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EM Middle East

Equate Petrochemical USD700m 2.625% April 28

Rating: Baa2/BBB

Mariam Meskin, April 22, 2021
CEE

Sovcomflot USD430 3.85% April 28

Rating: Ba1/BBB-/BBB-

Mariam Meskin, April 22, 2021
Corporate Bonds

P&G and Yankees keep US market alight amid blackouts

Corporate bond issues came at a healthy clip in the US market this week, despite earnings blackouts, as investors showed a preference for highly rated paper.

David Rothnie, April 22, 2021
Emerging Markets

Rates stability cheers EM as CEEMEA, LatAm issuers find demand

Emerging markets bond buyers and issuers are regaining confidence as US Treasury volatility falls, with issuance in CEEMEA and Latin America having picked up in recent days and a pipeline building.

Mariam Meskin, April 22, 2021
Market News

Mayday for Credit Suisse as Gottstein battles to contain crisis

When António Horta-Osório takes over as chairman of Credit Suisse on May 1, he will be fighting fires on all fronts. While the bank has a relatively strong capital position, boosted by a $2bn fundraising announced on Thursday, shareholders are demanding answers over strategy and controls. Perhaps more ominously, the Swiss regulator Finma has instigated enforcement proceedings, writes David Rothnie.

David Rothnie, April 22, 2021
SRI

Taxonomy’s troubled birth shakes its power to green markets

Market participants will embark in the coming weeks on the difficult task of working out how to use the European Union’s sustainable finance Taxonomy, after the first criteria were published this week. In doing so, they will be conscious that the smooth tide of green finance is now breaking against the hard reality of power politics and resistance by fossil fuel industries — a clash that is rocking the Taxonomy’s credibility, writes Jon Hay.

Jon Hay, April 22, 2021
Chip shortage, virus working in favour of auto ABS for now

Auto ABS has surprised with its exceptionally strong performance since the fourth quarter of last year, bolstered by strong used car prices and steady demand. Market participants say the outlook is good for a few more months, with Covid-19 and the global chip shortage playing in favour of the asset class.

Jennifer Kang, April 22, 2021
Bank Results

Mo' money, mo' problems: crises obscure bumper IB haul at CS

Revenues at Credit Suisse’s investment bank are up 80% year-on-year amid a boom in capital markets business, but the fallout from the firm’s dealings with Archegos Capital and Greensill Capital meant that the group reported a net loss of Sfr252m (€476m).

Richard Metcalf, April 22, 2021
Covered Bonds

Covered bond industry applauds Taxonomy

Covered bond bankers were optimistic about the outlook for green issuance after the European Commission published the EU Taxonomy Climate Delegated Act, which as far as real estate is concerned, is broadly in line with the recommendations set out by its technical expert group, current industry standards and a draft circulated earlier this week.

Bill Thornhill, April 22, 2021
Sub-sovereigns

Ontario returns to Swissies after four years away

The Province of Ontario ended an absence of almost four years from the Swiss franc market this week to land a 12 year note at fair value. Elsewhere, Valiant Bank and Pfandbriefbank kept the domestic market ticking over with a handful of covered deals.

Frank Jackman, April 22, 2021
Regulatory Capital

Investors snap up rare tier twos as cap ratios rise

Bank of Cyprus and Nykredit, at opposite ends of the FIG ratings spectrum, issued tier two bonds over the last week and both found strong demand from investors for the extra spread the product offers over senior debt. But with bank capital ratios rising, there seems little appetite among other issuers to follow.

Frank Jackman, April 22, 2021
Supras and agencies

EU cuts fees for jumbo Next Gen programme

The European Commission has torn up the standard SSA fee structure, pushing through its own lower syndication fees for deals under the €800bn Next Generation EU funding programme. The controversial move comes as the borrower opens applications for primary dealerships. Lewis McLellan reports.

Burhan Khadbai, April 22, 2021

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