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FIG Bond Comments

Rabobank EUR750m 3.1% PNC Dec 28 AT1

Rating: Baa3/–/BBB

Frank Jackman, April 15, 2021
FIG Bond Comments

Berlin Hyp EUR500m 0.375% Apr 31 sustainability-linked senior

Rating: Aa2/—/AA-

Tyler Davies, April 15, 2021
High grade and crossover bonds

Schiphol, Eurogrid win solid support as highly rated names print bonds

Royal Schiphol, the Dutch airport, sold €1bn of debt on Thursday, as highly rated names found solid support in the European corporate bond market.

Mike Turner, April 15, 2021
CLOs

Lower default rate boosts CLO credit quality

The credit quality of CLOs has strongly improved since April 2020, with default rates and watchlist exposure falling rapidly, Fitch said this week.

Paola Aurisicchio, April 15, 2021
Emerging Markets

‘Russia’s Rubicon crossed’ after Biden sanctions

Equity and debt markets were fretting on Thursday over the implications of new US sanctions against Russia. A prohibition of US investment in Russian sovereign bonds marked an escalation in tensions, threatening sovereign borrowing costs. It could also damage Russian companies’ chances of funding in the capital markets, write Mariam Meskin and Sam Kerr.

Mariam Meskin, April 15, 2021
SSA MTNs and CP

SSA pair look to Scandinavia

Norwegian krone SSA supply is outpacing Swedish kronor so far this year, driven in part by a demand for zero risk weighted assets in the market. Among the latest names to access the Norwegian market is the African Development Bank, which sold a new social bond as part of a dual-currency issue.

Frank Jackman, April 15, 2021
ABS

Biden infrastructure plan boosts equipment ABS outlook

The $2tr infrastructure plan proposed by president Joe Biden is now under review in Congress, where it is expected to go through a process that will reduce its scope and size. The comprehensive terms of the bill include plans to create millions of jobs in agriculture and construction, which will serve as a boon to the equipment ABS sector.

Jennifer Kang, April 15, 2021
High grade and crossover bonds

Schiphol brings more A rated debt to European corporate mart

Royal Schiphol, the Dutch airport, sold €1bn of debt on Thursday, as highly rated names continue to find solid support in the European corporate bond market.

Mike Turner, April 15, 2021
LevFin High Yield Bonds

Dufry boosts size of HY comeback bond

Duty-free operator Dufry joined the throng of issuers in the high yield primary markets this week with its first straight offering since the coronavirus pandemic hit. It increased the offering size from €850m to €1bn, as investors pinned their hopes on the vaccine-inspired recovery in the travel industry.

Owen Sanderson, April 15, 2021
SRI

EU eyes separate gas law, leaves harmful bioenergy in Taxonomy

The European Commission is set to put forward a new solution to the intense battle over the EU's sustainable finance Taxonomy, between green finance supporters and EU member states that want to safeguard their plans to use gas, GlobalCapital has learned. This would appear to involve leaving gas out of the sustainable category of the Taxonomy, as environmentalists have demanded, and making a "separate legislative proposal" to deal with gas and nuclear power.

Jon Hay, April 15, 2021
LevFin High Yield Bonds

Pfleiderer sucks up docs change for better pricing

Pfleiderer and its owner, Strategic Value Partners, have minor changes during syndication to the deal docs in its dual-tranche sustainability-linked high yield bond, limiting the group’s flexibility to pay out sale proceeds from its Polish division as a dividend. But the company has succeeded in pushing pricing tight, with the fixed rate bonds set to land at 4.75% area and the floater at 475bp.

Owen Sanderson, April 15, 2021
Equity IPOs

Concerns grow over Spac deluge

The relentless flow of special purpose acquisition companies coming to the market is causing unease among investors about market saturation, with $140bn raised so far this year. Only the highest quality sponsors are likely to succeed in bringing new Spacs to IPO from now on, writes Aidan Gregory.

Aidan Gregory, April 15, 2021

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