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LevFin Leveraged Loans

Permira Debt Managers underlines private debt risk with jump to default

Permira Debt Manager’s Credit Solutions II fund, a direct lending fund raised in 2015, underlined the risk of concentration in private debt funds, thanks to a sharp downgrade of the fund’s largest exposure, making up 17% of its assets.

Owen Sanderson, November 26, 2019
Regulatory Capital

Grenke tightens 37.5bp against strong AT1 demand

Grenke priced an additional tier one (AT1) bond on Tuesday, enjoying strong appetite from domestic investors. The German lender raised €75m, an additional €25m compared with the expected size.

David Freitas, November 26, 2019
ABBs-Block Trades

Index sells Adyen block with tight discount and no lockup

Index Ventures took advantage of a buoyant atmosphere for accelerated trades on Monday night, with a €205.5m block in Dutch payments firm Adyen at a tight 1.5% discount and without a restriction preventing the seller from further disposals in the future.

Sam Kerr, November 26, 2019
GC View

Direct lending no threat to syndicated debt

Direct lending funds have raised more money than ever this year, and are writing ever bigger cheques in the sort of investments usually done by broad syndication. However, in all but a handful of cases, syndicated financing is the better option.

Owen Sanderson, November 26, 2019
Covered Bonds

Covered bonds brace for increased ECB buying

The European Central Bank has been increasing its proportion of covered bonds relative to other assets bought through its asset purchase programme (APP). Bank research analysts expect that the ECB’s presence will be even more keenly felt in 2020, with covered bond redemption volumes set for a steep increase and with the central bank free to buy at levels below the discount rate.

Bill Thornhill, November 26, 2019
Private debt

Ermewa looks away from France to sell private placements

Ermewa, a train lessor owned by France's state-owned railway company SNCF, is set to sell private placements to a collection of six institutional investors — none of which are from France.

Silas Brown, November 26, 2019
Asia

Philippines and World Bank bring cat bond first

The World Bank has issued the first catastrophe bond to be sponsored by an Asian government, and the first to be listed on the Singapore Exchange. The Philippines will receive protection against damage caused by earthquakes and cyclones, writes Jasper Cox.

Jasper Cox, November 26, 2019
Islamic Finance

IsDB makes debut with green sukuk

Islamic Development Bank on Tuesday came to investors with a benchmark five year deal, two weeks after announcing its intention to issue a green sukuk in the euro market.

Ross Lancaster, November 26, 2019
Sovereigns

Germany to sell up to €10bn of green bonds in 2020

GlobalCapital understands that Germany is finalising plans for the issuance of its debut green bond, which will be sold in the first half of next year alongside an ordinary Bund with the same maturity and coupon.

Burhan Khadbai, November 26, 2019
Asia

Uzpromstroybank nabs dollars as government pushes local issuance

Investors showered a debut dollar deal from Uzpromstroybank with orders on Monday, with the order book for the $300m bond peaking at $1.2bn. But despite the success for the privatisation candidate, government officials are hoping that future Uzbek bond issuance will favour local currencies.

Ross Lancaster, November 26, 2019
Senior Debt

BPCE stands out with green senior trade in slower market

BPCE appealed to a wide range of investors by adding a green element to its preferred senior bond on Tuesday. The trade was met with hefty orders, even though investors are showing signs of winding down for the year.

David Freitas, November 26, 2019
RMBS

Lanark follows suit on STS switch

Clydesdale Banking Group followed other UK master trust issuers in backdating ‘Simple Transparent and Standardised’ status across the series, announcing on Monday that senior notes from 2015-1 onwards should be eligible for the designation.

Owen Sanderson, November 26, 2019

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