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Sovereigns

Germany dollar syndication ‘could be a smart move’, says SSA DCM head

Germany would be wise to consider diversifying its colossal funding needs with a syndication in dollars — a currency in which it is no stranger and which has become more attractive for euro-based funders, according to a head of public sector debt capital markets at one of the sovereign’s primary dealerships.

Burhan Khadbai, May 28, 2020
LevFin High Yield Bonds

Cirsa bonds bounce as Blackstone buys back PIK notes

Bonds issued by Spanish gambling company Cirsa have rallied on expectations of support from owner Blackstone, after it disclosed on its investor call that affiliates of the private equity firm had bought €120m of its PIK notes in the market — even though the purchase does nothing to boost the firm’s liquidity profile.

Owen Sanderson, May 28, 2020
Investment Grade Loans

Lufthansa refuses €9bn bailout terms

The board of Lufthansa, the German flag carrier, has rejected the terms of a €9bn state bailout that would have seen the European Commission require the company to relinquish flight slots in Frankfurt and Munich.

Mike Turner, May 28, 2020
Covered Bonds

Axa pushes covered bonds longer with 20 year

Axa Bank SCF became the first bank since February to issue a 20 year covered bond — showing investors' growing appetite for risk. It also offered encouragement to eurozone issuers with long term funding needs to return to the market — especially given the strong performance of deals eligible for the ECB's purchase programmes compared with those that are not.

Bill Thornhill, May 28, 2020
Regulatory Capital

BNS to plant a flag for AT1 pricing

Bank of Nova Scotia was looking to test investors’ appetite for one of first additional tier one transactions of the coronavirus pandemic on Thursday, helping to set a reference point for pricing in the asset class.

Tyler Davies, May 28, 2020
Asia

Hong Kong markets process impact of new security law

Hong Kong’s capital markets were left roiling this week as investors tried to grasp the significance of a new national security law. Some fund managers are jumping on opportunities amid the ensuing confusion, but other market watchers see the city losing its financial edge. Jonathan Breen reports.

Jonathan Breen, May 28, 2020
Asia

Tencent jumps on ‘golden window’ for $6bn bond

Chinese tech giant Tencent Holdings raised $6bn from a four-tranche transaction on Wednesday. The deal, which attracted some $36bn of orders at its peak, proved that global investors are not being scared away from Chinese credits, despite the geopolitical risks clouding the country. Morgan Davis reports.

Morgan Davis, May 28, 2020
Regulatory Capital

Phoenix Group swaps old for new but lacks plan transparency

Insurance company Phoenix Group Holdings launched a tier two in the dollar market on Thursday in a refinancing exercise, making use of favourable conditions across the board with a "well received" trade. But the issuance raised some concerns regarding the company’s plans to deleverage after its acquisition of ReAssure.

David Freitas, May 28, 2020
LevFin High Yield Bonds

Swissport seeks bondholder backing for priming debt deal

Swissport, the baggage handling and air cargo group, is asking bondholders to allow it to add €380m of super-senior debt above its existing senior secured bonds and loans, secured by the same collateral but with a priority claim.

Owen Sanderson, May 28, 2020
Equity IPOs

JDE Peet’s to close books on €2.6bn IPO after just three days

JDE Peet’s, the European coffee conglomerate listing in Amsterdam, is shutting IPO books after just three days of book building — an extraordinarily quick execution period for what is likely to be Europe’s largest IPO this year.

Sam Kerr, May 28, 2020
Asia

China’s special Covid-19 treasury bond disappoints in size, sparks debate on central bank’s role

China is reviving the issuance of its special treasury bonds, a funding tool it has not used since the financial crisis. But bankers were underwhelmed by the Rmb1tr ($140bn) size target — and are also hoping for clarity on how the ‘anti-pandemic’ deal will be financed. Addison Gong reports.

Addison Gong, May 28, 2020
Asia

Citic Securities finds support for $1bn bond

Citic Securities Co made its first dollar bond outing of the year on Wednesday, raising $1bn from a dual-tranche deal.

Morgan Davis, May 28, 2020

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