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Senior Debt

SRB casts wider net with new grandfathering rules for Brexit bonds

The EU's Single Resolution Board has this week broadened the scope of English law bonds that will count towards the minimum requirements for own funds and eligible liabilities (MREL), even if their contracts do not recognise EU bail-in powers. The changes prompted Belfius to cancel a consent solicitation for one of its tier twos, which would have been disqualified under the previous grandfathering arrangements.

Tyler Davies, March 23, 2021
Regulatory Capital

Paragon wraps up tier two LME

Paragon Banking Group has concluded a liability management exercise by replacing a large chunk of its outstanding tier two debt with new green paper.

Frank Jackman, March 23, 2021
Senior Debt

Julius Baer preps debut opco issue

Bank Julius Baer, the operating company arm of the private Swiss bank, has mandated for its inaugural bond, marking the first time this name has issued at an opco level. At the same time, Pfandbriefzentrale raised Sfr926m ($990.6m) with a new three part covered bond.

Frank Jackman, March 23, 2021
Investment Grade Loans

Greenyard cuts leverage with commercial and state loans

Greenyard, the Belgian fruit and vegetable producer, has signed a €467.5m financing agreement from commercial and state lenders, cutting its leverage levels and making plans to repay a convertible bond at the end of this year.

Mike Turner, March 23, 2021
Equity

EM IPO momentum builds as asset class ‘awakes’

A steady flow of emerging market IPOs has continued to excite equity investors in EMEA and on Tuesday, several new listings moved closer to completing stock market flotations. The continued flow of emerging markets deals shows that ECM investors are willing to look further afield for strong growth profiles.

Sam Kerr, March 23, 2021
RMBS

First UK prime ESG RMBS rolls out carpet for US investors

Yorkshire Building Society has set the stage for “social” securitizations with the first prime UK residential mortgage-backed security to carry this label. The deal has a dollar tranche to entice US accounts in preparation for the end of the Bank of England’s funding schemes.

Tom Brown, March 23, 2021
LevFin Leveraged Loans

Belron preps cross-border ESG ratchet loan for chunky divi

Windscreen repair group Belron, which owns brands such as Autoglass and Carglass, looks set to become the second borrower to raise an ESG-linked leveraged loan in dollars and euros, adding this feature into a broad financing package of new loans and amendments to fund a €1.46bn dividend to owners D’Ieteren Group and CD&R.

Owen Sanderson, March 23, 2021
CEE

Czech Gas Networks adds to mandate flow as CEEMEA gets back into business

A handful of bond mandates from the CEEMEA region this week suggests that issuer confidence may be on the rise across emerging markets after a particularly turbulent period of sell-offs in US Treasury bonds.

Mariam Meskin, March 23, 2021
Sovereigns

Greece's long road back to 'normal'

Greece has struggled with the colossal challenge of rehabilitating its capital markets reputation since its debt crisis in 2009. But last week, it took a big step forward, returning to the 30 year tenor for the first time in well over a decade. Dimitrios Tsakonas, head of the Greek Public Debt Management Agency. told GlobalCapital about the journey the PDMA has undertaken.

Lewis McLellan, March 23, 2021
Equity IPOs

Friedrich Vorwerk sets IPO offer price

Germany's IPO renaissance is continuing with the flotation of Freidrich Vorwerk, the energy infrastructure construction company, which is due to price later today.

Aidan Gregory, March 23, 2021
Securitization People and Markets

Goldman offers lenders UK mortgage warehousing

Goldman Sachs has been offering UK specialist lenders terms for mortgage warehouses, in a radical shift in securitized products strategy for the US investment bank, which has concentrated most of its recent primary markets efforts on principal deals. The move puts it into competition with commercial banks with bigger balance sheets and cheaper capital, but could send waves through the sector.

Owen Sanderson, March 23, 2021
Asia

Moody’s downgrades Sritex on refi risk

Moody’s downgraded Indonesian textile manufacturer Sri Rejeki Isman (Sritex) by two notches on Monday, as the company faces rising refinancing pressure.

Pan Yue, March 23, 2021

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