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ABBs-Block Trades

Equity market debates whether new block model is art or atrocity

A trade in Orpéa that mixed an auctioned block trade with a wall-crossing process left equity capital markets players bristling this week. But while some bankers disliked the method of bank selection, others told Sam Kerr and Aidan Gregory that the process worked for the issuer and investors.

Aidan Gregory, January 22, 2020
Senior Debt

Argenta seals non-pref comeback

Argenta Spaarbank returned to the euro market on Wednesday to seal a deal that it had pulled in last October. This time around the issuer was able to bring in the funding it wanted, even though the final spread only moved 5bp from initial price thoughts.

David Freitas, January 22, 2020
Covered Bonds

Norway first to align with covered directive

The Financial Supervisory Authority of Norway (FSA) has become the first regulator to recommend a series of proposed amendments that would align its covered bond regime with the EU covered bond directive. EU member states have until July 2021 to implement the directive, and while it seems likely that Spain has the most work to do, other countries — such as Italy, France and those in Scandinavia — will also be obliged to consider important revisions.

Bill Thornhill, January 22, 2020
Investment Grade Loans

Torm refis bank debt as IMO 2020 kicks in

Denmark's Torm has signed $496m of bank loans, as new regulations affecting the global shipping industry take hold.

Mike Turner, January 22, 2020
CEE

Ukraine offers euros after stellar secondary performance

Ukraine set price guidance on a 10 year euro bond on Wednesday morning and books for the deal had grown to over €4.5bn by lunchtime.

Francesca Young, January 22, 2020
EM Middle East

GFH gathers order book of more than $750m for debut

Bahraini investment group Gulf Finance House printed its $300m five year sukuk on Tuesday from a book of more than $750m.

Francesca Young, January 22, 2020
ABBs-Block Trades

Huge ECM demand propels Europe’s tech unicorns

Trades in Prosus, the Amsterdam-listed technology holding company, and UAE payments company Network International flew out of the gates on Tuesday night, and market sources say Europe is finally becoming more of a destination for tech deals.

Sam Kerr, January 22, 2020
EM Middle East

Saudi Arabia pulls off triple in scorching EM market, Samba to follow

Saudi Arabia scored a triple tranche dollar deal inside its own curve on Tuesday, raising cash at seven, 12 and 35 years. Samba Financial Group has since followed its sovereign into the market with its own deal.

Lewis McLellan, January 22, 2020
Regulatory Capital

PGH proves popular amid lack of RT1 supply

Investors flocked to a rare offering of restricted tier one (RT1) capital from Phoenix Group Holdings this week, allowing the insurance company to tighten pricing by 37.5bp. The bonds will form part of the financing for the UK firm’s acquisition of ReAssure Group from Swiss Re.

Tyler Davies, January 22, 2020
Senior Debt

LBBW raises £500m with first ever green sterling non-pref

Landesbank Baden-Württemberg (LBBW) became the first issuer of non-preferred senior bonds in green format in sterling this week. The German lender took advantage of favourable market conditions to print in line with other recent sterling issuers.

David Freitas, January 22, 2020
Asia

Bond squeeze threatens risk-reward dynamics in senior bank paper

Investors have been showing a clear preference for subordinated bank bonds in the primary market, with the valuations for more senior asset classes having been squeezed into extraordinarily tight levels in 2020.

Tyler Davies, January 22, 2020
Equity-Linked

European equity-linked pricing worries investors

Delivery Hero’s €1.75bn convertible bond, the largest in EMEA for five years, has provoked concern from some investors that the market may be mispricing risk, despite the popularity of the deal.

Aidan Gregory, January 22, 2020

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