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ABBs-Block Trades

Japan’s Meiji Yasuda offloads Talanx shares after rally

Japan’s Meiji Yasuda Life Insurance Co has sold €125m of shares in Talanx, the German business-to-business insurer, after the stock rallied by more than 50% from its post-crash lows in March.

Aidan Gregory, July 07, 2020
SRI

Global warming temperature scores to radically simplify green investing

CDP, the leading platform through which companies report their carbon emissions, has become the latest organisation to launch a potentially influential system of temperature ratings, so investors can work out how much global warming each company’s plans will theoretically lead to — and hence the overall temperature of a portfolio.

Jon Hay, July 07, 2020
High grade and crossover bonds

Empty primary drives IG corporate secondary surge

The secondary market for defensive European corporate bonds is on fire, now that new issuance has slowed, but there are growing fears that the rampant rise of coronavirus cases in the US will lead to a correction.

Mike Turner, July 07, 2020
Covered Bonds

Dutch covered bond issuers to reconsider CPT viability

Lower overcollateralisation (OC), tighter spreads and access to the ultra-long end of the curve are likely to cause some Dutch covered bond banks to reconsider whether it is still viable to issue conditional pass through (CPT) deals or follow NN Bank, which recently switched from to soft bullet issuance.

Bill Thornhill, July 07, 2020
RMBS

Brace for the Covid-19 NPL wave, Houlihan Lokey warns banks

Zam Khan is a managing director in Houlihan Lokey’s Financial Institutions Group, where he leads the portfolio and capital advisory practice. He told GlobalCapital how banks should use financial data to deal with new NPL formations, or risk being engulfed by losses over the next few months.

Tom Brown, July 07, 2020
CMBS

UK university halls CMBS payments deferred after student refund

Noteholder payments have been deferred in a tranche of UK CMBS backed by university halls of residence after the accommodation operator refunded student’s their rent, putting the loan sponsor in the position of having to speculate on demand recovery following the coronavirus outbreak which saw universities shuttered.

Tom Brown, July 07, 2020
Regulation

ECB consultation sparks bank M&A talk once more

The European Central Bank has put the familiar topic of bank consolidation back into the spotlight, after its supervisory arm made clear last week that it did not want to stand in the way of well-designed deals.

Jasper Cox, July 07, 2020
Investment Grade Loans

Klaveness signs Norwegian sustainable first

Klaveness Combination Carriers, a Norwegian shipping company, has signed what it claims to be the first sustainability-linked bank loan for the sector in Norway, as the outlook remains gloomy for global shipping.

Mike Turner, July 07, 2020
Regulatory Capital

Lesser spotted CAA dips in for tier two

Crédit Agricole Assurances (CAA) added to the subordinated deal flow in the FIG bond market on Tuesday by launching a tier two bond. The French insurer benefitted from the rarity of its appearances in primary markets, and the large deal size meant that although the issuer paid some premium, it "did not leave much value on the table", according to a lead manager.

David Freitas, July 07, 2020
Regulatory Capital

Better backdrop brings Rabo into AT1 market

Conditions in the primary FIG bond market have improved of late, tempting European issuers to bring subordinated trades. Rabobank made an appearance this week, adding to a flurry of trades in the format.

David Freitas, July 07, 2020
Regulatory Capital

BBVA brings pioneering green AT1

BBVA became the first financial institution to issue green debt in additional tier one (AT1) format on Tuesday, launching a bond with a 6% coupon. The Spanish lender left no premium on the table, according to some market participants.

David Freitas, July 07, 2020
Equity

De La Rue raises cash to lead expected busy second half for UK ECM

The UK has been at the forefront of Europe’s equity capital raising wave, as companies respond to the Covid-19 pandemic. De La Rue, which makes passports and banknotes, became the latest UK firm to do so with a £100m raise on Monday — and sources believe there is plenty more to come.

Sam Kerr, July 07, 2020

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