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Sovereigns

Belgium prints rare 60 year PP

Belgium returned to the MTN market in euros on Tuesday with a 60 year note — its first private placement in the currency for over 18 months.

Frank Jackman, July 02, 2020
Equity-Linked

Wirecard's insolvency triggers default for convertible investors

SoftBank’s repackaged €900m Argentum bonds exchangeable into Wirecard shares are to be liquidated immediately after the German payments company filed for insolvency in June, having disclosed €1.9bn of cash was missing from its balance sheet. This will offer investors a way out or a seat at the table for the looming bankruptcy proceedings.

Aidan Gregory, July 02, 2020
LevFin Leveraged Loans

BASF Construction Chemicals next bridge to drop after TKE blowout

Banks have launched the buyout funding for Lone Star’s purchase of BASF Construction Chemicals into market, as the storming execution of ThyssenKrupp Elevator shows the discount banks must take to exit pre-Covid positions is rapidly shrinking. But underwriters had already taken risk off the table by pre-placing the larger dollar loan, with GSO likely taking a piece.

Owen Sanderson, July 02, 2020
Southpaw

Three is the magic number for BofA

Bank of America hopes that a new management team built on a culture of intensity will enable it to meet its top three goal in Europe, the Middle East and Africa, writes David Rothnie.

David Rothnie, July 02, 2020
Private debt

Covenants prove a wrinkle in PP battle with public debt

After discussions with US private placement holders, French food services company Sodexo has said it will repay roughly $1.6bn of debt early, in the largest ever early repayment of US PPs. It is a result of tensions that have flared up during the pandemic over covenant protections, which some fear will lead to a drop in corporate PP deal flow.

Silas Brown, July 02, 2020
ABS

Banca Generali uses securitization hybrid for SME funding

Banca Generali has used a non-profit securitization structure to channel more funds to SMEs, offering a model which be rolled out across Italy and further afield. Funds from Italian regions have anchored the riskiest 10% of the new deal, with a central government guarantee wrapping the senior 90%, which can be sold to investors.

Tom Brown, July 02, 2020
CEE

Poland lands negative yield with euro bond

Poland has become the first CEEMEA country outside the eurozone to sell a bond with a negative yield since the onset of the coronavirus pandemic.

Mariam Meskin, July 02, 2020
SSA People and Markets

New blood in LBBW SSA team as Hertlein departs

Philip Hertlein resigned from his job as head of SSA syndicate and origination at LBBW on Tuesday. In his absence, the team has been bolstered by Oliver Franke, who joins the bank from Crédit Agricole.

Lewis McLellan, July 02, 2020
Asia

China bankers fret amid investor disclosure move

Shanghai Clearing House’s plan to show issuers a full list of their investors is causing alarm among some syndicate bankers — who admit to using highly questionable bookbuilding practices to impress their clients. Rebecca Feng reports.

Rebecca Feng, July 02, 2020
Asia

When 'energy' dictates our bank balance

Hong Kong has been my home for two decades, and there is so much I love about it — its vibrancy, the food, the people, and above all, the low tax rates.

Taipan, July 02, 2020
Private Equity

MasMovil bookrunners derisk bond deal with boost to loan

Banks backing Cinven, KKR and Providence’s take-private of MasMovil have boosted the size of the euro loan tranche in the market this week by €500m, cutting down the planned bond that will fund the remainder of the deal, the first major LBO announced in Europe since the coronavirus crisis.

Owen Sanderson, July 02, 2020
Asia

Issuers turn to sustainable covereds amid uncertainty

Syndicate bankers are scrambling to make sense of the covered bond market, where sentiment has been changeable in recent weeks. Amid volatility and small issuance windows, sustainable bonds have proven a safe strategy to ensure successful deals.

David Freitas, July 02, 2020

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