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  • ABS
    Auto ABS issuers are opening up the 2021 pipeline with four deals of various size and quality, ranging from a subprime auto transaction from Arivo Acceptance to a prime loan deal from Santander. Subprime auto credit is expected to deteriorate in the next few months as loan extension programmes continue to expire.
  • UK stationery retailer Paperchase has submitted a notice of intent to appoint administrators, as it struggles to cope with the effects of lockdowns and disruption to Christmas sales.
  • Damien Loynes' syndicate responsibilities at Crédit Agricole have been expanded.
  • The run-off for the final two seats in the US Senate was nearing its close on Wednesday and it looks likely that Democrats will secure both, granting the party a majority in both houses of Congress. The race has caused a spike in US Treasury yields, lending Wednesday’s SSA borrowers a big boost.
  • ABS
    The European securitization market needs to whittle down its remaining ‘tough Libor’ legacy contracts without relying on help from the UK regulators, said the Association for Financial Markets in Europe (Afme) on Wednesday.
  • The European Investment Bank announced its first euro benchmark of the year on Wednesday, looking to take advantage of a super strong backdrop and avoid an expected heavy pipeline of supply next week.
  • The European investment grade corporate bond market took a break for the Epiphany public holiday across the continent on Wednesday, but syndicate bankers say deals will flow thick and fast from Thursday.
  • KEB Hana Bank (KHB) of South Korea has set up a covered bond programme and, given the strength of market conditions, there are high hopes that a deal will be mandated soon.
  • Europe’s primary equity-linked market has reopened for 2021, with a debut €200m green convertible bond issued by Voltalia, the French renewable energy company.
  • State Bank of India successfully raised $600m with a bond issue underwritten by leading investment banks on Wednesday, just weeks after big investors divested from its green bonds because of its apparent intention to finance the controversial Carmichael coal mine being developed in Australia.
  • Adler Group, a BB+ rated company bringing an IG-style refi trade, looks set to be the first European levfin deal of 2021, with a mandate out on Wednesday for a dual tranche issue led by JP Morgan. The German property business had a transformative 2020, with two big acquisitions and a rights issue, and was last in the bond market in November.
  • Komerční banka (KB), a partially owned subsidiary of Société Générale, has mandated leads for the first fully distributed euro benchmark covered bond from the Czech Republic, paving the way for other major lenders to follow suit.