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Regulatory Capital

Ageas garners demand for tier two

Belgian insurer Ageas sold its first deal in almost a year this week, with the spread on offer helping to drive demand to more than three times covered.

Frank Jackman, November 19, 2020
Southpaw

Rolls-Royce lands cash call after flight risk

UK aerospace company Rolls-Royce managed a smooth landing for its mid-pandemic equity raise despite turbulence within its inner circle of advisers. It was a triumph for strong management, writes David Rothnie.

David Rothnie, November 19, 2020
Sovereigns

Italy returns to dollars following second Futura

Italy made a strong return to the dollar market on Tuesday with a deal over three times covered, which came following the conclusion of the sovereign’s second BTP Futura bond sale at the end of last week.

Burhan Khadbai, November 19, 2020
SSA

Ontario Teachers get blowout response for debut green outing

Ontario Teachers’ Finance Trust hit the market on Thursday for the issuer’s first ever green bond — a €750m no-grow 10 year, for which it received an overwhelming response, causing a 7bp tightening.

Lewis McLellan, November 19, 2020
Regulatory Capital

Bank capital deals fly as issuance volumes begin to fall

Erste Group Bank and Société Générale both capitalised on the euro market’s extremely favourable conditions this week, pricing new subordinated deals in line with fair value or even through it.

Tyler Davies, November 19, 2020
Investment Grade Loans

Hogwarts owner strikes £200m deal in private market

Northumberland Estates, the body that manages the interests of the Duke of Northumberland, has sold £200m worth of private placements to US and UK investors, according to market sources. The borrower joins Blenheim Palace, the Duchy of Cornwall and a long list of esoteric credits to tap the private markets.

Silas Brown, November 19, 2020
People News

People moves in brief

Goldman IBD heads: Lemkau out, Esposito in — UBS whistleblower hired by Therium — New Nordic bosses at Citi's BCMA

Jasper Cox, November 19, 2020
High grade and crossover bonds

Thales and Metso Outotec add to bulging primary

Thales, the French aerospace and defence company, offered Europe’s high grade bond investors something towards the top of the rating scale on Thursday, while lower rated sub-benchmark sized debt from Finland’s Metso Outotec offered buyers the chance for a bit more spread.

Mike Turner, November 19, 2020
CLOs

CLO investors shift as banks make way for smaller buyers

The Covid-19 pandemic has reshuffled the CLO investor base, with big bank buyers cutting their exposures, and insurers and mutuals gaining shares. Smaller pension funds and high net worth individuals have also entered the sector, tempted by the surprisingly strong performance of the asset class through the crisis period.

Paola Aurisicchio, November 19, 2020
Hybrid

Engie and National Express keep Europe’s hybrid high buzzing

Engie, the French electricity and gas company, and UK transport firm National Express enjoyed bumper demand for hybrid capital issues on Thursday, as some market participants argued the coronavirus pandemic had changed the way hybrids are seen by issuers.

Mike Turner, November 19, 2020
Market pushes back on ‘rushed’ ESG criteria for securitization

The securitization market is pushing back against proposals in the European Parliament to tack a green framework for ABS deals onto existing discussions about NPL and synthetic securitizations that were supposed to be rapid-fire amendments to help the market fight off Covid-induced economic woes. Tom Brown reports.

Tom Brown, November 19, 2020
SSA MTNs and CP

ADB makes Pakistani rupee debut

The Asian Development Bank made its first foray into the Pakistani rupee market this week, tapping a growing appetite for frontier currency-linked paper.

Frank Jackman, November 19, 2020

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