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Regulatory Capital

Bank of Ireland reopens AT1 market with wall-crossed trade

Bank of Ireland this week issued the first additional tier one (AT1) capital instrument since the start of the coronavirus pandemic, minimising the execution risk by borrowing from the ECM playbook and wall-crossing the deal ahead of launch.

David Freitas, May 14, 2020
Covered Bonds

Covered bonds tighten amid poor liquidity

The covered bond market continued to perform well on Wednesday with the ultra-long end of the Dutch curve posting the strongest performance, albeit on no trading flow. French and Canadian deals are also performing well, even as bids were hit in good size. But one major investor said he was aghast at the poor overall liquidity and blamed central bank policy.

Bill Thornhill, May 14, 2020
Sovereigns

EU Parliament to call for €2tr recovery pack

The European Parliament was on Thursday set to agree a declaration to the European Commission calling for a “massive recovery package”.

Lewis McLellan, May 14, 2020
ABBs-Block Trades

Permira gets strong reception for €1bn TeamViewer sale

A €1bn block of shares in TeamViewer, the German remote access software company, sold by investment firm Permira, one of its IPO sellers, garnered strong demand from investors on Wednesday evening.

Sam Kerr, May 14, 2020
CEE

Ukraine steps closer to IMF funding after banking law passes

Ukraine’s politicians have finally passed a banking law that will put the country in line for a support package from the International Monetary Fund.

Ross Lancaster, May 14, 2020
High yield

Sappi shores up liquidity with new bond following covenant waiver

Paper and pulp maker Sappi is raising a new €250m senior five year non-call two bond, looking to shore up its already ample corporate liquidity, following an existing agreement with its revolving credit facility (RCF) lenders to waive covenants until March next year. But despite the company’s actions, its outstanding bonds are quoted as low as 80, meaning it will likely have to pay up.

Owen Sanderson, May 14, 2020
Asia

Banks prepare to reject PTPN loan waiver, point to cash pile

Indonesian palm oil producer Perkebunan Nusantara III (PTPN) is seeking consent from banks to delay payments on a dollar loan, given expectations of a hit to its business because of the Covid-19 pandemic. But bankers told GlobalCapital Asia this week that the state-owned company has enough cash to make the payments, with the syndicate team set to reject its deferral request. Pan Yue reports.

Pan Yue, May 14, 2020
People and Markets

Citigroup bond syndicate leader to leave industry

One of Europe’s leading bond syndicate bankers has decided to leave Citigroup, and probably the capital markets.

Jon Hay, May 14, 2020
Asia

China Reits are not for all

China has taken a long-awaited step towards opening its real estate investment trust (Reit) market, publishing rules for a pilot programme. The regulators are understandably starting small, but the guidelines don’t do enough for companies that need to list Reits the most.

Rebecca Feng, May 14, 2020
Asia

Tread softly, you tread on my dream of an upgrade

Lately I’ve been reading the poetry of W B Yeats — part of a desperate attempt to calm my nerves. “I have spread my dreams under your feet,” he wrote. “Tread softly because you tread on my dreams.”

Taipan, May 14, 2020
Regulatory Capital

Deutsche leads the way as banks rethink sub debt supply

Euro area banks are expected to make use of the relaxation of their Pillar 2 capital requirements by issuing more capital instruments in the coming months, following the example set by Deutsche Bank this week.

Tyler Davies, May 14, 2020
Asia

Zhongsheng CB buy-back draws equity interest as stock soars

Zhongsheng Group Holdings tapped the equity-linked market for HK$4.56bn ($588.4m) this week to repurchase an outstanding convertible bond. The firm found strong demand from the usual sets of investors but also got new names looking for defensive opportunities. Jonathan Breen reports.

Jonathan Breen, May 14, 2020

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