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Leader

Time for the tough to get going, before the going gets tough

It’s time to get the toughest deals done as market conditions are likely to deteriorate in the autumn, when a second coronavirus wave and a more material deterioration in banks’ balance sheets could knock sentiment.

Bill Thornhill, July 16, 2020
People and Markets

Reckoning begins for BaFin after it pursued Wirecard foes, not fraudsters

Short sellers who for years have complained that BaFin, the German financial markets regulator, ignored their criticisms of Wirecard, the collapsed payments company, and instead prosecuted the critics, have begun to be vindicated with the news that the European Securities and Markets Authority (ESMA) has opened a review into the organisation. By Silas Brown.

Jon Hay, July 16, 2020
Investment Grade Loans

US and European loan markets split over 'hardwire' Libor transition

The US Alternative Reference Rates Committee (ARRC) has updated its reference rate guidance for the move away from dollar Libor that removes the need to get a lending syndicate’s consent. But trade bodies on both sides of the Atlantic do not agree on the details, writes Mike Turner, and some lawyers claim that major issues still need to be addressed before the ARRC-recommended method can work.

Mike Turner, July 16, 2020
Emerging Markets

Pressure builds ahead of G20 meeting on debt relief

G20 finance ministers are being urged to use their meeting this weekend to include private sector creditors in their deal on debt interest relief for low-income countries.

Phil Thornton, July 16, 2020
Sovereigns

EU recovery fund could distort European debt market

EU leaders meet this weekend to hash out the multi-annual financial framework — the €1tr plan guiding the bloc’s next seven years of spending. The budget contains the €750bn recovery fund, which will likely prove a contentious topic but, if approved, it could reshape the European economy and lead to big changes in its public sector bond market. Lewis McLellan reports.

Lewis McLellan, July 16, 2020
Supras and agencies

CDC plots Swiss return for second half of 2020

Caisse des Dépôts et Consignations (CDC) is planning to return to the Swiss franc bond market in the latter half of 2020 after an 18-month absence to refinance an upcoming redemption. Elsewhere, the Canton of Geneva returned to the market for the third time this month as it marches towards a record year on the capital markets.

Frank Jackman, July 16, 2020
Hybrid

Tennet brings green hybrid flat to curve in parched primary market

The new green hybrid bond from Dutch utility Tennet was trading tighter on Thursday, quelling suggestions from bankers off the trade that the deal’s oversubscription level was an indication that it would underperform.

Mike Turner, July 16, 2020
Investment Grade Loans

The green recovery: Spanish renewables get loan market funds

Iberdrola and Copenhagen Infrastructure Partners signed separate loans to develop renewable energy projects in Spain, as analysts say renewable energies are now cheaper for consumers than their fossil fuel counterparts in major markets.

Mike Turner, July 16, 2020
SSA Bond Comments

IDB Invest USD1bn 0.5% Jul 23

Rating: Aa1/AA/AAA

Burhan Khadbai, July 16, 2020
Supras and agencies

IDB Invest wins record book for Covid-19 bond

The Inter-American Investment Corporation (IDB Invest) received its biggest ever order book as it came to the market this week for its latest Covid-19 response bond. The strong demand allowed the issuer to comfortably print its joint-biggest deal flat to fair value.

Burhan Khadbai, July 16, 2020
Regulatory Capital

De Volksbank extends green trend to tier twos

De Volksbank said that ambitious sustainability targets played a big role in helping it to attract investor attention this week. The Dutch lender became the first European bank to sell a tier two bond in green format, hot on the heels of the first green additional tier one transaction.

Tyler Davies, July 16, 2020
ABS

Santander sells Silk Finance auto ABS deal

Santander Consumer Bank has priced a fully pre-placed Portuguese auto ABS transaction from its Silk Finance programme, with the new deal becoming the first in the shelf to see the notes ‘A’ through E’ sold, in spite of the continuing pandemic crisis.

Tom Brown, July 16, 2020

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