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Hybrid

Repsol soars in hybrids as market ignores macro

Repsol, the Spanish oil major, had a rip-roaring time in the hybrid capital bond market on Tuesday, achieving bumper books and paying minimal new issue concessions for its dual tranche issue. But some bankers think the market is starting to look too exuberant and may be due a correction.

Mike Turner, June 02, 2020
Syndicated Loans

UniCredit appoints new head of non-IG syndicate

UniCredit has appointed a new head of non-investment grade syndicate, after Carlo Fontana was promoted to global head of syndicate in March.

Silas Brown, June 02, 2020
High grade and crossover bonds

Airbus lands aggressive 20 year bond but airlines not cleared for take-off

Airbus, the European aircraft manufacturer, flattened its curve on Tuesday with a €3.5bn three tranche bond issue that commanded €15.1bn of demand. But European syndicate bankers said it offered no read-across for whether airlines might return to the bond market soon and that their chances of doing a deal were distant.

Mike Turner, June 02, 2020
Private debt

Schuldschein mimics MTNs in offering tenors on request

Barry Callebaut, the Franco-Belgian chocolate maker now registered in Switzerland, launched a Schuldschein on Tuesday offering investors tenors "upon request" alongside two, five and eight year maturities. Robert Bosch did that too, when it reopened the market last month. This is a feature that arrangers say will increase in a post Covid world.

Silas Brown, June 02, 2020
ABBs-Block Trades

Adaptimmune secures $225m of new funding

Adaptimmune Therapeutics, the New York-listed UK biopharmaceutical company focused on cancer treatments, has raised $225m to fund further clinical trials for its immunotherapy treatments.

Aidan Gregory, June 02, 2020
SSA

Germany stimulus boost unlikely to affect NRW borrowing needs

Germany is set to announce extra fiscal stimulus next week, a portion of which will be dealt with at regional level. But one state treasury official does not believe it will affect his Land's borrowing programme.

Lewis McLellan, June 02, 2020
Investment Grade Loans

Ferrovie dello Stato financing continues shift back to ESG

Ferrovie dello Stato Italiane, the Italian state railway holding company, has signed a €600m loan package that includes an environmental element. Europe’s loan borrowers are following the bond market away from pandemic crisis funding and back towards sustainability-conscious financing.

Mike Turner, June 02, 2020
SSA

KommuneKredit announces switch and tender offer

KommuneKredit has announced that it will begin purchases of two of its outstanding dollar bonds due to mature in 2021. At the same time, investors will be offered the chance to purchase new five year bonds.

Lewis McLellan, June 02, 2020
GC View

Covid-19 can’t excuse corporate mismanagement

For a failing business, the coronavirus pandemic has offered the perfect excuse. With so many well-managed companies forced to close their doors during lockdowns, record unemployment across several countries and a severe global recession on the cards, who can blame a management team or its backers when a corporate is on the edge of collapse?

Owen Sanderson, June 02, 2020
SSA

SSA secondary pricing update: Iceland's six year heats up

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 1. The source for secondary trading levels is ICE Data Services.

Burhan Khadbai, June 02, 2020
CLOs

Euro CLOs risk switching to semi-annual payments

European corporates are asking lenders to switch their loans to semi-annual interest payments, in some cases, which could feed through to CLO coupons as well.

Tom Brown, June 02, 2020
Covered Bonds

LHV Pank issues debut covered bond

Estonia’s LHV Pank sold its first covered bond on Tuesday, attracting very good demand for the sub-benchmark deal, which provided it with long term funding from new investors.

Bill Thornhill, June 02, 2020

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