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SSA

Spain takes €5bn but book drops at final spread

Spain was able to raise €5bn of 30 year paper on Tuesday, braving difficult market conditions to close the deal. While the trade was a success, the sharp fall in the order book at the final spread indicated some investors are beginning to push back on price.

Lewis McLellan, February 25, 2020
CLOs

Barclays lands tightest 2020 CLO with second CIFC deal

Barclays has achieved the tightest cost of liabilities this year for its CIFC Euro CLO II, which saw triple-A rated notes priced 2bp inside any other European CLO issued in 2020 at 90bp over three month Euribor.

Tom Brown, February 25, 2020
GC View

The show should still be on the road

The emerging markets bond business, like much of the rest of the primary markets, hit a stumbling block this week due to the spread of the Covid-19 coronavirus. But even if no deals print, delaying the marketing of deals does not make sense. Roadshows should be rolling on — as Belarus is doing — even if deal printing pauses.

Francesca Young, February 25, 2020
SSA People and Markets

Capital markets chief leaves Eurofima

Eurofima, the Swiss-based railway financing agency, has let its head of capital markets go as part of a restructuring.

Lewis McLellan, February 25, 2020
LevFin High Yield Bonds

MoFo adds high yielder in London

Morrison & Foerster, the San Francisco law firm, has hired Matthew Dunlap as a partner in the finance practice in its London office.

Jon Hay, February 25, 2020
GC View

Coronavirus no match so far for ECB in corporate bonds

The Covid-19 coronavirus outbreak has become prevalent enough in Italy to lead to a quarantine of around 10 towns. But this still doesn't appear to be enough to derail the motoring primary corporate bond market. There is plenty of justification to think that robust market conditions will last a while longer.

Mike Turner, February 25, 2020
Asia

India’s Adani weighs up Schuldschein debut

Adani Group, the Indian conglomerate founded by Gautam Adani, is considering a non-deal roadshow to Schuldschein investors, as Western private debt markets gain ground with companies in Asia.

Silas Brown, February 25, 2020
Covered Bonds

UK covered bonds offer value over peers, say traders

UK covered bonds looked cheap, said traders on Tuesday, especially relative to Canadian and Australian alternatives. Their views followed a report from Moody’s which said on Monday that UK banks’ credit fundamentals were resilient and their covered bond ratings well protected.

Bill Thornhill, February 25, 2020
Derivatives

Tradition adds dealer and client to new swaps Clob

Tradition’s rates trading platform, Trad-X, has signed up Commerzbank and DekaBank to its new dealer-to-client central limit order book (Clob) and has 12 more firms in the pipeline.

Ross Lancaster, February 25, 2020
High grade and crossover bonds

Lundbeck to make bond debut after drug news

H Lundbeck, the Danish pharmaceutical company, has mandated banks for a five year debut euro benchmark from its new bond programme, after gaining US regulatory approval for a new migraine treatment.

Mike Turner, February 25, 2020
Equity-Linked

Yandex offers CB buyers taste of Russian tech

Yandex, the Russian internet company, reopened the equity-linked bond primary market in EMEA after more than a month without any new issues, with a $1.25bn five year convertible bond. The deal was priced at the midpoint of the terms, suggesting healthy demand.

Aidan Gregory, February 25, 2020
Investment Grade Loans

Ascential adds lenders during sterling refi

Ascential, the UK media and events company, scaled back lenders after its £450m-equivalent bank line refinancing was oversubscribed.

Mike Turner, February 25, 2020

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