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Africa

Ecobank Nigeria USD300m 7.125% Feb 26

Rating: —/B-/B-

Mariam Meskin, February 11, 2021
EM Middle East

First Abu Dhabi Bank EUR750m 0.125% Feb 26

Rating: Aa3/AA-/AA-

Mariam Meskin, February 11, 2021
Africa

‘Messy’ Ethiopia debt relief effort risks Africa bond contagion

Bond market participants fear that the G20 common framework for debt relief risks doing more harm than good. The warning came this week as confusion regarding the private sector’s role in Ethiopia’s proposed use of the framework dented government bonds across sub-Saharan Africa. The lack of clarity must be quickly rectified to avoid lasting contagion in African bond markets, market participants said. Mariam Meskin and Oliver West report.

Mariam Meskin, February 11, 2021
Leader

Cancel culture: should govvies held by central bank be torn up?

Thomas Piketty and 100 other economists from across Europe put their signatures to an op-ed this week calling for the ECB to cancel its holdings of government debt. GlobalCapital debates whether it is radical but wise policy making, or would make matters worse still.

Sam Kerr, February 11, 2021
SSA

European inflation sizzle set to fizzle

Eurozone inflation leapt up in January, steepening curves and fuelling feverish demand for long-end bond issues. But the move lacks the vigour and commitment of the US reflation trade and economists expect it to subside later in the year. As Lewis McLellan reports, with no prospects of higher rates, investors will be pushed into longer and longer debt maturities as they attempt to lock in positive yields.

Lewis McLellan, February 11, 2021
Corporate Bonds

Crown secures 20 year throne as Powell calms fears

Corporate dollar supply was front-loaded this week as borrowers jumped into the market before Asian investors took time off for the Lunar New Year and activity slowed in the US ahead of the President’s Day weekend.

David Rothnie, February 11, 2021
Covered Bonds

Covered bonds going cheap but investors don’t care

The covered bond market is historically cheap relative to senior unsecured paper, but real money buyers have been unimpressed as other valuation comparisons have proved more important.

Bill Thornhill, February 11, 2021
Hoist solves NPL conundrum with Magnetar tie-up

Hoist Finance is, unlike most of its competitors, a bank that is hoovering up non-performing assets, at a time when banking supervisors are laser-focused on cutting European bank exposures to those very same assets. That should be a problem for Hoist, whose whole business is based around purchasing NPL portfolios from other banks, but it’s a problem which it has been able to solve using securitization.

Owen Sanderson, February 11, 2021
ABS

Trinity responds to growing ESG appetite with green ABS

Trinity Industries published a framework that will guide its efforts to produce green ABS, deals that will be directly linked to reducing greenhouse gases. The framework is the answer to investors’ calls for green label deals, which are rare and in high demand in the securitization market.

Jennifer Kang, February 11, 2021
High grade and crossover bonds

From Snam to CTP, Europe’s high grade investors get a range of senior risk

Snam, the Italian gas pipeline company, and SKF, the Swedish ball bearing maker, kicked the week’s corporate bond new issuance off in Europe on Monday with deals that offered razor-thin spreads from the start.

Mike Turner, February 11, 2021
CLOs

US CLO manager universe set to shrink

Tough market conditions last year meant many CLO managers in the US issued fewer deals than usual, and some didn’t print at all. But a strong opening to this year has encouraged some, if not all, to return. Meanwhile, a new type of structure may give others the incentive to make a comeback, writes Paola Aurisicchio.

Paola Aurisicchio, February 11, 2021
FIG Bond Comments

Danske Bank EUR750m 1% 10.25NC5.25 tier two

Rating: —/BBB/BBB+

Frank Jackman, February 11, 2021

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