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Supras and agencies

EFSF wraps up second quarter funding with dual offer

The European Financial Stability Facility received plenty of demand for an intraday dual tranche bond sale to complete its funding for the period from April to June with its first issuance window of the second quarter.

Burhan Khadbai, April 20, 2020
LevFin High Yield Bonds

‘Corona claw’ lets companies pay back bondholders early with government cash

Companies in the US high yield market have started adding a "corona claw" provision to bond documents, allowing a big chunk of new bond issues to be paid back early if the company gets cash from the federal government. But it’s not clear yet where any public money will fit in the capital structure of leveraged corporates — and whether bondholders could end up primed by the government.

Owen Sanderson, April 20, 2020
Sovereigns

Italy to hit both short and long ends as bigger borrowing begins

Italy mandated banks for a new five year to be sold alongside a tap of a September 2050 bond on Monday as it prepares to bolt on a bigger funding programme in order to fund its effort against the coronavirus pandemic. The sovereign will be joined by Luxembourg in the euro public sector bond market on Tuesday.

Burhan Khadbai, April 20, 2020
High grade and crossover bonds

European corporate issuers stick with cheap starts

Europe’s high grade corporate issuers began the week deploying their recent tactic of tightening spreads aggressively during bookbuilding from cheap starting points, with Elia Transmission Belgium ratcheting in its spread by 60bp from initial price thoughts.

Mike Turner, April 20, 2020
Syndicated Loans

US arms of the Big Four seek private debt as corona pushes spreads out

US entities of two of the Big Four accounting firms have entered the private placement market. KPMG sold US private placements in early April, according to market sources, while Deloitte is looking to follow suit.

Silas Brown, April 20, 2020
High grade and crossover bonds

Tesco swamped with orders as sterling market picks up

Tesco, the UK grocer, found the queues for its sterling bond issue on Monday were almost as long as those for its toilet roll. Pent-up demand for sterling debt meant its £450m trade was more than eight times oversubscribed and priced through higher rated comparable debt.

Mike Turner, April 20, 2020
LevFin CLOs

UK government mulls CLO scheme to support crisis loans

The UK government has been consulting on ways to use CLO and other securitization structures to direct funding to large companies that fell between the cracks of its existing emergency supports for SMEs and the Bank of England’s investment grade commercial paper scheme.

Owen Sanderson, April 20, 2020
Investment Grade Loans

DFS pulls up seat for additional crisis loan

The UK’s DFS Furniture is in talks with its lending group for an additional credit facility of up to £70m to sit alongside the sofa seller’s main bank line, as companies continue to lean heavily on their lenders to get them through the worst of the coronavirus pandemic.

Mike Turner, April 20, 2020
Covered Bonds

ECB underplays sovereign risk to covered bonds

A recent European Central Bank working paper may have underestimated the part a sovereign’s credit plays in the covered bond’s credit risk. But this relationship plays a very important role, a Moody’s analyst said on Monday, referring to a report by the agency assessing how the pandemic will affect covered bond credit quality.

Bill Thornhill, April 20, 2020
Senior Debt

BPCE taps into rising demand for pref senior

BPCE seized an opportunity to launch €1.5bn of preferred senior funding this week — an asset class that has outperformed all other bank funding products in the market in recent trading sessions.

Tyler Davies, April 20, 2020
Emerging Market Loans

Credit Bank of Moscow snags loan as coronavirus spreads in Russia

Credit Bank of Moscow, one of the few Russian banks to frequently tap the international syndicated lending market, has raised a loan from a consortium of international banks. The deal comes amid an increasing number of Covid-19 infections being reported in Russia, which is now one of the emerging markets with the fastest-accelerating growth of cases.

Mariam Meskin, April 20, 2020
Follow-ons and Rights issues

Aston Martin’s rescue rights issue finishes well

Aston Martin, the UK luxury car maker, has successfully completed its £371m heavily dilutive rights issue, with a high take-up from shareholders, including a consortium led by Canadian billionaire Lawrence Stroll.

Aidan Gregory, April 20, 2020

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