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OCC fintech charter receives blow from NY court

A New York federal judge ruled on Monday that the Office of the Comptroller of the Currency (OCC) lacks legal power to grant a bank charter to a fintech company, planting the OCC’s charter program in murkier grounds. One significant implication of the ruling is that the bank partnership model will continue to thrive as the best originating option for fintechs, market participants told GlobalCapital.

Jennifer Kang, October 22, 2019
LevFin

Bain relents to investor demands as Kantar bonds fail to spark joy

Bain Capital has given in to a laundry list of demands from investors as they snubbed bonds for Kantar, resulting in a delay to the deal's schedule. In a rare case of aggressive investor push-back, covenants have now been flexed to the extreme and initial price thoughts look surprisingly high, given the exceptionally favourable market for new issuers.

Karoliina Liimatainen, October 22, 2019
GC View

Pandemic bond's failings don't invalidate ILS yet

The World Bank’s pioneering pandemic bond has failed to recognise what the World Health Organisation has said is the second largest Ebola epidemic ever, which took place in the Democratic Republic of Congo. This is a gross failure, but the jury is still out on using such instruments to fund disaster response in the developing world.

Jasper Cox, October 22, 2019
High yield

VodafoneZiggo taps HY market to term out working capital

VodafoneZiggo is marketing a €400m vendor financing note through Citi and Credit Suisse, which will part-fund the Dutch telecoms firm’s existing €1bn vendor financing programme.

Owen Sanderson, October 22, 2019
Supras and agencies

Cabei to go green for first benchmark with double-A grade

Central American development bank Cabei will look to issue its first public green bond in around two weeks as it attempts to enter the universe of true SSA borrowers with a first dollar benchmark in seven years.

Oliver West, October 22, 2019
Supras and agencies

Ico readies social bond return

Instituto de Crédito Oficial (Ico) held investor calls on Tuesday ahead of its return to the social bond market to complete its funding needs for the year.

Burhan Khadbai, October 22, 2019
Derivatives

ISDA finds split on Ibor pre-cessation

The International Swaps and Derivatives Association has flagged a lack of consensus among market participants on how to tackle pre-cessation issues for interbank offered rates, while calling on regulators to provide more clarity.

GlobalCapital, October 22, 2019
Supras and agencies

CPPIB gives further proof of slowing 10 year dollar demand

CPPIB Capital underwhelmed with its return to the 10 year dollar market on Tuesday, giving further evidence of slowing demand following a string of trades in this part of the curve in recent weeks.

Burhan Khadbai, October 22, 2019
Corporate Bonds

VodafoneZiggo follows senior refi with vendor finance note

VodafoneZiggo is marketing a €400m vendor financing note through Citi and Credit Suisse, which will part-fund the Dutch telco’s existing €1bn vendor financing programme

Craig McGlashan, October 22, 2019
Supras and agencies

ESM rounds off 2019 funding with ‘rock solid’ trade

The European Stability Mechanism completed its funding year with a blow-out €3.5bn five year bond on Tuesday, which paid a minimal new issue concession at the final spread.

Burhan Khadbai, October 22, 2019
People News

JPM takes Estevez as multi-nationals boss

Alvaro Estevez has joined JP Morgan from Bank of America, in order to lead a team that works with large multi-national companies.

Jasper Cox, October 22, 2019
Equity IPOs

Saudi faces big decision over Aramco IPO

After another delay to the IPO of Saudi Aramco, Saudi Arabia’s crown prince Mohammed bin Salman (MBS) may have to accept that international fund managers may never value the kingdom’s prize asset as much as its royal family does, but local investors just might.

Sam Kerr, October 22, 2019

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