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ABBs-Block Trades

Russian ECM hopes rise after Detsky Mir block

A Rb11bn ($157m) block trade in Detsky Mir, the Russian children’s retailer, won a big investor reception on Tuesday night. There are now hopes that there will be more Russian transactions in the weeks and months ahead.

Sam Kerr, June 17, 2020
Covered Bonds

DZ gets away with no NIP as Axa pays up in covered bonds

DZ Hyp managed to raise €1bn of eight year Pfandbrief funding flat to its curve on Wednesday. The deal contrasted with one from Axa Banque SFH, which paid a much larger premium for a €500m 15 year, possibly due to far higher French supply this year and confusion with Axa Banque Europe SCF, which has already entered the market four times this year.

Bill Thornhill, June 17, 2020
Regulatory Capital

Legal & General debuts in RT1 with bumper books

Legal & General’s order books peaked at over £4bn ($4.96bn) as it made its first sale of restricted tier one (RT1) capital this week, joining many of its UK peers in the asset class. The insurer used the popularity of its trade to tighten the pricing and leave no new issue premium behind.

David Freitas, June 17, 2020
Senior Debt

Virgin Money finally finds a window for euro holdco debut

Virgin Money secured its first foothold in the euro market on Wednesday, selling €500m of senior debt from its holding company as part of a deal that had been initially been postponed because of Covid-19 concerns.

Tyler Davies, June 17, 2020
ABBs-Block Trades

William Hill taps investors for £224m as sport resumes

William Hill, the UK bookmaker, has raised £224m to pursue growth opportunities ahead of the restarting of sporting events such as the Premier League.

Aidan Gregory, June 17, 2020
LevFin High Yield Bonds

Virgin Media swallows almost £100m of make-whole costs in refi binge

Virgin Media’s rapid-fire refinancing binge continued on Wednesday with a new high yield bond offering, the fifth so far this month, part of what the company says is a “strategy of refinancing ahead of the curve and maximising tenor across all credit silos”. But the refi binge, which has seen more than $2.5bn-equivalent issued this month, has cost the company dearly, as many of the bonds it is terming out are inside their call dates — meaning it must pay the “make-whole” cost to redeem them.

Owen Sanderson, June 17, 2020
Equity IPOs

GVS gets strong international support for €497.5m IPO

Italy’s first IPO since the Covid-19 crisis, from medical filter and mask manufacturer GVS, has been priced in Milan. Now, there is hope of further listings on the exchange, despite jitters among domestic investors.

Sam Kerr, June 17, 2020
Sovereigns

Belgium revises 2020 funding plan but keeps eye on SURE

The Belgian debt agency has made an upward revision to its funding programme for the year after a re-examination of the impact of the coronavirus pandemic. But the sovereign is closely watching the progress of the European Commission’s Support to mitigate Unemployment Risks in an Emergency (SURE) fund, which would result in lower borrowing from the market.

Burhan Khadbai, June 17, 2020
CEE

Hungarian Development Bank enters 'wide open market' for euro funding

State-owned Hungarian Development Bank (HDB) on Wednesday launched a euro-denominated benchmark bond. The bond marks the third entry into the market by the Hungarian sovereign or one of its entities during the coronavirus pandemic.

Mariam Meskin, June 17, 2020
Emerging Market Loans

Aramco completes Sabic buy as payments stretch eight years

Saudi Aramco, the world's largest oil company, has finalised its acquisition of Saudi chemicals company Sabic in a $70bn transaction. The final amount plus loan fees is set to be paid to the former owner, the Public Investment Fund (PIF), over eight years.

Mariam Meskin, June 17, 2020
People News

BNP Paribas names co-heads of sustainable capital markets for Americas

BNP Paribas has appointed Christina Cho and Anne van Riel to lead its sustainable finance capital markets business in the Americas.

Burhan Khadbai, June 17, 2020
Supras and agencies

Covid-19: SSA response bonds

Sovereign, supranational and agency bond issuers are mobilising their resources to support the fight against Covid-19. The below table details the bonds they have issued, specifically in response to the coronavirus pandemic.

Frank Jackman, June 17, 2020

...

2853

2854

2855

2856

2857

...

30967