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Covered Bonds

Coventry takes Godiva to covered bonds

Coventry Building Society (CBS) has set up a second covered bond programme that is secured exclusively on the mortgages originated under its buy-to-let Godiva platform, which had previously been funded through its Mercia RMBS programme. Although the covered bonds require more collateral to reach the same rating, they offer greater funding flexibility as they can be pledged for repo and are eligible for the liquidity coverage ratio.

Bill Thornhill, October 21, 2020
High grade and crossover bonds

Bunzl sees 4.5 times oversubscription for sterling trade

Bunzl, the distribution and services company, topped off a strong few days by printing a £400m from bulging order books a week after announcing growth in its third quarter trading statement.

Mike Turner, October 21, 2020
Supras and agencies

World Bank snags $6bn with SDB

The World Bank blew the cobwebs out of the dollar market on Wednesday, raising $6bn with a five year Sustainable Development Bond.

Lewis McLellan, October 21, 2020
SSA

Italy and Québec jump into strong euro SSA market

Italy and the Province of Québec will add to the euro public sector supply on Thursday, hoping to capitalise on the strong momentum in the currency following the European Union’s record order book earlier in the week.

Burhan Khadbai, October 21, 2020
Hybrid

Iberdrola electrifies hybrid market with €3bn trade as jumbo hybrids in vogue

Iberdrola, the Spanish energy utility, launched a €3bn dual tranche hybrid capital bond on Wednesday, as syndicate bankers say the hunt for yield is encouraging issuers to push boundaries on the amounts they raise in hybrid issues.

Mike Turner, October 21, 2020
Private debt

Dairy producers Glanbia, Müller milk private placements

Bavarian dairy group Müller is marketing US private placements, according to market sources, alongside nutrition group Glanbia.

Silas Brown, October 21, 2020
People News

EM banker Seth joins HSBC

HSBC has hired Vikas Seth for a vice-chairman position, where he will be tasked with serving the firm's emerging markets clients.

Jasper Cox, October 21, 2020
Sovereigns

Back to the Futura part two: Italy to sell second Covid-19 retail bond in November

The Italian Ministry of Economy and Finance will issue a second BTP Futura next month, following its debut bond in the format earlier this year, as part of its plans to seek greater participation from retail investors to fund its additional borrowing needs resulting from the coronavirus pandemic.

Burhan Khadbai, October 21, 2020
Derivatives

CCP Sofr switch gives needed boost to Libor move

The transition from Ibor benchmarks passed a major milestone this week, when LCH joined CME in switching its discounting rate for dollar referencing derivatives from the Fed Funds Rate to Sofr.

Ross Lancaster, October 21, 2020
ABS

Janus Henderson launches new ABS fund

Janus Henderson Investors has launched a new ABS fund, named the Janus Henderson Asset-Backed Fund, to be offered to institutional investors in a UCITS structure.

Tom Brown, October 21, 2020
Asia

Singapore slings old 4% covered bond limit

The Monetary Authority of Singapore (MAS) has substantially increased its covered bond issuance limit which had stood at 4% of assets on an issuer’s balance sheet. This, along with very strong market conditions, should help to induce the country’s borrowers, which have not printed in euros for more than two years, to make an appearance before the year is out.

Bill Thornhill, October 21, 2020
Equity

Idorsia completes rights issue for drug commercialisation

Swiss biotechnology company Idorsia has completed its Sfr575m ($629m) at-market rights issue to fund the commercialisation of insomnia drug daridorexant.

Sam Kerr, October 21, 2020

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