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Structured Bonds

Delta pledges landing slot collateral while Norwegian shows difficulty in scoring its value

Delta Air Lines has pledged landing slots at New York's JFK and LaGuardia airports and London's Heathrow to back a new $3bn bond and loan package. But the restructuring plan of Norwegian Air Shuttle shows how hard it can be for bondholders to benefit from this kind of ‘soft’ collateral.

Owen Sanderson, April 27, 2020
Equity-Linked

NMC Health's 'insane' time as a public company ends

NMC Health, the scandal-hit UAE hospitals operator, has been delisted from the London Stock Exchange, after it was placed into administration by the UK High Court earlier this month following an application by creditors led by Abu Dhabi Commercial Bank. Equity capital markets sources reflect on the shocking saga.

Aidan Gregory, April 27, 2020
Investment Grade Loans

New coronavirus loan pricing leaves smaller lenders blindsided

The pace of change in loan pricing in Europe is leaving smaller lenders behind. The loan market, famed for its sedate speed of evolution, has responded rapidly to the demands of the coronavirus pandemic on its borrowers. But that has hampered banks away from the bulk of the flow, which now struggle to see where their rivals are pricing deals.

Mike Turner, April 27, 2020
Supras and agencies

Funding scorecard: supranationals

This week's funding scorecard looks at the progress supranationals have made in their funding programmes as we approach the end of April.

Frank Jackman, April 27, 2020
Follow-ons and Rights issues

Banks prepare rights issues as lockdowns ease

Investment banks are working with issuers preparing rights issues for balance sheet repair, as governments across Europe prepare to ease Covid-19 lockdowns.

Aidan Gregory, April 27, 2020
SSA

Madrid and EIB line up for sevens as Ontario TFT readies euro debut

The region of Madrid and the European Investment Bank are both marketing seven year euro deals, with the former preparing the first green labelled bond by a Spanish government entity. Elsewhere in the euro public sector bond market, Ontario Teachers’ Finance Trust is moving forward with its first bond in the currency.

Burhan Khadbai, April 27, 2020
High grade and crossover bonds

Pernod makes it a double, tapping through original levels

Pernod Ricard, the French drinks company, was rewarded for waiting on Monday when it launched taps of existing bonds more than 50bp inside where it had originally priced the notes just weeks ago, showing just what a tonic the European Central Bank's asset purchasing has been for the corporate bond market during the coronavirus pandemic.

Mike Turner, April 27, 2020
High grade and crossover bonds

Amphenol and Air Products line up Reverse Yankees

US companies Amphenol Technologies and Air Products and Chemicals have mandated banks for euro bond issues, as bankers expect Reverse Yankee issuance to rise after a spell of record-breaking volume in the dollar market.

Mike Turner, April 27, 2020
Covered Bonds

BHH takes green funding as Pfandbrief supply played down

Five years after issuing its first green Pfandbrief, Berlin Hyp (BHH) issued its first two green private placements, just before publishing it annual green bonds report on Monday. But Pfandbrief benchmark supply hopes seem distant as spreads to German Laender are prohibitively tight.

Bill Thornhill, April 27, 2020
Asia

Coronavirus intensifies thirst for new responsible capitalism

The Covid-19 pandemic is an ESG issue. More than ever before, a natural phenomenon is driving markets. Suddenly, social responsibility is no longer kooky but required of all. How are responsible investors reacting — and can the crisis lead to a better model of financial markets, where all stakeholders are considered?

Jasper Cox, April 27, 2020
Sovereigns

Analysts split on Italy ratings reprieve

Italy’s credit rating is dividing analysts. Some believe that it should have been downgraded by S&P on April 24 because of the country's ballooning debt burden, while others felt that the European Central Bank can keep the refinancing risk at bay.

Burhan Khadbai, April 27, 2020
Senior Debt

Spread tightening boosts FIG senior pipeline

Spreads in the financial institutions bond market have sprung back to more ‘normal’ levels lately, but issuers may have to wait a little while longer before capitalising on the improvement in conditions, given that many of them are side-lined by earnings blackouts.

David Freitas, April 27, 2020

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