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Asia

UOB to issue first Singapore covered bond in two years

United Overseas Bank has mandated leads for the first euro covered bond benchmark from a Singapore lender since September 2018. The deal takes advantage of the Monetary Authority of Singapore’s (MAS) recent decision to increase covered bond issuance capacity.

Bill Thornhill, November 23, 2020
Equity

Impact investing trust launches London IPO

Schroders, the UK asset management company, has partnered with Big Society Capital to seek to list a new fund on the London Stock Exchange to invest in assets which have a positive social impact on the UK.

Sam Kerr, November 23, 2020
Senior Debt

Co-op bags last gasp MREL at 9%

The Co-operative Bank has completed the sale of a new senior bond just in time for a step-up in its minimum requirements for own funds and eligible liabilities (MREL). The UK issuer needed a chunky coupon to get its deal done, but managed to price through the trading levels on its outstanding tier two.

Tyler Davies, November 23, 2020
Regulatory Capital

Barclays joins Libor phase-out fray

Barclays has become the latest bank to begin transitioning over the reset rates on several of its additional tier one bonds from Libor to Sonia. Unlike recent switchers Lloyds and Santander, Barclays has also opted to change over the reset rate on an outstanding dollar AT1.

Frank Jackman, November 23, 2020
Securitization People and Markets

Schroders targets pandemic opportunity

Schroders has closed a new private credit fund, which will use a mix of securitized bonds, warehouse lines, direct loans and other instruments to target dislocated opportunities as the impact of the Covid-19 pandemic plays out in credit markets.

Owen Sanderson, November 23, 2020
Supras and agencies

NWB and Kommuninvest line up for dollars

Nederlandse Waterschapsbank and Kommuninvest will both take to the dollar market this week, sneaking in ahead of the Thanksgiving holidays.

Lewis McLellan, November 23, 2020
Africa

Africa shows up at last as Ivory Coast mandates for euros

The Ivory Coast has sparked life into what has been a bleak year for sub-Saharan African bond issuance. Most sovereigns have turned to the official sector to support them throughout the coronavirus crisis as a result of being priced out of the international debt capital markets, bankers said.

Mariam Meskin, November 23, 2020
Investment Grade Loans

Greencoat agrees £500m debt-funded purchase but warned on debt metrics

Greencoat UK Wind, the renewable infrastructure fund, is buying a 38% stake in an offshore wind farm for £500m using new and existing debt. But analysts warn that the fund could push through its debt ratio limit in the coming years.

Mike Turner, November 23, 2020
EM Middle East

Junk-rated Oman taps investors in cash grab to bolster finances

Oman, one of only two sub-investment grade sovereign credits in the Gulf region, tapped two of its dollar bonds for $500m this week as it seeks to shore up state finances.

Mariam Meskin, November 23, 2020
LevFin Leveraged Loans

Cineworld offers sweetener for new emergency cash

Cineworld has stapled warrants for 9.9% of the company to its latest tranche of emergency funding, a $450m lifeline that comes with an undisclosed but eyewatering interest rate. The new cash has unlocked a further round of covenant waivers from its revolver banks, and should give the company a chance to keep trading until coronavirus vaccines bring back a semblance of normality to the economy.

Owen Sanderson, November 23, 2020
Asia

Evergrande’s bonds, stocks up on SOE tie-ups

China Evergrande Group got a boost to its bond and stock prices on Monday, after its flagship subsidiary convinced a large group of equity holders not to exercise a put option. The company also secured two new state-backed investors.

Addison Gong, November 23, 2020
Equity IPOs

Nordnet to price €1bn IPO at mids

The IPO of Nordnet, the Swedish digital bank and investment management platform, is due to be priced at Skr96, the midpoint of the initial range, when bookbuilding ends on Monday.

Aidan Gregory, November 23, 2020

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