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EM LatAm

Mastellone falls short on distressed exchange

Mastellone Hermanos, the largest dairy company in Argentina, has fallen short of getting the bondholder support it needs for its proposed distressed exchange offer. The borrower, which is dealing with the fallout from capital controls in its home country, needs the support of another 1.47% of its bondholders to proceed with the offer.

Oliver West, June 16, 2021
EM LatAm

Brazilian utility issues but LatAm lights to dim

Light, the fifth largest energy distributor in Brazil, issued $600m of five year bonds on Tuesday to wrap up a hectic period of LatAm high yield issuance. But the primary market is likely to take at least a one day pause as recent issues trade softly and the US Federal Open Market Committee (FOMC) concludes a two day meeting on Wednesday.

Oliver West, June 16, 2021
GC View

JBS shows SLB label is nothing without scrutiny

Brazilian meatpacker JBS made an apparently impressive entry into the world of ESG debt last week with a well received sustainability-linked bond (SLB). While an SLB is an encouraging first step for a company that has for years been under the scrutiny of environmental campaigners, the KPIs in the deal cover a fraction of the company’s emissions, and the deal shows investors need be tougher on SLB issuers if the format is to have value.

Oliver West, June 15, 2021
Private debt

Forget bonds, the PP market’s biggest threat is its largest investors

The largest institutional investors in the private placement market have the cash and, increasingly, the origination capabilities to draw companies into bilateral and club trades. If these whales can show companies there is no pricing pick-up over syndicated deals, the broader market is bound to lose ground.

Silas Brown, June 15, 2021
SSA

PMM: Investors more selective in crowded market

The primary market was lively last week ahead of last Thursday’s European Central Bank meeting. Total issuance across the four markets that PMM reports on — SSA, covered bonds, FIG and corporate bonds — was double the previous week's total at almost $60bn-equivalent. The glut of supply afforded investors the ability to be picky and widening spreads in GlobalCapital’s data suggests that they are drawn to higher yields and green labels.

Johan Lai, June 15, 2021
People News

Senior Credit Suisse trio join Jefferies global FIG exodus

A trio of senior bankers from Credit Suisse’s European financial institutions group (FIG) have followed the team’s European head to Jefferies.

David Rothnie, June 15, 2021
Private debt

Swedish Match lights up euros with rare strike

Snus tobacco and match producer Swedish Match has made a rare stop in the euro bond market to issue its first offshore deal of the year. Elsewhere, QNB Finance and First Abu Dhabi visited a pair of niche currencies.

Frank Jackman, June 15, 2021
Covered Bonds

Rates confidence improves as EU clears hurdle

Confidence in the rates and covered bond secondary markets improved on Tuesday in the wake of a strong performance in the EU’s debut Next Gen deal, despite an initial wobble when the deal weighed in at €20bn, which was larger than expected.

Bill Thornhill, June 15, 2021
High grade and crossover bonds

Office owners bag bonds as investors bet on workers returning

There was little let-up in demand for property companies' bonds on Tuesday, as investors stocked up on Inmobilaria Colonial and debut issuer Sirius Real Estate, before the void of issuance expected from the tail end of this week.

Mike Turner, June 15, 2021
CLOs

Bardin Hill reprices 2017 triple-A CLO notes

On Monday, Bardin Hill Investment Partners refinanced the senior notes of a CLO issued in 2017, repricing the tranche at 108bps over three month Libor.

Paola Aurisicchio, June 15, 2021
Equity IPOs

IPO bankers should brace for more Covid spikes

Europe’s equity capital markets bankers are expressing concern that deals they’re working on now will be damaged if the re-opening of the continent’s economies is reversed in the autumn. But new research on Covid-19 and last year’s pattern of infections shows they’re right to be nervous.

Sam Kerr, June 15, 2021
Emerging Market Loans

Akbank boosts ESG streak with sustainable bond

Turkey's Akbank launched a dollar sustainable bond on Tuesday, just months after it raised its first ESG-linked syndicated loan.

Mariam Meskin, June 15, 2021

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