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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
Equity IPOs

Equity market cheers London listing review

Equity capital market participants cheered the publication on Wednesday of former EU commissioner Jonathan Hill's review of London listing rules. The report, written on behalf of the UK Treasury, recommended sweeping changes in order to attract more companies to the London Stock Exchange. On Thursday, Deliveroo, the food delivery company, announced it would be listing in London.

Sam Kerr, March 03, 2021
ABS

Forced sellers drove SRT secondary market to record in 2020

The significant risk transfer secondary market, a historically inactive sector, had its biggest year ever in 2020, with over $1bn traded as investors either sold to switch to other asset classes or were made forced sellers by margin calls, said panellists at IMN’s 2021 Virtual Investors’ Conference on Significant Risk Transfer on Wednesday.

Tom Brown, March 03, 2021
Investment Grade Loans

UK Budget: SMEs might crumple under debt, warns Treasury Committee MP

UK small and medium sized enterprises are at risk of collapsing under their coronavirus pandemic debt burdens, warned a member of an influential cross-party parliamentary committee in the wake of Wednesday's budget announcement.

Mike Turner, March 03, 2021
LevFin Leveraged Loans

B&B Hotels launches liquidity deal

Goldman-owned hotel chain B&B Hotels has launched a new loan deal for liquidity, in a test for the loan market's capacity for the next generation of rescue funding in the most distressed industries. The deal comes alongside an equity cheque of €80m.

Owen Sanderson, March 03, 2021
ABBs-Block Trades

Shareholder sells Melexis shares to increase freefloat

Xtrion, the majority shareholder of Belgian semi-conductor company Melexis, sold 1.4m shares in Melexis on Tuesday night. The sale was part of an overall 1.7m package sold to investors in order to increase the Belgian firm's freefloat in the hope that it will join the country's benchmark stock indices.

Sam Kerr, March 03, 2021
Covered Bonds

SR issues largest covered inside curve

SR Boligkreditt issued its largest and longest covered bond on Wednesday, at the tightest spread it has achieved in more than three years, slightly inside fair value.

Bill Thornhill, March 03, 2021
EM Middle East

Sharjah launches dollar bond as investors step back

The Emirate of Sharjah launched a dollar bond on Wednesday, just over five months since it last tapped investors. But not all buyers were keen to add more exposure to the credit.

Mariam Meskin, March 03, 2021
Senior Debt

European pair pays up with green debuts

Münchener Hypothekenbank (MunHyp) and the Bank of Ireland sold their first euro green bonds on Wednesday, offering up 2bp-3bp of new issue premium to do so.

Frank Jackman, March 03, 2021
Regulatory Capital

Belfius seeks to amend English law T2 for MREL

Belfius Bank is looking to amend the terms and conditions of one of its tier twos so that it can remain eligible for the minimum requirements for own funds and eligible liabilities (MREL). The bond was issued with risk factor language under English law but will now need to be updated to reflect the UK’s departure from the EU.

Tyler Davies, March 03, 2021

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