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FIG People and Markets

UK will diverge from EU MREL rules after Brexit

The UK government showed this week that it plans to differ from the EU in its approach to banking regulation after Brexit. Divergence will begin with the minimum requirements for own funds and eligible liabilities (MREL), but a new consultation opens the way for further changes.

Tyler Davies, June 25, 2020
ABBs-Block Trades

EasyJet sells £418m of equity as tourism recovery gathers pace

UK airline EasyJet has raised £418m of fresh capital to bolster its balance sheet after reporting a significant half year loss because of the impact of the Covid-19 global pandemic on its business.

Aidan Gregory, June 25, 2020
High grade and crossover bonds

Central bank sugar rush wears off for European corporates

Sentiment in Europe’s high grade corporate bond market has been rocked by the renewed focus on the coronavirus pandemic. Syndicate bankers say boosts from supportive central bank policy changes have already dissipated.

Mike Turner, June 25, 2020
Supras and agencies

ESM publishes social bond framework

The European Stability Mechanism is ready to issue social bonds to fund its pandemic crisis support to euro area member states, following the publication of its framework on Thursday. The supranational borrower and its sister issuer, the European Financial Stability Facility, have also set out their funding windows for the third quarter.

Burhan Khadbai, June 25, 2020
LevFin High Yield Bonds

ThyssenKrupp Elevator’s blockbuster bridge finally hits the market

Banks sitting on €8bn of underwritten debt to finance Advent and Cinven’s buyout of ThyssenKrupp Elevator finally hit the ‘go’ button early this week, unveiling the takeout for the largest European LBO financing in more than a decade. Pre-marketing and pre-placement have helped derisk the exit, but documentation is as weak as on any deal in the pre-Covid market, making the financing a crucial test for the strength of any post-crisis investor resistance, writes Owen Sanderson.

Owen Sanderson, June 25, 2020
Supras and agencies

IFFIm taps Nokkie for Covid-19 vaccine bond

The International Finance Facility for Immunisation (IFFIm) sold its second Norwegian kroner vaccine bond on Thursday, following a donor pledge from the Norwegian government.

Frank Jackman, June 25, 2020
Market News

BLM protests push ethnic diversity up City agenda

The Black Lives Matter protests have propelled discussions about ethnic diversity in the UK’s financial sector, and companies are likely to face more pressure from employees, investors and the government.

Jasper Cox, June 25, 2020
EM LatAm

Ignoring US investors costs Mexico’s Funo its deal

Mexican real estate investment trust (Reit) Fibra Uno pulled a proposed dollar Eurobond issue on Wednesday as investors said they believed the issuer may have underestimated the importance of the bid from US Qualified Institutional Buyers (QIBs).

Oliver West, June 25, 2020
EM LatAm

Uruguay notches peso linker, lowest dollar yield

Uruguay raised $2bn-equivalent of debt on Wednesday — the bulk of which came from a rare inflation-linked local currency issue — to become the final investment grade Latin American sovereign to tap international bond markets in the coronavirus era.

Oliver West, June 25, 2020
EM LatAm

Kimberly Clark de Mexico tightens on tough day

DCM bankers said that Mexican personal care products maker Kimberly Clark de México (KCM) was from the ideal sector for this market after it tightened pricing on a new issue sharply despite a difficult day in global markets.

Oliver West, June 25, 2020
EM LatAm

EM, HY buyers tune in for VTR dual tranche

Bankers said that Chilean cable company VTR had catered for both emerging markets and high yield bond buyers as it raised $1.15bn of new bonds across two heavily oversubscribed tranches on Wednesday.

Oliver West, June 25, 2020
ABS

Driven Brands readies first whole biz ABS since March

Auto repair franchise Driven Brands is preparing a 144A securitization, the first whole business transaction since the sector was shuttered in March. There is high demand for it, boosted by improving used car values and a lack of resilient esoteric ABS paper, sources said.

Jennifer Kang, June 24, 2020

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