreeing the fund's final size.

Lewis McLellan, July 13, 2020
Hybrid

Tennet mandates for green hybrid

Tennet, the Dutch utility, has mandated for a long-telegraphed green hybrid bond, as the company looks to protect its credit rating during stakeholder discussions with the German and Dutch governments.

Mike Turner, July 13, 2020
Asia

IDB Invest and JICA market dollar deals at opposite ends of curve

Following investor calls last Friday, two public sector borrowers hit the market for new dollar bonds on Monday, with IDB Invest going for a three year maturity and the Japan International Cooperation Agency making a rare appearance for a 10 year trade.

Burhan Khadbai, July 13, 2020
Syndicated Loans

Hempton: ‘Wirecard is my biggest loss, despite being right’

The Australian short seller, John Hempton of Bronte Capital, told investors that the profits his hedge fund Bronte Capital made on Wirecard’s collapse will not make up losses incurred during his lengthy short of the German payments company. It was an illustration, he said, of the dangers of betting against frauds and highlights the importance of risk management.

Silas Brown, July 13, 2020
Investment Grade Loans

Europe’s green recovery: Iberdrola gets EIB-led green loan

Iberdrola, the Spanish energy company, has signed an €800m financing from European development banks for use on renewable projects, days after green bankers said the market could boom during the economic recovery from Covid-19.

Mike Turner, July 13, 2020
Equity

Equity capital markets prep for last push before summer break

Europe’s equity capital markets are preparing for a final few weeks of deals before an expected summer slowdown.

Sam Kerr, July 13, 2020
Covered Bonds

French banks issue the highest ranking euro covered bonds of 2020

GlobalCapital’s Covered BondMarker shows that the five highest scoring covered bonds this year were all issued by French banks. And, based on the Covered BondMarker League Table, ING has, on average, joint lead managed more high ranking deals than any other bank in the past 12 months.

Bill Thornhill, July 13, 2020
Senior Debt

Bulgaria and Croatia to join Europe’s Banking Union

The European Central Bank will begin supervising financial institutions in Bulgaria and Croatia from October 1, as the two countries prepare to join the euro. Firms entering the Banking Union for the first time will also fall under the Single Resolution Board’s remit for the minimum requirements for own funds and eligible liabilities (MREL).

Tyler Davies, July 13, 2020
Sovereigns

Australia and New Zealand launch first syndications of 2020-21

Australia and New Zealand launched their first syndications of their 2020-21 fiscal years on Monday.

Frank Jackman, July 13, 2020
Regulatory Capital

Banks will carry on 'looking at windows' in earnings season

Market participants expect that bank debt issuance activity will slow down in anticipation of earnings season over the next few weeks. But deal arrangers suggest banks will still be keen to access the primary market during this period, should conditions remain favourable.

David Freitas, July 13, 2020
Equity IPOs

Spacs present issuers with solid IPO alternative after Multiplan deal

A merger between Churchill Capital Corp III, an investment vehicle run by former Citi banker Mark Klein, and Multiplan, a provider of healthcare services, is the latest evidence that special purpose acquisition companies (Spacs) are now being seen as a credible alternative to IPOs to take companies public.

Sam Kerr, July 13, 2020

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