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Regulatory Capital

PIC launches T2 to fund pension business growth

Pension Insurance Corp was almost 12 times subscribed for a new tier two capital bond on Thursday, after following some of its UK peers into the sterling market amid a busy pipeline for new pension risk transfer deals.

David Freitas, April 30, 2020
Covered Bonds

Canadian covereds perform further despite crisis

Recently issued Canadian covered bonds have posted among the strongest performances in the covered bond market and still look cheap relative to Nordic deals, said traders on Wednesday. Based on Markit’s iBoxx covered bond indices, a range of other markets, such as Australia and the UK, also look very cheap, but offers are much harder to find.

Bill Thornhill, April 30, 2020
Sub-sovereigns

Spanish regions to pile on more debt in response to Covid-19

The funding needs of Spain’s regions are expected to rise this year. The coronavirus pandemic is stretching healthcare resources, which are funded at a regional level, and will require financing, according to debt capital markets bankers.

Burhan Khadbai, April 30, 2020
LevFin High Yield Bonds

High yield crowd boo Selecta

Coffee machine company Selecta’s high yield bonds dropped 24 points on Wednesday after it released awful numbers for the fourth quarter of last year — sending leverage shooting up well before any coronavirus impact. It was the first company in Europe to announce it had raised new super-senior debt from its sponsor, KKR Credit, which injected a €50m liquidity facility into the capital structure in March.

Owen Sanderson, April 30, 2020
FIG People and Markets

Lev ratio relief underwhelms EU banks

Market participants argued that the European Commission could have gone further this week to ease leverage ratio constraints on banks during the coronavirus crisis.

Tyler Davies, April 30, 2020
Corporate Bonds

Crisis Talk — with VW's treasurer: how to cope without revenue

Volkswagen is one of the world’s biggest car companies and, in many years, Europe’s biggest corporate bond issuer. But being an A3/BBB+ rated credit with a strong following in the market does not guarantee you can refinance a €200bn debt load when a pandemic shuts down nearly all the world’s developed economies.

Jon Hay, April 30, 2020
Asia

Puma Energy refis revolver from international lenders

Singapore-based integrated energy company Puma Energy has raised a $310.5m revolving credit facility from a consortium of international lenders.

Mariam Meskin, April 30, 2020
Equity IPOs

Investors retain IPO appetite despite coronavirus damage

Norwegian video conferencing firm Pexip has shown that there may yet be life in Europe's IPO market, which had been presumed incapacitated by the Covid-19 pandemic. Investors said they are happy to buy new flotations but probably only a select group of companies will be able to come to market.

Aidan Gregory, April 30, 2020
Sovereigns

Netherlands adds further €93bn to 2020 funding plan

The Netherlands has increased its borrowing programme for the year as a result of a measures taken by the government following the outbreak of the coronavirus pandemic.

Burhan Khadbai, April 30, 2020
Bank Results

Structured equity products blow up at SG

Société Générale’s equities division posted a 99% year-on-year drop in revenues for the first quarter on Thursday, contributing to an overall loss in both the wholesale division and for the bank overall.

Jasper Cox, April 30, 2020
EM LatAm

Cabei set for regular dollar deals after first 144A in eight years

Central American development bank Cabei announced its return to US bond markets in the midst of the Covid-19 crisis with its largest ever bond deal, as a strong bid from Asian buyers helped the lender to raise $750m inside regional comps.

Oliver West, April 30, 2020
EM LatAm

Codelco notches bumper book on road to bond return

Chilean government-owned copper miner Codelco said on Wednesday that it had sought to increase its cash position in the face of market uncertainty after wrapping a well oversubscribed return to bond markets.

Oliver West, April 30, 2020

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