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Covered Bonds

Issuance to improve but covered bonds to stay squeezed

Covered bonds are expected to remain a core funding tool next year and the outlook for supply is likely to improve. However, net of redemptions and central bank purchases, the market will remain highly squeezed.

Bill Thornhill, November 17, 2020
Supras and agencies

EU holds fire on 15 year SURE bond

The European Union was expected to hit the market this week for the third syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme. But with no mandate announcement in sight, the borrower will likely wait until next week, according to SSA bankers.

Burhan Khadbai, November 17, 2020
Supras and agencies

Poland and Hungary block EU recovery fund over rule of law

The EU recovery fund has hit a major obstacle in its journey to capital markets. Hungary and Poland have vetoed the "own resources decision", which would allow the EU to access the bond market on its own account.

Lewis McLellan, November 17, 2020
People News

Esposito to replace Lemkau at Goldman's IBD

Gregg Lemkau is leaving Goldman Sachs at the end of the year and will head up an alternative investment firm linked to tech entrepreneur Michael Dell. Jim Esposito will take over as joint head of the investment banking division at Goldman.

Jasper Cox, November 17, 2020
CLOs

Canada-based manager gains SEC approval, buys Garrison CLOs

Mount Logan Capital has acquired management rights to two middle-market CLO contracts from Garrison Investment Management. The asset manager disclosed the acquisition in an announcement and said that it paid $3m to take over the two CLOs together with “certain side letter agreements”.

Paola Aurisicchio, November 17, 2020
RMBS

Dutch debut sees Citi planning multi-year RMBS shelf

Citi is planning to issue at least two deals a year from its new Dutch buy-to-let RMBS programme, putting the Jubilee deals on par with the bank’s Canada Square shelf in terms of issuance. Citi released an update for the €213m Jubilee Place 2020-1 on Tuesday, guiding the class ‘A’ notes in the 110bp area.

Tom Brown, November 17, 2020
Private debt

German airports creep back to Schuldschein as Hamburg launches deal

Hamburg Airport has launched a Schuldschein deal, following Munich Airport’s entry into the market in early October.

Silas Brown, November 17, 2020
Equity-Linked

Schneider Electric places first true sustainability-linked convertible

Schneider Electric, the French electrical systems company, has issued what many in the market are calling Europe's first true sustainability-linked convertible bond, in which the issuer agrees to pay investors more if it fails to meet pre-agreed environmental, social and governance targets.

Aidan Gregory, November 17, 2020
Covered Bonds

Stadshypotek prints tightest covered in months

Stadshypotek on Tuesday became the first Swedish bank to issue a euro benchmark covered bond this year, with its first euro deal secured on Norwegian mortgages. The bond was priced at the tightest spread for any covered bond issued outside the eurozone since May 2019.

Bill Thornhill, November 17, 2020
Follow-ons and Rights issues

Alstom gets vaccine boost as it launches rights issue

Alstom, the French manufacturer of trains, trams and buses, has embarked upon its long-awaited rights issue with a fair wind behind it after the recent progress towards a Covid-19 vaccine.

Sam Kerr, November 17, 2020
Emerging Market Loans

Sistema gains first ESG credit line from Russian lender

Sistema, the Russian diversified holding company, has raised a sustainability-linked credit line through the country's largest lender, Sberbank. Though there has been an increase in sustainability-linked financing in Russia, this deal marks the first ESG-linked loan between a domestic corporate and borrower.

Mariam Meskin, November 17, 2020
People News

Banker who took UBS to court is hired by litigation funder

Ben Smyth, the whistleblower and former debt capital markets banker who took UBS to court, has been hired as an investment officer by the litigation funder Therium Capital.

Silas Brown, November 17, 2020

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