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Covered Bonds

Caffil and VUB covered bonds suggest spread sensitivity is back

Caisse Francaise De Financement Local (Caffil) lost €700m of orders after deciding to price its €1bn 10 year covered bond flat to OATs on Tuesday. But in contrast Vseobecna uverova banka (VUB) was able to price comfortably inside fair value largely because its deal offered a substantial pick-up to other covered bonds.

Bill Thornhill, June 16, 2020
Senior Debt

Lloyds paves the way for sterling issuance with senior deal

Lloyds Bank Corporate Markets seized the opportunity to raise senior funding in sterling on Tuesday, with the market back in 'extremely good shape' after several days of volatility. It is expected to be followed in the currency by Legal & General Group and Virgin Money, which have each announced strategic transactions this week.

David Freitas, June 16, 2020
CEE

Belarus drops euros for second go at bond

The Republic of Belarus is taking a second run at the new issue market after its first round of marketing ran into Covid-19.

Ross Lancaster, June 16, 2020
Regulatory Capital

La Mondiale bags tier two through fair value

La Mondiale took advantage of a sudden improvement in market conditions this week to strengthen its capital structure with the sale of a new tier two. The French insurer was able to launch its deal 5bp through fair value.

David Freitas, June 16, 2020
SRI

Big bond issuers pressed to disclose on climate, water and forests

A third of the top 50 corporate bond issuers are among companies that investors have named and shamed for not disclosing adequately through the CDP reporting platform about the environmental risks they face as bondholders grow more engaged alongside shareholders in pushing for this information.

Jon Hay, June 16, 2020
Sovereigns

New Zealand prints record syndication

New Zealand attracted record demand for its largest ever bond as it tapped the market with a four year syndication on Tuesday. With the government facing an elevated funding programme in 2020-21 to combat the effect of the coronavirus pandemic, there is a feeling that record-breaking deal sizes will become more common a spectacle.

Frank Jackman, June 16, 2020
Senior Debt

SRB clarifies process for 2020 MREL targets

The Single Resolution Board is asking for new data from banks on their key metrics as of the end of June, with an eye to using the information to tweak their minimum requirements for own funds and eligible liabilities for 2020.

Tyler Davies, June 16, 2020
Regulatory Capital

AIB restarts AT1 supply with unusual, blowout deal

AIB Group priced a €625m additional tier one (AT1) bond in euros this week, following several volatile days of trading for the asset class. The deal surpassed expectations in terms of size and pricing, having been run along with a tender offer for one of the Irish lender’s existing AT1s.

Tyler Davies, June 16, 2020
ABBs-Block Trades

Kinnevik sells Zalando shares after Fed lifts market

Kinnevik, the Swedish investment company, sold a 4.4% stake in German e-commerce company Zalando on Monday night with investors pouring into the trade after the US Federal Reserve boosted secondary markets.

Sam Kerr, June 16, 2020
Equity-Linked

Umicore raises €500m via debut convertible

Belgian materials technology and recycling company Umicore has tapped into growing investor demand for issuers with strong ESG credentials by placing a debut €500m convertible bonds to fund its development and diversify its funding structure.

Aidan Gregory, June 16, 2020
Asia

Updated: MoF kicks off Rmb100bn special treasury bond sale

China will start selling the first batch of its Covid-19-themed ‘special treasury bonds’ this week. While it will only raise Rmb100bn ($14.1bn) initially, the overall target of Rmb1tr has raised some concerns around short-term liquidity in the market.

Addison Gong, June 16, 2020
Asia

Castle Peak drives transition bonds forward

Castle Peak Power Co, a Hong Kong power generator, sealed a $350m energy transition bond on Monday. It was one of just a handful of these bonds sold in the world, and the second from Asia.

Morgan Davis, June 16, 2020

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