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Securitization People and Markets

Lloyds puts credit sales head Paterson at risk

Lloyds Bank has put credit sales head Bob Paterson at risk, a securitization specialist who had been leading sales on the bank’s risk transfer programmes.

Owen Sanderson, February 18, 2020
SRI

Local bonds for local people

By opening up its debut social bond to retail investors, Munich highlighted an often overlooked strength of the socially responsible investment (SRI) market. Distributed correctly, these funding tools demonstrate the true impact of ethical investing.

Lewis McLellan, February 18, 2020
GC View

Hiding the impact of IFRS 16 is of no benefit to anyone

Some of the more creative souls in corporate debt markets are trying to find ways to gloss over the impact of the IFRS 16 accounting standard. Brought in a year ago, it has driven up some firms’ leverage ratios by forcing them to report leases on their balance sheets, even though their businesses have not changed. But it would be a bad idea to act as if the rules had never changed.

Mike Turner, February 18, 2020
Follow-ons and Rights issues

Alstom to acquire Bombardier’s trains unit

Alstom, the French maker of trains and railway equipment, has struck a €7.45bn deal to acquire Bombardier’s trains division and will partly finance the trade via a €2bn rights issue later this year or in early 2021.

Aidan Gregory, February 18, 2020
Asia

Genesis Care buyout offers loan buyers rare juice and a Chinese shareholder

Australian healthcare business Genesis Care is borrowing A$1.4bn-equivalent to fund the buyout of 21st Century Oncology’s US business, giving loan investors a rare chance to put money to work at a spread north of 400bp.

Owen Sanderson, February 18, 2020
Covered Bonds

Low covered bond yields reach ‘critical’ levels

Traders told GlobalCapital this week that low yield levels were ‘starting to become a problem’ for covered bond buyers, following a sustained rally in rates, adding that it was extremely hard to find offers on bonds in many parts of the market.

Bill Thornhill, February 18, 2020
Supras and agencies

EBRD to bring new coupon structure for Sonia FRNs but questions linger on rationale

The European Bank for Reconstruction and Development will be introducing a new coupon calculation methodology for Sonia-linked floating rate notes with its deal on Wednesday. The trade will use the structure that it pioneered for its Sofr debut last summer. The leads say this new format will be helpful should Sonia move towards a single index, like Sofr will in March. But some bankers away from the deal are unconvinced that the new method will appeal to investors.

Burhan Khadbai, February 18, 2020
High grade and crossover bonds

Three Reverse Yankee issuers come to euros at once

US companies piled into the euro bond market on Tuesday, as white goods maker Whirlpool, Dow Chemical and apparel company VF Corp launched medium to long maturity debt.

Mike Turner, February 18, 2020
Regulatory Capital

BNPP moves in for lowest ever dollar AT1 coupon

BNP Paribas was guiding investors towards a coupon in the 4.75% area for a new additional tier one (AT1) on Tuesday, as it looked to price its deal at the lowest level ever acheived by a European bank in the dollar market.

David Freitas, February 18, 2020
Senior Debt

IFIS hits senior market amid Italian bank bond rally

Banca IFIS sold a senior bond this week, as Italian bank bond spreads rallied following Intesa Sanpaolo’s takeover bid for UBI Banca.

David Freitas, February 18, 2020
Asia

ECM and cash equity trading unaffected by HSBC cuts

HSBC will not be making cuts to its equity capital markets or its equity trading capabilities after announcing the results of a strategic review on Tuesday. The bank will be reducing headcount in sales and research, but said that its execution ability in ECM will not be affected in any way.

Sam Kerr, February 18, 2020
SSA

SSA secondary pricing update: SGP 50 year green tightens 4bp

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 17. The source for secondary trading levels is ICE Data Services.

Burhan Khadbai, February 18, 2020

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