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Covered Bonds

Axa taps thirsty covered bond market

Axa Home Loan SFH issued the only covered bond of the week on Wednesday, when it surfaced with a €250m tap of an old 15 year deal. The transaction underscores the impression that a flood of retained issuance used for central bank funding is negative for distributed supply. Yet, there is still hope that the situation will improve in the second half of the year.

Bill Thornhill, March 24, 2021
Regulatory Capital

NatWest takes action on legacy debt as PRA deadline looms

NatWest Group is looking to smarten up its capital structure by repurchasing up to $6.7bn of its subordinated debt from investors, including two legacy instruments. The offer arrives a week ahead of a deadline for UK banks to submit official clean-up plans for their old-style securities.

Tyler Davies, March 24, 2021
EM Middle East

Gulf FIG duo tap investors with dollar sukuk offerings

The Saudi-headquartered Islamic Development Bank is set to sell a dollar bond on Wednesday, having launched the deal on Tuesday. The sustainability sukuk is one of two FIG deals from the Gulf region this week, as Kuwait’s Boubyan Bank also entered the market for a dollar sukuk.

Mariam Meskin, March 24, 2021
Africa

Ghana mandates for dollars in test of HY appetite

The Republic of Ghana, one of the few African sovereigns to have tapped capital markets last year, this week mandated banks to arrange a dollar bond. The multi-tranche bond, market participants say, will demonstrate investors’ appetite for high yield credit.

Mariam Meskin, March 24, 2021
Equity-Linked

Dufry issues new convertible as old bond converts early

Dufry, the Swiss duty-free concession operator, has issued a new five-year Sfr500m convertible bond to help refinance the Sfr350m three-year convertible it received in April 2020 following the initial onset of the pandemic, which caused a collapse in the company’s share price.

Aidan Gregory, March 24, 2021
Equity-Linked

Bruxelles Lambert places fresh €500m convertible

Belgian investment company Groupe Bruxelles Lambert has raised €500m of financing at a deeply negative yield through a new bond convertible into treasury shares.

Aidan Gregory, March 24, 2021
Supras and agencies

Funding scorecard: supranationals

This week's funding scorecard looks at the progress supranationals have made in their funding programmes at the end of March.

Burhan Khadbai, March 24, 2021
Asia

Mercedes seals revolver at tight spread

Mercedes-Benz Auto Finance has priced the senior tranche of its Rmb8.337bn ($1.28bn) auto loan ABS deal in China at an aggressive spread over the onshore benchmark and comparable trades.

Addison Gong, March 24, 2021
EM LatAm

Creditors sue Province of Buenos Aires but market bets on resolution

Investors holding over a quarter of the Province of Buenos Aires’ international bonds said they would “vigorously pursue” the legal proceedings that they began on Tuesday against Argentina’s largest province, which has been in default since April 2020. But bonds rallied as some saw the move as a sign that a resolution was nearing.

Oliver West, March 24, 2021
Asia

China SCE gets ahead of volatility with $300m bond

China SCE Group Holdings managed to raise $300m from a narrow issuance window on Tuesday, just as sentiment started to sour around the country’s high yield property bond market.

Morgan Davis, March 24, 2021
Asia

Vingroup seeks shareholder nod for record $500m CB

Vietnamese conglomerate Vingroup is waiting for the greenlight from its shareholders to sell its first international convertible bond.

Jonathan Breen, March 24, 2021
Asia

BNI sells rare Indonesian tier two

Bank Negara Indonesia sold a rare Basel III-compliant tier two dollar bond on Tuesday, raising $500m.

Morgan Davis, March 24, 2021

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