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Asia

Minsheng Leasing returns to loan-backed notes

China's Minsheng Financial Leasing Co sold a rare loan-backed bond on Wednesday, replicating a structure it has favoured in the past.

Morgan Davis, March 04, 2021
EM LatAm

Pemex to dump Fitch but agency will keep rating it

Fitch Ratings said on Wednesday that it would continue to provide international ratings and research on Mexican government-owned oil giant Pemex even after the issuer said it was dispensing with the agency’s services. Previously, Mexican president Andrés Manual López Obrador had publicly criticised Fitch’s negative rating actions on Pemex, which accounts for nearly 10% of investor holdings of EM corporate bonds.

Oliver West, March 04, 2021
EM LatAm

Minerva beats Brazil volatility to notch 10 year

Beef exporter Minerva navigated another volatile day for Brazilian assets to raise $1bn of new 10-year non-call five notes on Wednesday, offering a slight pick-up to rival Marfrig that bankers saw as justified given Marfrig’s larger size and US operations.

Oliver West, March 04, 2021
CLOs

Middle market CLO manager Monroe sells minority stake to Aberdeen

Chicago-based middle market CLO manager Monroe Capital has sold a minority equity stake to Bonaccord Capital Partners, a subsidiary of the UK asset manager Aberdeen Asset Management. The minority interest is classified as 'passive', in which the buyer will not exercise control by votes and will not have impact on the day-to-day management, operations and decision-making processes of Monroe. Terms of the investment were not disclosed.

Paola Aurisicchio, March 03, 2021
ABS

STS and new issuers to light up risk transfer market in 2021

The amount of significant risk transfer (SRT) transactions executed by US institutions tripled over the past year, a trend expected to continue in 2021 as the synthetics space makes up for lost time after the pandemic. The extension of simple, transparent and standardised (STS) rules into the sector will also help bring first-time issuers into the market, said panellists speaking at IMN’s Virtual Investors’ Conference on Significant Risk Transfer on Wednesday.

Tom Brown, March 03, 2021
Covered Bonds

Covered bonds shrink as share of ECB’s balance sheet

The European Central Bank managed to buy more covered bonds on a net basis in February than it did January, but the asset class fell as a proportion of its total asset purchases. In the absence of fresh supply, it was forced to source paper in the secondary market, but at a markedly lower pace than before.

Bill Thornhill, March 03, 2021
SRI

UK’s green Budget ‘underwhelming’ as gaps, contradictions appear

The UK’s Budget on Wednesday is likely to go down as the greenest ever, but it still left sustainable finance advocates disappointed, as Rishi Sunak, the chancellor of the exchequer, failed to give clarity on vital programmes and spending, at the beginning of a decade in which the country will have to make vital investments towards achieving its ambition of net zero greenhouse gas emissions by 2050.

Jon Hay, March 03, 2021
High grade and crossover bonds

US corporates cram into high grade euro market

Europe’s high grade corporate investors had their pick of US risk on Wednesday, with a trio of names raising €5.2bn of debt across seven tranches.

Mike Turner, March 03, 2021
Sovereigns

Italy smashes green debut as Germany prints first 15 year via auction

Italy took orders of over €80bn for its first green BTP on Wednesday to become the latest sovereign to enter the green bond market. Germany was also in market, raising €3bn with its first 15 year deal via auction.

Burhan Khadbai, March 03, 2021
Sovereigns

UK to issue two green Gilts in 2021 as new £12bn infra bank confirmed

The UK Debt Management Office announced its borrowing remit for its 2021/2022 fiscal year on Wednesday, following the chancellor of the exchequer Rishi Sunak's budget speech, which includes plans to sell a debut green Gilt in the summer with another later in the year. A new UK infrastructure bank, which will use debt and equity capital was also made official in the budget.

Burhan Khadbai, March 03, 2021
Private debt

DIC offers TLTRO SSD ‘fast track’

German commercial real estate company DIC Asset has launched its second Schuldschein, for an initial target of €100m, according to a term sheet distributed to investors. The debt’s margins will be tied to the proportion of green assets the borrower has on its balance sheet. Most notably, there is a ‘fast track’ settlement date for banks needing to secure assets before an ECB funding deadline that falls at the end of this month.

Silas Brown, March 03, 2021
Hybrid

Enel keeps power flowing into hybrid market

Enel, the Italian power and gas company, proved that demand still exists in euros for chunky hybrid debt with a €2.2bn dual tranche deal on Wednesday that saw more than three times oversubscription at peak demand and offered no new issue concession.

Mike Turner, March 03, 2021

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