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High grade and crossover bonds

Iren dips into market on ECB day

Iren, the Italian utility, sold a €300m green bond on Thursday, being the only name to brave the markets on the same day as the European Central Bank meeting.

Mike Turner, December 10, 2020
LevFin High Yield Bonds

BC buyout bond hits December boom for HY

Mid-December is rarely the perfect time to take out more than €1bn of LBO financing, but 2020 has been full of surprises, and BC Partners’ acquisition debt for its investment in Italian machinery maker Industria Macchine Automatiche (IMA) flew off the shelf — though not without a tweak to the most aggressive documentation terms. Plenty of other high yield issuers also spotted the window, which looks set to make this December record-breaking.

Owen Sanderson, December 10, 2020
Equity

Brexit breakdown risks UK capital markets chaos

Capital markets professionals are resigned to a no-deal Brexit, after UK prime minister Boris Johnson and EU Commission president Ursula von der Leyen failed to find a way through an impasse in trade negotiations over dinner on Wednesday. Equities are set to suffer the most, and the ability of UK companies hurt by Covid-19 to raise capital is now in serious doubt. Sam Kerr, Lewis McLellan and Mike Turner report.

Lewis McLellan, December 10, 2020
ABS

Banks face headaches over ABCP conduit concentrations

European banks are looking to reduce their cost of funding by fitting their asset-backed commercial paper (ABCP) transactions with the ‘simple, transparent and standardised’ (STS) regulatory stamp. Fresh regulations are causing headaches for the issuers, however, prompting increased concerns about the effectiveness of the label.

Tom Brown, December 10, 2020
Private debt

AlbaCore, Alcentra close new European strategic credit funds

Direct lender Alcentra has raised €557m for its second European fund focusing on stressed and distressed debt. AlbaCore closed a new disclocation fund with $1bn of commitments this week, too. Both aim to tap into companies that have fallen down the credit spectrum during the pandemic.

Silas Brown, December 10, 2020
LevFin Leveraged Loans

Repricing returns to rallying lev loan mart

Two European borrowers are looking to reprice leveraged loans tighter for the first time since the coronavirus crisis hit, underscoring the market’s strong tone following its recovery. Groupe CEP, a French insurance broker, was one of the first post-pandemic loan deals to break cover in early June, when the market still wanted to see some spread on new facilities.

Owen Sanderson, December 10, 2020
Equity-Linked

Convertible bankers bullish after stellar 2020

Corporate issuers have been turning to the convertible bond market in 2020 to repair balance sheets damaged by Covid-19 and to take advantage of growth opportunities the pandemic presents, spurring issuance to its highest levels in years. Conditions are set for a fair 2021 as well, said bankers.

Aidan Gregory, December 10, 2020
Equity-Linked

Qiagen refinances 2021 convert with new $500m bond

Qiagen, the Dutch diagnostics company, has launched the sale of a new convertible bond to refinance the unwinding of an older bond, set to mature in 2021.

Aidan Gregory, December 10, 2020
LevFin High Yield Bonds

Debt buyer Axactor preps for 2021 NPL flood

Axactor, a Norwegian debt purchaser firm, has launched a refinancing of its €200m 2021 bond alongside a rights issue, and a clean-up of its capital structure, which will "increase its capacity for new investments in a highly attractive NPL market".

Owen Sanderson, December 10, 2020
Follow-ons and Rights issues

Aveva attracts strong take-up for rights issue

Aveva, the UK software company, has completed its £2.6bn rights issue to partially fund the acquisition of OSIsoft a US real-time data producer. The deal marks another success for M&A driven capital raises.

Sam Kerr, December 10, 2020
CEE

Montenegro takes advantage of credit conditions, as EM sees 'no point in waiting'

Southeastern Europe's Montenegro sold a euro bond on Wednesday which bankers say, especially because of its timing, is simply another sign of emerging market issuers being enticed by the strong credit conditions on offer.

Mariam Meskin, December 10, 2020
Regulatory Capital

HSBC back in AT1s with dollar deal

HSBC returned to the additional tier one (AT1) market this week after a two year absence. It was marketing a dollar deal that it intends to use to fund the redemption of some of its outstanding preference shares.

Frank Jackman, December 10, 2020

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