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Sovereigns

Back to the Futura part two: Italy to sell second Covid-19 retail bond in November

The Italian Ministry of Economy and Finance will issue a second BTP Futura next month, following its debut bond in the format earlier this year, as part of its plans to seek greater participation from retail investors to fund its additional borrowing needs resulting from the coronavirus pandemic.

Burhan Khadbai, October 21, 2020
Derivatives

CCP Sofr switch gives needed boost to Libor move

The transition from Ibor benchmarks passed a major milestone this week, when LCH joined CME in switching its discounting rate for dollar referencing derivatives from the Fed Funds Rate to Sofr.

Ross Lancaster, October 21, 2020
ABS

Janus Henderson launches new ABS fund

Janus Henderson Investors has launched a new ABS fund, named the Janus Henderson Asset-Backed Fund, to be offered to institutional investors in a UCITS structure.

Tom Brown, October 21, 2020
Asia

Singapore slings old 4% covered bond limit

The Monetary Authority of Singapore (MAS) has substantially increased its covered bond issuance limit which had stood at 4% of assets on an issuer’s balance sheet. This, along with very strong market conditions, should help to induce the country’s borrowers, which have not printed in euros for more than two years, to make an appearance before the year is out.

Bill Thornhill, October 21, 2020
Equity

Idorsia completes rights issue for drug commercialisation

Swiss biotechnology company Idorsia has completed its Sfr575m ($629m) at-market rights issue to fund the commercialisation of insomnia drug daridorexant.

Sam Kerr, October 21, 2020
People News

Bank of America switches leadership at new EU bank

Bank of America has appointed Fernando Vicario as chief executive of its EU bank, replacing Bruce Thompson, who worked to establish the new entity ahead of Brexit. It has also given new roles to Richard King and Simeon Stevens.

Jasper Cox, October 21, 2020
Africa

FBN demonstrates African banks still have market access, despite local volatility

First Bank of Nigeria became the first African bank to print a eurobond in 2020 on Tuesday, raising $350m despite a turbulent backdrop in Nigeria.

Lewis McLellan, October 21, 2020
Covered Bonds

Aareal prices inside curve in show of Pfandbrief strength

Aareal Bank issued a short six year Pfandbrief on Wednesday at a deeply negative yield and with a negative concession. Investor demand was impressive, illustrating that Pfandbriefe, twinned with Aareal’s loan origination standards, were sufficient to offset any concern over the hotel and retail exposures in its collateral pool. At the same time DZ Hyp has mandated leads for an eight year Pfandbrief.

Bill Thornhill, October 21, 2020
CEE

Turkey: sovereign wealth fund pulls as biscuit maker presses on

Ülker Bisküvi Sanayi, a Turkish biscuit manufacturer, is set to come to market for a benchmark bond on Thursday, attempting to print a deal in a market that the country’s sovereign wealth fund deemed too hostile to make its debut in.

Lewis McLellan, October 21, 2020
Senior Debt

US banks target euros after Q3 results

Morgan Stanley joined its peer Bank of America in accessing the longer end of the euro market this week, with US names faring well in the currency following several months of absence.

Tyler Davies, October 21, 2020
Senior Debt

Bank pair taps 'rollercoaster' euro market

A pair of banks made opportunistic moves into a euro market buoyed by positive headlines around a potential US stimulus bill on Wednesday. France’s Crédit Mutuel Arkéa and Japan’s Sumitomo Mitsui Financial Group each tapped for senior paper, raising €500m a piece.

Frank Jackman, October 21, 2020
ABBs-Block Trades

Scatec Solar borrows shares for larger equity raise

Scatec Solar, the Norwegian solar energy company, raised Nkr4.75bn ($512m) through an equity placing on Tuesday night. The sale was for 15% of the company’s share capital — 5% more than it was allowed to issue through a non-preemptive placing. It made up the balance by borrowing shares from its largest shareholder.

Sam Kerr, October 21, 2020

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