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Supras and agencies

IFC shifts ESG focus onto banks with new dealer scorecards

The International Finance Corporation (IFC) has launched the first systematic process by an issuer to formally integrate environmental, social and governance (ESG) considerations into choosing its bookrunners. Senior funding officials and sustainability bankers have welcomed the initiative as an important evolution in the use of ESG in capital markets, write Burhan Khadbai and Jon Hay.

Burhan Khadbai, June 11, 2020
Senior Debt

Bank bond supply outlook positive despite weakening conditions

Conditions in the financial institutions bond market worsened this week but plenty of senior and subordinated bonds still got away. With credit spreads unpredictable, the supply outlook remains favourable, said bankers.

David Freitas, June 11, 2020
Senior Debt

Crédit Agricole comes flat to euros in Swissies

A wide gamut of deals across asset classes filtered through the Swiss franc market this week. Gyrations in swaps allowed Crédit Agricole to come flat on euros on Thursday, while also giving investors a great deal on a long end Lausanne trade.

Frank Jackman, June 11, 2020
High yield

Virgin Media clears ground for JV with quickfire deal flurry

Virgin Media has been furiously active in high yield markets this month, clearing the way for its merger with O2 by redeeming existing bonds with obstructive covenants, and pushing out maturities ahead of the £6bn in new debt it will need to raise.

Owen Sanderson, June 11, 2020
FIG MTNs and CP

NatWest sells first structured Sonia deal

NatWest Markets this week became the first issuer to sell a structured note linked to Sonia. The deal was placed with a UK-based distributor.

Frank Jackman, June 11, 2020
SSA MTNs and CP

Local currency bonds offsetting Covid FX risk for frontier borrowers

Frontier currency bonds are offering development finance institutions (DFIs) a way to offset exchange rate risks for their clients during the coronavirus crisis. With the number of disruptive events increasing, market participants feel that frontier currency bonds could provide a prudent way to decrease risk for developing country borrowers.

Frank Jackman, June 11, 2020
Equity

Equity investors look for winners as damaged economy reopens

European investors are looking beyond the coronavirus crisis to put equity capital into companies that they believe can take advantage of its aftermath. However, as economies reopen after lockdown, the damage of the pandemic is becoming clearer, and companies are working hard to convince investors that they are the right horse to back.

Sam Kerr, June 11, 2020
Investment Grade Loans

Companies cast private debt to one side during pandemic

Private debt markets in Europe have lost their sheen in the past few months. Having grown into attractive alternatives for companies looking to diversify from public and bank markets, the Schuldschein and US private placement markets were left by the wayside during the pandemic as borrowers went for quick cash instead.

Silas Brown, June 11, 2020
SSA

SSA borrowers return to sterling market

Three borrowers hit screens in sterling this week, giving the currency its biggest workout for months. Two returned to the market to take advantage of a more advantageous cross-currency basis swap but a third is taking a strategic approach.

Lewis McLellan, June 11, 2020
Covered Bonds

Supply prospects for sterling covered bonds dwindle

Market participants re-examined the prospects for covered bond supply in sterling this week in the wake of two deals from SSA borrowers in the currency. Spreads have tightened and issuance conditions have improved but that will have to be balanced against bargain basement priced funding available from central banks, bankers said on Thursday.

Bill Thornhill, June 11, 2020
ABS

NewDay call boosts ABS market confidence

NewDay is planning to call NewDay Funding 2017-1, a move that should soothe the nerves if investors after the non-bank lender became the first since the financial crisis to leave a deal outstanding following the Covid-19 outbreak.

Tom Brown, June 11, 2020
Southpaw

BNPP’s big investment bank test lies ahead

BNP Paribas has provided €40bn of loans to corporate clients in the eye of the Covid-19 storm, amid claims that rivals are retrenching. David Rothnie asks if balance sheet support will result in bigger corporate finance fees.

David Rothnie, June 11, 2020

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