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LevFin High Yield Bonds

Private company premium evaporates as Altice refis

Altice France leapt straight into the market after Friday’s surprise announcement that owner and founder Patrick Drahi would be taking the company private. Research from Federated Hermes shows that the credit spread premium for a private company has dropped to virtually zero for the first time in 20 years.

Owen Sanderson, September 17, 2020
Follow-ons and Rights issues

Technicolor completes €330m recap

French visual effects and digital services company Technicolor has finished a €330m recapitalisation as part of its efforts to exit from bankruptcy proceedings.

Aidan Gregory, September 17, 2020
LevFin High Yield Bonds

Maxeda scores nailed-on liquidity with 2026 refi

Dutch DIY group Maxeda launched a refinancing this week which pushed up its rating, after it took out its 2022s with new 2026 bonds, taking any liquidity constraints for the triple-C rated chain firmly off the table. Despite the pandemic, the retailer has been successfully deleveraging, helped by a boom in home improvements during lockdown.

Owen Sanderson, September 17, 2020
Covered Bonds

Covered bonds 'running out of steam' as trio hit primary

Fédération des caisses Desjardins du Québec (CCDJ), Compagnie de Financement Foncier (CFF) and Sparebanken Vest Boligkreditt (Svegno) were set to issue covered bonds with zero new issue premiums on Thursday. But after a surprisingly busy week, the market is now "running out of steam" with order books were much slower to build and subscription ratios far lower than transactions issued earlier this week.

Bill Thornhill, September 17, 2020
Private debt

SSD bankers push back against troubled borrowers

Schuldschein arranging banks have long claimed to be the market's gatekeepers as far as borrowers looking for access are concerned, rejecting lower quality credits to keep the standard high. As the market expanded in recent years and a richer variety of companies borrowed from it, this became a less convincing claim. But as the coronavirus pandemic rocks Europe, Schuldschein bankers say they have declined several requests from companies from risky sectors.

Silas Brown, September 17, 2020
Supras and agencies

EU paves way for national approval of recovery plan

The European Parliament voted in favour of an expansion of the EU’s own resources on Wednesday. The result brings the EU’s €750bn recovery plan one step closer to reality.

Lewis McLellan, September 17, 2020
Equity

Unibail-Rodamco-Westfield launches plan to reset business

Unibail-Rodamco-Westfield, one of the world's largest owners of shopping malls, launched a €9bn-plus turnaround plan on Thursday, which includes a €3.5bn rights issue. The aim of is to reduce its leverage to help it withstand the Covid-19 pandemic.

Sam Kerr, September 17, 2020
Sovereigns

Netherlands lowers funding need by almost €30bn

The Dutch State Treasury Agency has revised down its 2020 borrowing programme as a result of a better improvement than expected in its cash deficit.

Burhan Khadbai, September 17, 2020
Regulatory Capital

Swedish supervisor extends risk flooring to preserve bank capital

Sweden's financial supervisor has extended its application of a risk weight floor on domestic mortgages, a measure that will help to protect senior debt by forcing banks to run with higher capital positions.

David Freitas, September 17, 2020
FIG People and Markets

ECB gives green light to lev ratio relief

The European Central Bank said on Thursday that the economy was in a poor enough state to justify letting banks take advantage of a recent agreement on leverage ratio relief.

Tyler Davies, September 17, 2020
Asia

China reforms NPL ABS as bad loans rise

The People’s Bank of China has started to allow banks seeking quotas to sell non-performing loan securitizations to shift from the old approval-based system to a registration-based system, onshore bankers told GlobalCapital China this week. The reform is set to speed up the pre-issuance phase and ease banks’ increasing pressure to dispose of bad loans.

Rebecca Feng, September 17, 2020
Regulatory Capital

HCB readies T2 deal with unusual maturity structure

Hamburg Commercial Bank is getting ready to issue a new tier two capital bond with an unusual five year tenor, as part of its efforts to reconnect with investors following its privatisation in 2018.

Tyler Davies, September 17, 2020

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