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Senior Debt

HSBC launches TLAC tender and senior bond

HSBC Holdings has launched a tender offer for nine short-dated senior securities in dollars as it looks to optimise its liability structure for the total loss-absorbing capacity (TLAC) requirements. The announcement followed a dual-tranche senior deal in the same currency.

David Freitas, August 11, 2020
EM Middle East

Lebanon faces ‘dead end’ as IMF package remains distant

Monday’s resignation of Lebanon’s government in the wake of last week’s blast in Beirut has intensified angst among market spectators over the country’s future. IMF assistance hinges on the new government being reformers, and investors are being urged to be patient through what is expected to be a rocky restructuring process.

Mariam Meskin, August 11, 2020
SSA

Technical issue forces ECB to use €STR contingency

A technical issue around the data submission meant that the euro area short term rate (€STR) did not have enough data to be calculated in the usual way this morning, forcing the ECB to use its contingency method.

Lewis McLellan, August 11, 2020
RMBS

Piraeus seeks Hercules guarantee for €6.9bn of NPLs

Piraeus Bank on Monday filed for a €1.9bn NPL securitization transaction under the Hercules Asset Protection Scheme (HAPS), making it the third Greek bank to apply since the scheme began. It is also looking to add another €5bn securitization later in 2020.

Tom Brown, August 11, 2020
Follow-ons and Rights issues

Markets primed for €2.75bn IAG rights issue

Equity capital markets are preparing for a wave of rights issues this autumn as companies raise capital to withstand a prolonged Covid-19 pandemic. One of the most talked about is a rights issue for IAG, the airline holding company that owns British Airways, with market participants praying that sentiment holds up throughout August enough to allow the deal to succeed in September.

Sam Kerr, August 11, 2020
Private debt

PP investors 'first in line' for Hammerson payout

Institutional investors holding Hammerson’s £689m ($900.27m) of private placements (PPs) are to be offered a pre-payment option first after the UK property company’s intended rights issue, according to a prospectus on the upcoming trade. Unlike the UK property company’s bondholders and bank lenders, during their coronavirus amendment process, PP investors negotiated an offer of pre-payment at par of 30% of any proceeds of capital raises or disposals.

Silas Brown, August 11, 2020
Regulatory Capital

Fed sets high capital targets for European bank subsidiaries

European banks will be subject to some of the Federal Reserve’s highest capital targets, after the US regulator switched to using stress test results as the main input for its requirements.

Tyler Davies, August 11, 2020
GC View

Convertibles thrive in pandemic but are no financial panacea

The convertible bond market has played a vital role during the Covid-19 global pandemic in funding corporates that were in urgent need of liquidity as the crisis took hold. Deals have performed for investors too, although they should be concerned about the potential for rising defaults.

Aidan Gregory, August 11, 2020
Asia

Trump sends a message via WeChat. Don’t ignore it.

US president Donald Trump’s sudden targeting of Tencent Holdings and its flagship app WeChat last week was vague in the extreme. But what is clear is the Trump administration’s increasing willingness to go after China’s tech darlings. That should not be ignored.

Jonathan Breen, August 11, 2020
Asia

Embattled Jain to restructure dollar debt

Indian agricultural company Jain Irrigation Systems, which has been navigating a liquidity crisis for more than a year, has put in place two restructuring plans for its onshore and offshore debt.

Alice Huang, August 11, 2020
Asia

Barclays boosts global SRI team

Barclays is building up sustainability coverage in its investment bank with new positions announced globally on Monday and effective immediately.

Morgan Davis, August 11, 2020
Asia

Taiflex closes dual-currency loan

Taiwan’s Taiflex Scientific Co, an electronic parts and components maker, has closed a dual-currency borrowing of NT$2.5bn ($85m) with eight banks.

Pan Yue, August 11, 2020

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