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Technology

Crowded field emerges in race to modernise bond market

The age of fintech is upon capital markets. Tech hopefuls are pitching platform after platform at banks as a way to haul capital raising into the 21st century. But fatigue is setting in among bankers, some of whom are questioning whether all of the problems that tech purports to solve really exist.

Richard Metcalf, June 03, 2021
Senior Debt

Markets grapple with final verdict on MREL permissions

Market participants are coming to terms with new technical standards from the European Banking Authority, which give the final say on how issuers should interact with supervisors when they manage their regulatory debt instruments.

Tyler Davies, June 03, 2021
Asia

Banking is a dog-eat-dog world

Over the last year or so, my furry companion has become my co-worker, supervisor and live-in best friend. But he still doesn't have security clearance.

Taipan, June 03, 2021
Equity IPOs

PHE becomes latest European IPO victim

Parts Holding Europe, the French vehicle component distributor, postponed its attempts to list on the Paris Stock Exchange on Wednesday, making it the latest in a long line of companies to have to pull a deal. The initial public offering market has been volatile for some time, but there is a growing feeling that it is becoming ever harder to get deals done.

Sam Kerr, June 03, 2021
Covered Bonds

Buyers return in covered bonds ahead of ECB meet

The primary market for covered bond issuance is expected to improve in the five to 10 year part of the curve in the run up to next week’s European Central Bank meeting. Although Aegon Bank showed that the ultra-long long end is open, a more guarded approach is warranted, said bankers on Thursday.

Bill Thornhill, June 03, 2021
Regulatory Capital

Close Brothers hits sterling sweet spot with T2

Close Brothers' tier two refinancing was nearly eight times subscribed on Thursday, allowing the issuer to tighten its new issue spread by an impressive 30bp.

Tyler Davies, June 03, 2021
Africa

Senegal proves robust demand in euros with negative NIP

The Republic of Senegal raised €775m on Wednesday in a deal that achieved a negative new issue premium of 25bp, according to bookrunners. Investors’ appetite for high yielding emerging market credit remains robust despite lingering concerns over developed market inflation and central bank tapering.

Mariam Meskin, June 03, 2021
LevFin Leveraged Loans

Unitranche wins out over syndicated for Infront

Carlyle’s credit opportunities fund has provided a full €400m unitranche financing for Infront, after the Swiss sports marketing company opted to switch tracks from its original syndicated loan, launched in April.

Owen Sanderson, June 03, 2021
Investment Grade Loans

Grosvenor signs ‘sustainability-linked loan’ with no KPIs in place

Grosvenor Group, the UK property company, has signed a £1.1bn-equivalent sustainability linked revolving credit facility, while taking the unusual step of not formulating complete key performance indicators before signing.

Mike Turner, June 03, 2021
Asia

Asian CBs take off with flush investors, eager issuers

Asia’s equity-linked market has had a roaring year so far, with MicroPort Scientific Corp becoming the latest to add to the supply with its $700m debut convertible bond this week. The momentum is unlikely to fade anytime soon, as more issuers look for cheap money and get comfortable with the asset class, say bankers. Jonathan Breen reports.

Jonathan Breen, June 03, 2021
Asia

China’s first public Reits see strong turnout

Institutional and retail investors were in hot pursuit of China’s first nine infrastructure real estate investment trust (Reits) this week, as Beijing begins to develop the trillion-renminbi market.

Addison Gong, June 03, 2021
Asia

Slurp: Investors gobble up Indofood’s debut bonds

Indofood CBP Sukses Makmur made its dollar debut this week with a dual tranche $1.75bn bond. The Indonesian noodle maker overcame investor scepticism about its fundraising strategy by selling long-dated notes that saw a strong reception from the market. Morgan Davis reports.

Morgan Davis, June 03, 2021

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