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Covered Bonds

TSB extends with Sonia covered bond as CIBC lines up

TSB Bank attracted good demand for its Sonia-linked covered bond on Tuesday, pushing out along the curve with a rare seven year that sufficiently differentiates from central bank liquidity. The extraordinarily strong sterling market conditions encouraged Canadian Imperial Bank of Commerce to follow Bank of Nova Scotia and mandate leads for another five year Sonia offering.

Bill Thornhill, June 15, 2021
LevFin High Yield Bonds

End of an era for Punch as it preps HY bond to pay off securitization

UK pub company Punch Taverns has launched a £600m senior secured high yield, which will pay off its remaining securitization debt in the Punch 'B' securitization — the only remaining part of Punch’s giant £2.4bn stack of securitized debt, the focus of one of the UK’s most contentious restructurings back in 2014.

Owen Sanderson, June 15, 2021
Africa

Kenya mandate: 'now is the time to access markets' say bankers

The Republic of Kenya will return to international bond markets this week after a two year hiatus. The mandate added to the growing pipeline of sub-Saharan African sovereign trades.

Mariam Meskin, June 15, 2021
Equity IPOs

Bike 24 offers discount in tricky IPO market

Bike 24, the German online cycling shop, has set the price range for its IPO on the Frankfurt Stock Exchange, offering a hefty discount to online fashion retailer Zalando amid intense competition for the attention of investors in a crowded market for new listings in Europe.

Aidan Gregory, June 15, 2021
GC View

SSA underwriting fees: pandemic has given market something to fight over

The EU wheeled out the first syndication for its €800bn Next Gen funding programme on Tuesday. The deal marks the start of a borrowing programme of remarkable size that has taken much planning. But it also marked the start of the EU paying lower underwriting fees than have been standard in the SSA market for a decade. The EU's decision sparked controversy in the market between banks and other borrowers looking to do the same. GlobalCapital takes a look at what is at stake.

Ralph Sinclair, June 15, 2021
Regulatory Capital

Bankinter sails close to fair value on return to T2

Spanish lender Bankinter paid a visit to the tier two market for the first time in four years on Tuesday, raising €750m of capital while paying next no new issue premium.

Tyler Davies, June 15, 2021
Senior Debt

Bank of Cyprus set for senior return

Bank of Cyprus will end a 14 year absence from the senior debt market later this week, as it prepares to issue a preferred senior bond to go towards its minimum requirement for own funds and eligible liabilities (MREL).

Frank Jackman, June 15, 2021
CEE

Investors ready for 'very cheap' Turkey sukuk rarity

Turkey launched a June 2026 dollar sukuk on Tuesday, which some market participants believe is set to come "cheap" as the sovereign looks to extend its curve in the asset class.

Mariam Meskin, June 15, 2021
Investment Grade Loans

Varta switches to ESG bank lines

Varta, a German battery maker, has signed a debut €235m sustainability-linked bank loan package, making the margin dependent on an improvement of its rating with a second party opinion provider.

Mike Turner, June 15, 2021
Equity IPOs

Colis Privé to test strength of French bid after IPO approval

Colis Privé, the French parcel delivery company, has revealed that it has received approval from France’s Autorité des Marchés Financiers to list on the Paris stock exchange. Appetite for French IPOs has been mixed in recent weeks, but sources in the country say that a growing domestic bid might be enough to carry new deals across the line.

Sam Kerr, June 15, 2021
SSA

SSA secondary pricing update: Greece 10 year tap tightens by 16bp

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 14. The source for secondary trading levels is ICE Data Services.

Burhan Khadbai, June 15, 2021
Equity People and Markets

UK consults on national security veto for listings

The UK government is consulting with market participants about new powers enabling it to block companies from listing their shares in the country on national security grounds. The move comes after concerns were raised about the 2017 listing of energy and metals company EN+.

Richard Metcalf, June 15, 2021

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