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Covered Bonds

Dapo prices through its covered bond curve

In an illustration of the spread tightening under way in covered bonds, Deutsche Apotheker-und Aerztebank (Dapo) priced a 10 year inside its curve this week. At the same time Raiffeisenlandesbank Vorarlberg followed DZ Bank into the 15 year tenor to give a tempting reoffer yield of almost 50bp.

Bill Thornhill, November 06, 2019
Regulatory Capital

Unicaja debuts in T2 as ING keeps investors busy

The first tier two from Spain’s Unicaja Banco was more than three times subscribed this week after it entered a strong new issue market. It appeared alongside ING, which paid a slim 5bp premium to print a deal in the same asset class.

David Freitas, November 06, 2019
Leveraged Loans

SDCL buys Spanish power portfolio for €150m

The UK’s SDCL Energy Efficiency Income Trust has completed a €150m debt-backed acquisition of a portfolio of energy generation projects plus debt in Spain, in the company’s largest acquisition since its IPO a year ago.

Mike Turner, November 06, 2019
EM Middle East

Sukuk deals flow but Dubai's Averda struggles

Qatar International Islamic Bank mandated banks on Wednesday for an AT1 sukuk, one day after Masraf al Rayan (MAR), another Qatari Islamic bank, had achieved tight pricing on its senior unsecured offering in the format. But another Middle Eastern deal, in Reg S/144A format, was pulled this week.

Ross Lancaster, November 06, 2019
EM LatAm

Brazil bulks up 30 year with tender

Brazil completed a tender offer for seven different dollar bonds on Tuesday, buying back for cash small amounts of bonds maturing between 2027 and 2041 but mostly guiding bondholders into its new long 30 year issued on Monday.

Oliver West, November 06, 2019
LevFin High Yield Bonds

Dufry launches €750m refi to shave off interest expenses

Dufry, the world’s largest travel retailer, issued €750m of senior unsecured notes on Wednesday to buy back its outstanding €700m of 4.5% notes, due in 2023, and pay back a small slice of its revolver.

Karoliina Liimatainen, November 06, 2019
EM LatAm

Costa Rica hits road for crucial bond in friendly conditions

Latin American bond market participants away from Costa Rica’s proposed $1.5bn cross-border issue said they thought the deal would find strong demand as the Central American nation announced a roadshow amid friendly market conditions on Tuesday.

Oliver West, November 06, 2019
Covered Bonds

Covered bonds have room to rally — for now

A major investor in covered bonds told GlobalCapital this week that his firm was still positive on the near-term outlook for eurozone covered bonds, as they had lagged behind a more general credit spread tightening. That meant covered bonds still offered attractive value compared with government bonds, while the European Central Bank was stepping up its buying.

Bill Thornhill, November 06, 2019
Emerging Market Loans

Russia's Ilim in market to refinance $500m loan

Russian pulp and paper producer Ilim Group has launched syndication to refinance a $500m loan, according to bankers. The loan is one of the last expected to be signed in Russia's international syndicated market this year.

Mariam Meskin, November 06, 2019
EM Middle East

More misery for Lebanon after Moody’s downgrade

A bleak situation in Lebanese bond markets deteriorated further on Tuesday when Moody’s cut its rating to Caa2 and kept the sovereign on review for further downgrades.

Lewis McLellan, November 06, 2019
Covered Bonds

HCB offers to repurchase covered bonds as it shrinks its balance sheet

Hamburg Commercial Bank is offering to buy back up to €1bn of its Pfandbrief notes, as the newly privatised German lender seeks to reduce its assets and liabilities in line with one another.

Tyler Davies, November 06, 2019
Emerging Markets

EM execution still solid but defensive tone creeps into deal flow

Emerging market bond deals are rattling out this week, with Naftogaz and Serbia both having printed tight deals and sukuk issuers also busy. But the mix of business is becoming more defensive as investors eye year end. Meanwhile in Latin America, technical conditions are very strong, despite a wave of unrest.

Mariam Meskin, November 06, 2019

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