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People News

Commerz picks new Iberia head

Jorge Masalles Sarragúa has become chief executive of Commerzbank Iberia, as the previous occupant heads to perform the same function for Hungary.

Jasper Cox, June 15, 2020
RMBS

Euro securitization bolstered after market wobble

European securitization is seeing a raft of issuance coming to market, despite wobbles in liquid markets last week, when global stock markets suffered their biggest drop since March on Thursday.

Tom Brown, June 15, 2020
LevFin CLOs

BlueBay euro CLO debut underlines tightening market

BlueBay Asset Management issued its debut European CLO on Monday, printing the tightest triple-A rated notes since the market restarted after the coronavirus pandemic began, a clear sign of the improvement in credit conditions. The issuer also opted to place a full capital structure down to single-B rated notes, an approach which many managers have shied away from the since the virus struck.

Owen Sanderson, June 15, 2020
Securitization People and Markets

Fair Oaks makes European CLO hire

Fair Oaks Capital has hired structured finance professional Christos Danias to run marketing in its European CLO group.

Tom Brown, June 15, 2020
Sub-sovereigns

Flemish Community plans dual tranche as public finances take hit from Covid-19

The Flemish Community has mandated banks to arrange the sale of new seven and 30 year bonds as the Belgian sub-sovereign looks to pump in cash to finance a budget deficit which has arisen from the coronavirus pandemic.

Burhan Khadbai, June 15, 2020
Supras and agencies

NDB and Kommuninvest out in short end as long dollar demand fades

The New Development Bank and Kommuninvest began marketing new dollar benchmarks in the short end of the curve on Monday, with the former set to issue its long-awaited debut deal in the currency to support its member countries from the coronavirus pandemic.

Burhan Khadbai, June 15, 2020
Covered Bonds

Crisis Talk — with BBVA Treasury

BBVA is expected to take advantage of recent changes to Pillar 2 requirements with a greater proportion of senior preferred issuance but it has a modest need for subordinated issuance. The Spanish national champion also plans to make use of its Targeted Longer-Term Refinancing Operation (TLTRO) allotment from the ECB, which has been substantially increased.

Bill Thornhill, June 15, 2020
ABBs-Block Trades

Hertz over heads? Sputtering car co asks investors to go half a yard more

Hertz, the US car hire company in Chapter 11 protection, is to offer up to $500m of new stock after receiving approval last week from a bankruptcy court to raise equity, according to a filing with the Securities and Exchange Commission on Monday.

Aidan Gregory, June 15, 2020
Investment Grade Loans

SAS says it needs €1.2bn in new funding, as governments call for 'burden sharing'

Swedish airline SAS needs Skr12.5bn (€1.2bn) of new funding to get through the coronavirus pandemic. The Swedish and Danish governments have pledged billions more to support it, on top of the revolving credit facility guarantees granted last month, but want “burden sharing” from financial stakeholders in SAS, including holders of its conventional and hybrid bonds.

Mike Turner, June 15, 2020
Covered Bonds

Caffil signals return with new 10 year covered bond

Caisse Francaise De Financement Local (Caffil) has mandated lead managers for its third covered bond this year and plans to open order books for a euro denominated 10 year transaction, the third from a French issuer since May.

Bill Thornhill, June 15, 2020
LevFin Leveraged Loans

Cineworld cancels Cineplex acquisition to lenders’ benefit

Cineworld has withdrawn from its proposed acquisition of Canada’s Cineplex, which had been funded by a $1.9bn term loan syndicated in February. With lenders to the transaction sitting on a paper loss of around 30 points, the collapse of the agreement will prove a boon, but break fees, swap costs and litigation could chip away at the chain’s stretched cash resources.

Owen Sanderson, June 15, 2020
Covered Bonds

VUB to defy market volatility with higher yielding covered bond

Slovakia's Vseobecna uverova banka (VUB) will offer covered bond investors a rare chance to buy bonds with a considerable pick-up to core European deals, having mandated leads for a €500m five year deal rated Aa2 that is expected to be launched on Tuesday, subject to market conditions which have recently deteriorated.

Bill Thornhill, June 15, 2020

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