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ABBs-Block Trades

Citi left long after complicated Sfr2.55bn Sika trade

Citi was the sole bookrunner and underwriter on a Sfr2.55bn block trade in Sika, the Swiss chemicals company, sold by Saint-Gobain on Tuesday night — but the deal was not covered.

Aidan Gregory, May 27, 2020
LevFin CLOs

Investcorp debt boss eyes post-pandemic CLO 3.0 era

CLOs structured in the post-pandemic world will see tighter documentation, but more flexibility on ratings, as the market adapts to the lessons learned through the Covid-19 crisis and ushers in a new ‘CLO 3.0’ era for the European market, according to Investcorp Credit Management boss Jeremy Ghose.

Owen Sanderson, May 27, 2020
Senior Debt

ECB casts doubt on bank MREL targets

The European Central Bank said this week that Covid-19 could hamper some banks from meeting their targets for the minimum requirements for own funds and eligible liabilities (MREL), given the likelihood of credit rating downgrades and dislocation in the funding markets.

Tyler Davies, May 27, 2020
Asia

Alantra opens offices in China and Brazil, hires new advisory team

Alantra is buffing its credit portfolio advisory team with the addition of Marcus Evans and Christos Stefanidis, who will join as managing directors in the UK and Greece. The credit portfolio advisory firm is also opening up offices in Latin America and China.

Tom Brown, May 27, 2020
LevFin Leveraged Loans

Technicolor asks lenders to waive default condition after rights issue pulled

Technicolor has asked its lenders to waive a default condition so it can appoint a conciliateur and begin a consensual debt restructuring process that includes €400m of new financing and a debt-for-equity swap. This follows the failure of the company’s planned €300m rights issue, announced in mid-February but thrown off course by the coronavirus pandemic.

Owen Sanderson, May 27, 2020
Investment Grade Loans

Retailer Tendam latest in Spain to win ICO crisis support

Tendam, a fashion retailer, is the latest Spanish company to get syndicated loan backing from the state owned Instituto de Credito Oficial (ICO), as sectors hit hardest by the coronavirus pandemic lean on state support.

Mike Turner, May 27, 2020
ABBs-Block Trades

Nexi IPO sellers reduce stake after M&A talk boosts shares

Investors welcomed a €781m trade in Italian payments firm Nexi on Tuesday evening after three of the sellers from the firm’s IPO took advantage of a recent rally in the share price to cut some of their stake.

Sam Kerr, May 27, 2020
Covered Bonds

Investors jump on rare Belgian covered bond

The stream of French covered bond deals was interrupted on Wednesday when KBC Bank returned to the market for the first time in more than two years to issue a long five year, priced slightly inside its own curve. The oversubscribed order book, reflected investor anxiety about the supply drought.

Bill Thornhill, May 27, 2020
Market News

GMO: markets ‘increasingly out of step with the real world’

Equities and investment-grade bonds are overpriced in developed markets, according to Tommy Garvey, member of the asset allocation team at GMO. The US-based investment firm has just slashed its exposure to developed equity markets.

Jasper Cox, May 27, 2020
Regulatory Capital

Aviva preserves debt capital with new T2

Aviva was set to raise £500m of tier two capital on Wednesday, fuelling speculation that the UK insurer would be looking to call one of its outstanding perpetual bonds.

Tyler Davies, May 27, 2020
ABBs-Block Trades

Infineon raises €1bn for M&A financing

Infineon, the German manufacturer of semiconductors, has completed a €1bn capital raise to partially refinance its acquisition of Cypress Semiconductor Corporation. The deal demonstrated investor willingness to put capital to work in strategic equity raises that look beyond funding needs of the coronavirus crisis.

Sam Kerr, May 27, 2020
CEE

CEE issuance flows as North Macedonia seeks six year

European emerging market names have bulked up deal flow during the Covid-19 crisis and The Republic of North Macedonia continued that trend on Wednesday with a six year euro benchmark deal.

Ross Lancaster, May 27, 2020

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