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Sovereigns

Gilt players back new 30 year syndication in April

Gilt-Edged Market Makers (GEMMs) and investors expressed their support for the UK Debt Management Office to issue a new 30 year Gilt as the first syndication of its new 2021/22 financial year.

Burhan Khadbai, March 09, 2021
Supras and agencies

EU takes €9bn with second SURE deal of 2021

The European Union completed another chunk from its Support to mitigate Unemployment Risks in an Emergency (SURE) funding programme on Tuesday, leaving the issuer with up to €13bn more to raise before the end of March.

Burhan Khadbai, March 09, 2021
LevFin Leveraged Loans

Lone Star looks to reprice pandemic-era underwrite for BASF buyout

Lone Star is refinancing and pricing the debt incurred for its buyout of BASF Construction Chemicals, one of the bridges hung during the first peak of the Covid crisis a year ago. The original deal required creativity to cross the line, plus a hefty private placement with GSO. Now, however, it looks set to slice up to 100bp off the euro margin, and more from the GSO deal.

Owen Sanderson, March 09, 2021
SSA

SSA secondary pricing update: Italy debut green bond tightens by 3bp

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, March 8. The source for secondary trading levels is ICE Data Services.

Burhan Khadbai, March 09, 2021
Regulatory Capital

NatWest Group sells sophomore sterling AT1

NatWest Group returned to the sterling market on Tuesday to print its second additional tier one (AT1) deal in the currency, just four months after its first.

Frank Jackman, March 09, 2021
Senior Debt

Leeds builds up MREL buffer with non-pref debut

Leeds Building Society returned to the senior sterling market on Tuesday after more than a decade away. It was its first foray into the non-preferred format, which will help it build up its buffers over its minimum requirements for own funds and eligible liabilities (MREL).

Frank Jackman, March 09, 2021
GC View

Greensill’s private status sheltered it from short seller scrutiny

Short sellers get a lot of stick, whether it is Elon Musk taunting them, an army of Redditors squeezing them or the corporations they target otherwise harassing, suing and investigating them. But they play a vital part in capital markets, as underlined by the Greensill affair — where the finance firm’s private status meant that for too long it could hide from the accountability that short sellers can help deliver.

Owen Sanderson, March 09, 2021
Market News

Davy closes bond desk after multiple MiFID breaches, Ireland PD role withdrawn

Davy, the Irish brokerage firm, has shut its bond desk with immediate effect following a damning investigation by the Central Bank of Ireland which found a group of employees breached markets regulation for personal financial again over a period of two years.

Burhan Khadbai, March 09, 2021
Equity

Green equity issuers persevere against market volatility

European equity deals linked to renewable energy have continued to come to market despite sustained turbulence buffeting the sector.

Sam Kerr, March 09, 2021
Emerging Market Loans

Akbank debuts ESG loan and slashes pricing

Turkish lender Akbank is in the syndicated loan market with its debut ESG deal, according to sources. The bank has been able to tighten pricing on the refinancing, meaning that it has enough competitively priced funding for it not to need to come to the bond market.

Mariam Meskin, March 09, 2021
Covered Bonds

OLB makes ‘solid start for covered bond career’

Oldenburgisch Landesbank priced its debut publicly distributed mortgage Pfandbrief on Tuesday, attracting enough demand to ensure the deal size was increased to the top end of the expected range, even as the spread was tightened. But a deterioration in market conditions was blamed for its low subscription ratio.

Bill Thornhill, March 09, 2021
Senior Debt

Intesa dips through fair value for third ESG deal

Intesa Sanpaolo saved a couple of basis points with the sale of a new senior bond from its green issuance framework on Tuesday, compared to fair value on a conventional deal. The new issue came as markets remained on edge ahead of the European Central Bank’s next meeting.

Tyler Davies, March 09, 2021

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