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Asia

AirAsia X plans $123m fundraising

AirAsia X is looking to raise MR500m ($123m) from a rights issue and a placement of new stock to some shareholders.

Jonathan Breen, December 15, 2020
Asia

Aabar offloads RHB stake through block

Aabar Investments has pocketed MR932.4m ($229.4m) after selling down its remaining position in Malaysia’s RHB Bank, according to a source close to the deal.

Jonathan Breen, December 15, 2020
EM LatAm

Codelco wraps first buy-back, targets 2025s and 2027s

Only a small number of holders of Corporación Nacional del Cobre de Chile’s (Codelco) bonds agreed to participate in the first stage of a tender offer the government-owned copper producer will finance using proceeds from a recent bond issue.

Oliver West, December 15, 2020
EM LatAm

IMF no panacea for Costa Rica, says Fitch

Costa Rica’s finance ministry said on Monday that it planned to begin discussions over a new $1.75bn IMF programme in the second week of January. But though an agreement would likely drive a rally in the sovereign’s bonds, Fitch Ratings warned it would not remove debt sustainability pressures.

Oliver West, December 15, 2020
CLOs

CIFC priced the tightest CLO with five year reinvestment period

CIFC Asset Management has priced the tightest post-Covid CLO with five-year reinvestment period, a deal which also includes the new more flexible language to allow managers to preserve value in distressed situations.

Paola Aurisicchio, December 14, 2020
CLOs

Moody’s readies mass CLO upgrades on methodology change

Moody’s has put 188 CLO tranches issued by 114 US CLOs on review for possible upgrade, following a change in how its CLO methodology treats leveraged loans on negative watch. But the shift will make it harder to analyse CLO quality, as weighted average ratings will be dispersed more widely and documentation differences will become more important.

Paola Aurisicchio, December 14, 2020
Regulation

Trading equivalence judgments uncertain

The lack of clarity over whether the UK and the EU will clinch a trade deal before the end of the year also makes it harder for those in financial markets to know whether equivalence decisions will be granted for the trading obligations for derivatives (DTO) and shares (STO).

Jasper Cox, December 14, 2020
Securitization People and Markets

Brexit ABS fix could ease docs burden for investors

When the Brexit transition period ends on December 31, ABS deals listed on EU stock exchanges will become private deals for UK investors, and vice versa for UK deals. The change could ease the regulatory burden for some investors active in the market.

Tom Brown, December 14, 2020
Supras and agencies

Kommuninvest looks to bring long-awaited euro green debut in 2021

Kommuninvest, the Swedish local government funding agency, is hoping to issue its much delayed debut green bond in euros next year after initial plans to bring the deal this year were put on hold.

Burhan Khadbai, December 14, 2020
High grade and crossover bonds

Early 2021 corporate issuance in doubt despite stellar conditions

The negative new issue premiums, falling spreads and high demand for fresh debt seen in the European high grade corporate bond market this month should mean strong borrowing conditions for the new year. But a reduction in capex spending could mean that dealflow might end up disappointing in the early months of the year.

Mike Turner, December 14, 2020
Equity IPOs

Russian tech IPOs to lead country’s ECM revival

The Russian IPO market reopened in 2020 with a number of new listings, giving equity capital markets investors a chance to once again back new listings from EMEA’s most important emerging market. The most impressive of all these listings was Ozon, the Russian e-commerce company, which listed on the Nasdaq to acclaim from global tech funds. Sources are hoping more Russian tech unicorns will follow it to public markets in 2021.

Sam Kerr, December 14, 2020
Private debt

Dürr switches out bond debt for third ESG Schuldschein

Engineering equipment group Dürr has raised its third ESG-linked Schuldschein, raising €200m towards the redemption of its €300m 2.875% April 2021 bond. The company opted for the private market alternative, after pulling a contemplated €250m bond issue in early October.

Owen Sanderson, December 14, 2020

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